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Nuggets

ICO starting date

31 May 2018

Year founded

2018

ICO ending date

15 Jun 2018

Prototype ready

Yes

Industry

Data Storage

Platform

Ethereum

,Nuggets is a blockchain based project aiming to solve the problem of data breaches and user privacy. As internet users often have to store their information on hundreds of websites they use for different services. As a result, their data are vulnerable to hacks and theft. Only recently, data of over hundred million users was stolen when Equifax, a credit reporting agency, was hacked.

Traditionally, when a user makes a purchase from an online store without any third-party app, they have to enter their address, name, payment information and other details on the website. Some of these data is stored on the website for future reference. Consequently, the data is as safe as the website’s database.

The way Nuggets wants to solve this problem for mobile users is by storing all user data on a zero-knowledge storage blockchain. Zero-knowledge means that no one else other than the user will have access to the information at any point in time. In traditional scenarios, this is not the case. If the data is stored in companies’ private databases, they can be accessed by database managers or other personnel. As mentioned, Nuggets stores all user data on the blockchain.

When a user needs to make a purchase on a website, they simply use an integrated Nuggets payment option. Through the app, using biometrics such as the fingerprint or a face-scan, users can confirm the transaction. No information is sent to the website. Instead, Nuggets sends the retailer user’s GPS location. When the courier makes a delivery, users can confirm their identity through the Nuggets app. If a customer is not there to accept the delivery, they can simply leave a QR code for the courier to scan.

This business model offers an obviously safer way to use online services without putting personal data at risk. If the service gets adopted by retailers, it has the potential to be very successful. Although there is no huge demand for data security from the customers’ perspective, the app also offers convenience and speed, which could attract a serious user base.

Nuggets Token

Nuggets Token is a name of the token in the system. It is built on the Ethereum platform. Users can earn Nuggets Tokens by being active on the app. They receive tokens for signing up, referring their friends, making payments and so on. The token basically operates as an internal loyalty system for the application. One advantage, that is outlined by the authors is that Nuggets Tokens can be used to make purchases anywhere. So, unlike traditional loyalty points, which offer access to the products of the company, Nuggets Tokens have much broader use and can be more attractive for customers.

In conclusion, the idea behind Nuggets is a good one. There is an obvious need for something like this and with the boom for decentralized applications, it could become the leader in its industry.

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