• Nexus Social

    2.51
  • Nexus is a blockchain-based social media platform that incorporates e-commerce as well as privacy functions.

About Nexus Social

Nexus Social ICO Review

Nexus Social is a blockchain-based social media platform that incorporates e-commerce as well as privacy functions, allowing users to edit and post content, message, trade in products and services, create and advertise crowdfunding campaigns, organize events, and more. The network will be powered by a native cryptocurrency called Social (SCL), to be used for all purchases and contributions within the platform, and which will even be available for real-world purchases via a debit card.  Though not yet fully functional, the Nexus platform is already available for use with iOS and Android apps as well as a desktop interface,

Nexus Social prides itself on advanced privacy and security features. All data and uploads will exist on blockchain (current plans are to use Storj and BigchainDB) instead of centralized servers, and will not be accessible to indexing by Google or other search engines. Opt-in Tor functionality integration and a built-in VPN are also planned. However, it is worth noting (as this app reviewer has) that browsing privacy does not equal real anonymity, given the amount of user data accumulated.

Nexus Social also emphasises its ecommerce functionality, which will allow users to sell and buy goods and services, or run crowdfunding campaigns. This functionality will be facilitated by Nexus account wallets, which are planned to launch in early 2018, and which will be able to store any Ethereum ERC20 standard token as well as SCLs, using ShapeShift.io integration for seamless conversion. According to the whitepaper, users on the platform will be able to post offers for goods and services, which other users will be able to purchase simply by clicking a ‘Purchase’ button, whereby SCLs will be automatically transferred between accounts. The whitepaper also states, however, that all marketplace purchases will go through a master account controlled by Nexus where a 3% fee will be taken (which is not in line with the claim of full decentralization), and fails to address issues of buyer protection.

In addition, Nexus Social will offer a Visa based debit card, which will use Just-In-Time-Funding to allow users to spend SCLs in the same way as fiat currency anywhere in the world. When a user swipes the card to pay for a purchase, Nexus will automatically convert their SCLs to the requested fiat currency. The whitepaper does not address conversion rates or the fee structure for the service. Apple and Android Pay integrations are also planned. The debit card will cost approximately $10 in SCL, and virtual cards for Apply or Android Pay will cost approximately $2 in SCL.

Nexus Social plans to integrate a fully functional and semi-automatic ad platform in Q3 2018, which will allow users to create ads to be displayed within the news feed. Ad space prices (in SCLs) are to be determined. Charges costs will be per impression and per click, and will automatically be deducted from the account’s wallet. While ad campaigns will be available to anyone with a Nexus account and positive SCL balance, they will have to be manually approved by the Nexus support staff before going live to ensure quality and compliance. The ad platform will show very basic metrics and be non-targeted at first, but may be developed further in the future.

Nexus Social will offer 95% of its tokens for sale during the ICO, and the remaining 5% will be used for promotion. None of the tokens will be distributed to the Nexus team, which plans to implement a buyback program wherein 5% of all SCL in circulation will be purchased with BTC within 24 hours. Bounty payouts will also be in BTC. As a social platform, Nexus is relying on the demand for SCLs rising as more users join the network, while the total amount of tokens is set to never exceed 50 million. However, as pointed out in this Hacked review, it’s important to keep in mind the risk of an investment that hinges on the building of a social network, which requires tens of millions of users to even begin competing with established platforms.

Post-ICO Roadmap:

Nexus Social ICO Review

Advisors

Team

#
Jade Mulholland, founder and lead developer

A full-stack Javascript web developer with 5+ years of experience.

#
Mo Abbas, Backend and Solidity developer

CTO at Tradeulator (an interactive online stock market directory) for the past 8 years.

#
Selena Bunting

PR

#
Sara Fitzwilliam

Nexus Support

#
Kelly Gooch

Social Media

Crowdsale Details

Start Time

Open

End Time

September 17th 2017

Total Supply

50,000,000 total; 47,500,000 (95%) available for sale in ICO

Maximum Raise

N/A

Pricing Structure

1 ETH = 500 SCL

Project Highlights

Technical White Paper

Lays out the vision for the platform, but fails to address various implementation details and key issues related to claims of full decentralization, privacy, and security

Team

Minimal team with two developers (one of whom is elsewhere employed and does not list Nexus on his LinkedIn profile), two blockchain advisors (from the same organization), and only three additional team members handling PR, support, and social media (none of whom have accessible LinkedIn profiles)

Location

Australia (FatCat Group Pty Ltd)

Blockchain

Ethereum

Project Code

N/A

Token Rights

All purchases on the platform, real-world purchases via debit card

Token as Asset

Exchange

Ratings

Product

View Breakdown
Readiness

Is the product ready for use? Is there a working prototype or MVP? How long until it is operational?

3
N/A
3 - Prototype / MVP / alpha.
Appeal

Does this solution have a distinct edge?

2
N/A
2 - Meh, okay.
Target User Base

Is it mass market or niche?

3
N/A
3 - Has growth potential.
Competition

Are there many other similar solutions or is this one of just a few, or even one of a kind?

2
N/A
2 - Quite a few / somewhat better competitors.
Innovation and IP

Is there (patentable) innovation and intellectual property?

2
N/A
2 - Some, but nothing outstanding.
Use of Blockchain

View Breakdown
Blockchain Development

Is blockchain technology essential? Does it make the solution significantly different and better?

1
N/A
1 - None; simple Ethereum based coin.
Disruptive Blockchain Advantage

Is it safeguarded against misuse and corruption?

3
N/A
3 - Potentially disruptive.
Need for Custom Token (vs. BTC or ETH)

Is the token essential or could it be done just as well or better with fiat or Bitcoin?

2
N/A
2 - Some, mainly network effect.
System Decentralization (besides token)

Does the token provide holders with value other than as an investment?

2
N/A
2 - Centralized with some plans to decentralize.
Contribution to Blockchain Ecosystem

Does the solution contribute to the evolution of blockchain infrastructure and economy?

2
N/A
2 - Meh, okay.
Whitepaper

View Breakdown
Comprehensiveness

Does it cover the full scope of the problem and solution?

2
N/A
2 - Insufficient coverage.
Readability

Is it easy enough to understand?

4
N/A
4 - Easy to read and understand.
Transparency

Does it candidly describe and disclose where the project now stands, how much exists and how much still needs to be done, etc.?

3
N/A
3 - Basic honesty with some hype.
Business Plan Presentation

Does it contain a viable, comprehensive business plan?

2
N/A
2 - Missing critical information.
Technology Presentation

Does it present a well thought out technological architectecure? Does it address implementational challenges?

2
N/A
2 - Missing critical information.
Roadmap

View Breakdown
Concreteness

Is there a concrete and practical development plan (vs. just a conceptual vision)?

3
N/A
3 - An overall plan, major milestones stated.
Feasiblity

Is the development plan realistic? Is it based on reasonable goals and timelines?

4
N/A
4 - Realistic.
Vision

Is there a larger, long-term vision?

3
N/A
3 - A trend with potential.
Dependencies (other services or capabilities required)

Does it seem as though a lot of know-how and experience went into the development plan?

3
N/A
3 - Imperfect but available, or using substitutes.
Current Position

Is the project currently sufficiently far along in its development plan (relative to its vision and plans)?

3
N/A
3 - Getting there.
Compliance

View Breakdown
Token Utility (intrinsic value through usage)

Is there a concrete business plan (vs. market descriptions, general sentiments, and fluff)?

4
N/A
4 - Distinctive use cases.
Token as Security (tradable financial instrument)

Is the business model realistic? Is it based on reasonable goals and timelines?

3
N/A
3 - Partly; compliance not fully assured.
Token / Smart-Contract Infrastructure Readiness

Are the solution's revenue streams, profit mechanisms, key KPIs, etc. clear and easy enough to understand?

2
N/A
2 - Proof of concept or test platform.
Attention to Compliance Issues

Is the project raising an amount of money that makes sense given what it needs to reach profitability?

3
N/A
3 - Limited to blanket standard.
Legal Review or Agreement

Is it safe from legal, moral or investor abuse?

1
N/A
1 - None available.
Company and Team

View Breakdown
Company Stage and Foundation

Is the company already established? Has it raised funds before? Is it mature?

2
N/A
2 - Initial stages of formation.
Background of Lead Team Members

Do we know who they are? Do they have LinkedIn profiles? Do they have solid, relevant backgrounds?

1
N/A
1 - Unverifiable (e.g., no online profiles).
Team Assembly and Commitment

Is a solid, fully committed core team in place? Do they have online (e.g. LinkedIn) profiles showing sufficient relevant experience? Is their participation transparent?

1
N/A
1 - Haphazard or uncommitted.
Team Skill Set Relevance

What is the level of presence, added value, and commitment of the advisory board?

2
N/A
2 - Lacking or inconsistent.
Team Skill Set Balance (biz / tech / blockchain)

Are there enough sufficiently experienced blockchain architects and developers on the team?

1
N/A
1 - Severely skewed.
Token Sale

View Breakdown
Raise Amount Max

Is there a clear cap? Is the maximum raise amount modestly sufficient (as opposed to either greedy or insufficient)?

2
N/A
2 - Somewhat greedy or unrelated to plans.
Raise Amount Min

Is the minimum raise reasonably enough to carry out the majority of the development plan? Are there raise amount dependent milestones?

4
N/A
4 - Reasonable, sensible.
Fund Allocation

Is fund distribution and allocation reasonable and justified?

3
N/A
3 - Rough estimates, but sensible.
Token Allocation

Is the ratio of tokens sold to those kept reasonable? Does it prevent the company from having too much control?

4
N/A
4 - Most tokens sold, vesting periods on kept tokens.
Media Presence and Following

Is the ICO well planned in terms of time, phases and scenarios?

4
N/A
4 - Solid exposure and interest, good impression.

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