Written by ICO Alert

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October 24 2017

ICO Alert Report: Nuggets

ICO Alert Report: Nuggets

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What is Nuggets?

Nuggets is a consumer blockchain platform giving users a single biometric tool for login, payment, and identity verification, without sharing or storing personal data. And it solves the biggest single headache for businesses: data security.
Right now, businesses have to store huge silos of personal data, which are obvious targets for cybercriminals, as well as being at risk of accidental breaches. This is a broken model: almost two billion customer records were compromised in the first half of 2017 alone. Nuggets will atomise these silos and enable consumers to take back control of their personal data. In short, consumers get a simpler, faster, friendlier, and more secure way to pay and verify their identities online.
— Alastair Johnson, Founder and CEO

Q&A

ICO Alert: How does the Nuggets token function within the platform and why is it needed?

Nuggets: For too long, companies have been free to use and abuse our personal data, with no real benefit to the consumer. Nuggets solves that problem — first, by giving consumers back control of their data, and second, by using Nuggets Token to put a genuine value on that data, which users can use to purchase products and services.
The more you use the service, the more Nuggets Tokens you’ll accrue. You’ll also gain tokens if you choose to share data with a merchant. So every “nugget” of your data takes on real value.
Merchants will also be able to use Nuggets Tokens to pre-pay transaction fees for payments fulfilled through Nuggets, as well as customer login and customer ID verification.

ICO Alert: What makes Nuggets different from existing global payments or identity plays? What advantages does Nuggets offer that users can’t get already?

Nuggets: The big difference is that consumers don’t have to hand their personal data over to merchants. And companies are saved the burden of maintaining huge databases of customer records, which we know are all too vulnerable to breaches.
Some of the biggest corporate data silos are still protected at the core by a username and password. And these companies still store or pass on consumers’ data.
We do “Know Your Customer” checks upfront when you join the platform. That means merchants can be confident that a user is genuine and their payment method is good.
After that, every successful transaction is stored in a transparent manner — without revealing the contents or the context — through the use of a privacy framework. Over time, this builds a trust profile that shows the user is a good actor in the network, and that their payment methods are good. The same goes for merchants — they also have to demonstrate that they are a good actor in the network too.
Also, Nuggets isn’t simply competing with existing payment platforms — it can add value to them. Instead of entering an existing payment method, like a payment card, you could select “Nuggets” as an option.

ICO Alert: Newer computers and phones are offering facial recognition instead of fingerprint scanning. Does Nuggets plan on evolving with current tech as it continues to evolve?

Nuggets: Nuggets uses proven on-device biometrics to make verification easy for users. That means we can benefit from new developments in device security, including facial recognition and other innovations.

ICO Alert: What are some examples of users giving away private information without their knowledge? How big is the problem of private data ownership/access?

Nuggets: It’s a huge problem and it’s growing almost exponentially year on year. According to the digital security firm Gemalto, over nine billion records have been lost, stolen or compromised since 2013. And over 1.9 billion records have been compromised in the first half of 2017 alone. (Source: Gemalto)
The Equifax hack is one of the most recent examples of users losing control of their data. In that case, using certain services gave companies like Equifax access to your personal data without you even knowing it. Until Equifax was hacked, and 143 million US customers’ records — including social security numbers — were stolen.

ICO Alert: The Ethereum network has been known to suffer from slow transaction times. Could this affect the Nuggets platform in any way?

Nuggets: To avoid undue load on the current public Ethereum network, data storage aspects of the Nuggets solution will initially be hosted in a private consortium/sidechain/channel.
Nodes will be distributed to a set of independent partners in the Nuggets ecosystem. Each node will hold a copy of the data, but that data will not be accessible to anyone but the user, thanks to the encryption.
All users will have visibility/transparency of ledger integrity, and the sidechain/channel will be pegged to the public Ethereum network. As the public blockchain becomes more scalable, and/or improved scalability options become available (e.g. Polkadot, Raiden channels, or sharding), Nuggets will look to adopt these to provide a more trustless solution.

ICO Alert: The team has plans to allow for users to earn Nuggets and use them to purchase products/services online. When is this expected?

Nuggets: We’re working to deliver by Q1 2018.

ICO Alert: How far along is the project today, and when can users download it? What does the roadmap look like for the rest of 2017 and 2018?

Nuggets: Nuggets was selected by the Financial Conduct Authority (FCA) for Project Innovate, and we will continue to test with consumers in the regulatory sandbox for the remainder of the year.
The feedback has been hugely encouraging, and we’re now iterating the product based on that. We’re building out both the iOS and Android products, as well as the supporting platform. And we’re also building out for e-commerce platforms and payment gateways.
We’ve also commissioned independent security testing to make sure the system is resilient before we launch.
The plan is to launch single sign-on and payment in the UK and U.S. in Q1 of 2018. Then we aim to launch the ID verification product in Q2 2018.

ICO Alert: As a non-Nuggets question we like to ask for unique predictions for the ICO and cryptocurrency space in the future. Where do you see both in the next 3–5 years?

Nuggets: ICOs and utility token sales are here to stay. Several regions already have regulation in place, which is clear and sensible and focused on the need to make sure people fully understand any form of investment.
This is exciting because it will fast-track innovation from here on in, creating a surge of innovation with major benefits for the future. Regions that don’t get involved are surely bound to fall behind as a result.
In three to five years, we believe ICOs and utility token sales will enable people to support the projects they need and want most, and help them succeed. These are often projects whose potential is missed by conventional business thinking, which means they might otherwise never see the light of day. That would be bad for everyone.
We’re convinced these new forms of support will drive an unprecedented spike in global innovation never seen before in history.

Pre-ICO Information
The pre-ICO is now live on the Nuggets website here. There is a minimum purchase of $25,000 if purchasing with USD, and no minimum for Bitcoin / Ether purchases (with no maximum purchase). There is a discount of 20% during the presale, with 17.5% of all tokens available (1.75 billion worth). Each Nuggets token (NUG) is sold for $0.013 (including bonus).

Ether, Bitcoin, and USD are accepted as contribution during the presale.

ICO Information
The ICO begins on November 14, 2017 and ends either thirty days after November 14, or when the maximum amount of tokens is sold (3.5 billion tokens). The price per NUG is $0.016 during the crowdsale. Ether, Bitcoin, and USD are accepted, however if USD is used, the minimum amount contributed is $25,000.

Token Distribution Information
There is a total of 10 billion Nuggets Tokens being created. NUG is an ERC-20 token and an ERC-20 compatible wallet must be used for receipt of the NUG purchased. Tokens will be distributed to contributors in December at the end of the ICO.

Allocation
Nuggets intends to sell 35% of all Nuggets Tokens (NUG) during its presale and public Nuggets Token sale to fund platform development, partnerships, platform launch, and commercialization of Nuggets.

Nuggets intends to set aside 30% of all Nuggets Tokens as incentives and for use in the ecosystem.

Nuggets intends to keep 15% of Nuggets Tokens as long-term reserves with a one-year lock up and 15% for Nuggets employees with a two-year lock up, with 50% vesting after one year.

Nuggets intends to reserve another 5% of the Nuggets Tokens for legal, regulatory, and miscellaneous costs leading up to the platform launch in each market.

Use of Crowdsale Proceeds
43%: Platform development
30%: Sales, marketing, and charity
11%: Product and development
9%: Key staff
5%: Legal, tax, and regulatory
2%: Operational setup

Team
Alastair Johnson, Founder and CEO
Linkedin
Alastair has spent over 25 years as an entrepreneur and innovator, almost entirely in digital innovation: taking big ideas and design through to delivery. With knowledge across technical, production, and commercial areas, he has led global integrated product development and product marketing for brands like Microsoft, Skype, Office, Xbox, Hololens, Disney, TED, and the BBC. He has created and led multi-disciplinary global teams in both startups and multinational businesses, both client and agency side.

Seema Khinda Johnson, Co-founder and COO
Linkedin
Seema has over 18 years of experience leading teams and delivering large-scale commercialization, products, campaigns, and projects. She has successfully launched global products across many regions and cultures for brands like Skype and Microsoft, achieving user engagement and acquisition.

Adi Ben-Ari, CTO
Linkedin
Adi is respected within the blockchain development community with over 20 years of experience designing, developing, and leading technology solutions and teams. He has worked across the telco and fintech sectors. A blockchain expert, Adi is CEO of Applied Blockchain, a team of blockchain professionals focused on creating real-world applications that harness the unique properties of the blockchain. Together, they have delivered platform-agnostic products and privacy/security frameworks that deliver real business objectives.

Diarmuid Considine, Payments and Fraud
Linkedin
An award-winning risk management leader with over 15 years of experience in the telecom and digital goods industries, Diarmuid has an understanding of daily operational issues in multinational companies like Skype, Microsoft and Mastercard. Internationally recognized as an expert on fraud and payments, he has served on the board, and as Chair of the European Advisory Board, at the Merchant Risk Council.

Mark Nichols, Customer Experience
Linkedin
Mark is a customer-centric, strategic leader with delivery experience and a record of transformation and benefit realization at a global scale. A board-level influencer, he has executed numerous performance improvement strategies and investible end-to-end customer experience initiatives across multiple channels, markets, and languages. Mark has held numerous senior leadership roles in organizations including Telefonica, Skype, and Microsoft and is currently the VP of customer experience at Virgin Mobile USA.

For a full list of team members please visit the Nuggets website.

Social Media
Twitter: https://twitter.com/nuggetsPAYandID
Telegram: https://t.me/nuggetsblockchain

View the Nuggets Website here.

View the only comprehensive list of active and upcoming ICOs here.

References
(1) Nuggets Website, Nuggets, (2017)
https://nuggets.tokenhub.com/

(2) Nuggets Whitepaper, Nuggets, (2017)
https://s3-us-west-2.amazonaws.com/nuggets-ico/NuggetsWhitePaper.pdf

Topics: Blockchain, ICO, Cryptocurrency, Identity, Apps