Nuggets ICO Review: ECommerce And ID Preservation Built On Blockchain

By
Fernando Sanchez
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Nuggets Ico Review: Ecommerce And Id Preservation Built On Blockchain
Nuggets Ico Review: Ecommerce And Id Preservation Built On Blockchain
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Nuggets, an e-Commerce ICO with a different perspective.

One of Nuggets’ core values is the preservation of a person’s ID through blockchain technology and the concept of self-sovereign identity on a mass scale, according to Nuggets’ white paper.

The key issue here is identity.

Identity is a purely human concept, inherent to us all since the moment of birth. Identity, unlike riches or happiness, is a birthright: we are unique beings, but for the briefest of times. Once we become part of society, our identities begin to dilute in a quagmire of societal complexities.

The drawback is centralization; the concentration of power in central hubs of control and governance. The Social Service database, the schools database, service providers, you name it. Stop and think of how many places hold your personal data right now. This diversification means that your identity can be stolen from a variety of sources.

Nuggets: eCommerce & ID services built on the blockchain

Nuggets’ mantra is ‘take back control of your data’. The concept behind this is an eCommerce platform with heavy focus on the preservation of personal details.

According to the white paper, Nuggets solves the biggest single headache for businesses: data security.

It does this by adopting a biometric verification system for each unique user.

The marketing blurb defines Nuggets as ‘a single, agnostic, secure sign-on for payment, login, and ID verification.’

Nuggets in figures & quick facts

  • Token name – Nuggets token (NUG)
  • Total tokens offered – 10bn
  • Token worth – $0.013 per NUG token in the pre-ICO, and $0.016 per NUG token in the public sale
  • Pre-ICO start date – October 24th 2017
  • ICO start date – Q1 2018
  • ICO end date – tbd
  • Hard cap – $50m

Bitcoin, Ethereum, and USD will be accepted as payments during the ICO.

The Nuggets token

The company will issue its own currency, the Nuggets token, which is based on Ethereum‘s ERC-20 standard. Once created, the Nuggets token will be distributed as follows:

  • Platform – 43%
  • Product & development – 11%
  • Operational setup – 2%
  • Key staff – 9%
  • Sales & marketing – 30%

The team

The Nuggets website lists a core team of 10 people.

There is an abundance of expertise among the featured members, some with 30+ years experience in their respective fields.

There are software developers, social media entrepreneurs, risk management personnel, experts in finance, blockchain, customer services, and many other related disciplines. All members feature a link to their LinkedIn profile.

Overall, the team appears capable and inspires confidence in the project.

Social media presence and digital footprint

A strong presence on social media can be one indicator of a company’s popularity; here are the numbers for Nuggets at the time of writing (late January 2018).

  • Twitter – 413 followers
  • Facebook – 398 followers
  • LinkedIn – 157 followers
  • Telegram – 834 followers

All told, this ICO’s presence on social media is low given the interesting value proposition it puts on the table.

Many start-ups and ICOs have a poor presence on social media. There is work to do in the coming months to attain the necessary level of social reach.

Overall, Nuggets’ presence on social media ranks as ‘Poor / could be improved’.

Competition

eCommerce is a popular choice for ICOs, so Nuggets is entering a crowded blockchain playing field. Nuggets may have an ace up its blockchain sleeve however, due to its heavy focus on ID preservation, this may set Nuggets apart from the rest.

Website quality & layout

An ICO’s website is the first port of call for any potential investors, and must be appealing to keep interest and make a strong and lasting first impression.

Nuggets’ website is a neat, secure, well-laid-out, and easy-to-navigate proposition. It features all the relevant information about the ICO, includes an FAQ section, and a page dedicated to media.

The page is offered in two languages, English and Russian.

Overall, the Nuggets website ranks as ‘Good’.

White paper

A well-laid-out, informative, comprehensive white paper is a must for any ICO. The Nuggets website offers two documents: A summary document, and a fully-formed white paper. Both documents are useful in their own right, and both are well written and presented.

If there is one criticism about the white paper is the choice of font color is a bit off, as it does not contrast well with the white background. A darker shade would have been preferable.

Other than that, the document is professional-looking and just the right length (32 pages).

Overall, Nuggets’ Whitepaper ranks as ‘Acceptable’.

Conclusion

An eCommerce platform built on the blockchain is hardly a novel concept; there are more than a few ICOs that offer similar functionality, which means that every new player coming into the fray faces higher odds of failure.

Nuggets’ chances may be redeemed by its focus on the preservation of the user’s identity on the blockchain. If widely adopted, this feature may prove crucial to this ICO’s longevity.

We’ll revisit Nuggets’ progress in the near future.

This piece is an analysis of the facts available about the Nuggets ICO. It should not be read as offering advice or a recommendation. While ICOs have quickly become a popular tool for funding projects and start-ups, they can also be very high-risk for token purchasers.

Additionally, ICOs currently have an unclear legal and financial status. Token buyers may find that their purchase does not offer them any security or equity because the ICO is closer to a crowdfunding initiative than a traditional IPO. As such, any investor who plans to buy tokens during any ICO needs to obtain all relevant independent advice and carry out their own appropriate due diligence.

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