About Nexus Social
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.