Expert Coin

Nuggets ICO

Biometric tool for login, payment & verification
3.9
Total score
Category:platformsoftware

Detailed evaluation of the project

4
Product
3
Business Plan
4
Marketing Strategy
5
Team
3
The Vision
of the Market
5
Understanding of the Target Audience
3
Competitive Advantage
Basic expert assessment of the project Nuggets ICO

Product

Nuggets is a very interesting technology for authenticating user data used for interaction with various Internet services (online banking, online shopping, etc.). The user mhave to register in Nuggets only once and provide his / her biometric data: fingerprints and photos, and "bound" his / her payment data and ID to biometric data. The user will be able to choose the way of authentication in Internet services through Nuggets by touching the screen. No longer need to enter passwords, Bank card numbers, etc. The user's personal data is secure and authentication is simple and convenient. At the same time retailers retain the ability to track anonymous user behavioral data.

Indeed, the idea is very simple and inspiring. Of course, biometric authentication is already used where high security is required. But the Nuggets project suggests using biometric authentication on a large scale in everyday life. And it is really very useful and convenient for users. But it is not a fact that companies will want to part with the ability to collect and use personal data. These data are actively involved in marketing or sold to other companies.

Business plan

According to the road map of the project, the alpha version of Nuggets had to appear in the 1st quarter of 2018. Further development of the product is planned until 2020. It is not clear when the product will be launched.

Goals for soft cap and hard cap aren't set.

Nuggets will earn on a small fee charged to online retailers each time users make transactions.

Consumers can use Nuggets tokens to pay for purchases, subscriptions, and services. Retailers will be able to pay with tokens for services provided by Nuggets platform.

The business plan doesn't look detailed enough.

Marketing Strategy

The Nuggets project to be launched in the US and the UK in the first place. The project will be scaled up through partnerships with online retailers. According to the project team, the implementation of Nuggets will add value to online services in the eyes of consumers.

In order to attract consumers to use Nuggets, the team plans to launch a referral program and reward participants with tokens. Nuggets will be spreaded through the use of apps. Such marketing tools as loyalty program, performance marketing, work with community will also be used. The marketing strategy seems to be quite adequate for this project.

Team

The project team is notable for the fact that it is led by a former Global Directors of Skype and Microsoft. Indeed, it adds weight to the team in the eyes of investors.

In total, the team consists of 8 people with experience in entrepreneurship, digital technology development, blockchain development, telecommunications, financial services, marketing. The experience of the team looks serious enough for the implementation of the project.

The Vision of the Market

The founders of the project consider the market of online payments, provide data and indicate the growth of this market year by year. Overall, the team understands this trend correctly. However, the team didn't directly analyze the market for Nuggets and the competitors in this market.

Understanding of the Target Audience

As the founders of the project say, any online customer is a potential user of Nuggets. They are people 18+ who are concerned about the security and privacy of their data.

Another part of the target audience is businesses (banks, retailers, etc.), which are concerned about the fight against fraud and intend to increase the value of services in the eyes of consumers.

In general, the project team has an understanding of the target audience.

Competitive Advantage

Nuggets has many advantages for consumers:

  • Single and simple authentication method
  • Users don't need to remember passwords
  • User data is safe and inaccessible to third parties
  • Users are rewarded for the provision of personal data.

The benefits for business,  are as follows:

  • Getting rid of fraud
  • Minimization of regulatory impact: businesses will not have to comply with many regulations on personal data storage.

But it is more than likely that most companies will not want to abandon the idea of tracking users ' personal data. This data is often the core of marketing strategy of many companies. And why would companies pay for this data when now it is available for free?

Summary

The benefits of the Nuggets project are the following:

  • The product is very convenient and useful for users making online purchases
  • The founders of the project understand the target audience
  • The project has a clear marketing strategy
  • Strong team.

The limitations of the project are the following:

  • Insufficiently elaborated business plan
  • The motivation of the business to use the product raises doubts.

Comments

To write comments you must be logged in.