The nCash Token
The nCash token is our cryptocurrency, which will be used for transactions across the NUCLEUS ecosystem. The nature of the transactions will vary from reward points to pure play currency as information is exchanged between players in the ecosystem. It is our expectation that as the business models and technology mature, so will the exact operation of the nCash tokens.
nCash is a non-mineable cryptocurrency with a supply cap of 10 billion tokens and is based on the Ethereum blockchain. To understand the role of the nCash token in NUCLEUS, one must first understand the different transactions performed by players in our ecosystem:
1. Data Exchange
NUCLEUS is an IoT based, contactless identification system, which inherently means that data will be exchanged between players on the platform. The nCash token will be the token based payments system enabling this data exchange, and will be used to remunerate data providers and reward customers for sharing their data.
Today, giant internet corporations monetize customer information through various forms of advertising solely for their own benefit, and have maintained exclusive control over said data. NUCLEUS shifts the power of this data monetization to the customers themselves, by enabling them to take full control of their own data. The nCash token will be the currency for this data exchange, remunerating data providers and rewarding customers for sharing their data. This is decentralization in its truest and strongest form.
1.1. Data Providers to Retailers
Brick-and-mortar retailers are hungry for insights about their customers. While each individual entity such as retailers, brands, telecoms, credit-card providers, loyalty programs, etc, hold a ton of consumer data, there is no effective medium for them to seamlessly communicate and securely share this data between each other, to mutually benefit themselves and their customers. The NUCLEUS ecosystem connects individual data providers, allowing them to securely transmit data over the NUCLEUS platform, derive insights about customer behavior in-store, and help increase in-store conversions.
NUCLEUS’s nCash token will be currency that enables this seamless data exchange. The retailer will pay the data provider with nCash tokens each time they request and obtain data over the NUCLEUS platform. Each time a user’s data is purchased or exchanged on the NUCLEUS platform, nCash tokens are exchanged, and a portion of the fee goes directly into the consumer’s wallet in the form of nCash tokens for authorizing the exchange of their data.
- 2. Retailers to Customers
In addition to earning nCash tokens each time retailers exchange data, customers also earn nCash tokens each time they walk into a NUCLEUS-powered retail store. Brands and retailers currently spend billions of dollars on ineffective offline marketing campaigns to attract customers to their stores. All this money is hoarded by advertisers who act as centralized middlemen, and provide little to no value to the customers themselves. nCash tokens will become the new-age mechanism for retailers to incentivize users to visit their stores more frequently, drive up in-store purchases and increase brand loyalty. NUCLEUS empowers retailers to reach out directly to their customers and cuts out the middleman by enabling the direct transmission of value between the two parties.
Last year, over 5,000 major US outlet locations closed down due to a lack of sales. With this troubling trend, it is even more vital to get potential customers to visit retail stores. By rewarding customers with nCash tokens for visiting their stores and marking purchases, retailers can reinvigorate their store sales.
2. Loyalty and rewards programs
Store-specific currency exchange between customers and retailers already happens through loyalty and rewards programs. These programs are highly ineffective and mostly useless for the customers. Industry data shows that over $360 billion USD worth of loyalty points go wasted every year. On top of that, loyalty programs are extremely expensive to develop, implement and maintain. Loyalty points also have a limited shelf life. In some schemes, they run out or ‘expire’, i.e., if you don’t use them, you lose them.. This is great for the companies issuing them but provides little value to the customer.
In NUCLEUS’s distributed ledger solution, all of the agents participating in loyalty rewards programs operate in a contiguous network without any intermediaries or compromise of privacy (or, in the case of the loyalty rewards program provider, without competitiveness). By design, blockchain is able to streamline the execution and administration of loyalty rewards programs, giving all participants near-real-time transparency. The program provider is able to impose permissioned constraints for their loyalty program, which should result in significant future cost savings that we believe will pay for the design and implementation of the blockchain-based loyalty rewards program in the medium term. Besides integrating with and enhancing legacy systems that currently operate loyalty rewards programs, loyalty rewards providers are able to control precisely how they interact with their customers in the interlinked network blockchain provides.
Loyalty rewards program providers can control the nature of their customers’ interactions in NUCLEUS’s loyalty network by embedding certain parameters in the reward applications, such as how loyalty tokens value and disperse points and how points are exchanged with those of other programs.
With the NUCLEUS digital wallet, value is stored in the form of nCash tokens. Digital signatures contain the identities that assign value to the customer’s wallet. The reward application is the building block to record and execute loyalty reward transactions within the loyalty network. Program providers can tailor their rewards applications according to their competitive or strategic agendas, controlling exactly how their customers will access and redeem rewards. With NUCLEUS, brands have the ability to run a more cost-effective, simple and secure way to run their loyalty programs with better visibility and transparency over points issuance and redemption.
NUCLEUS’s loyalty network accommodates a wide variety of brands and retailers and their loyalty programs, facilitating interaction, especially in terms of the convertibility and exchange of points. NUCLEUS’s Universal Loyalty Program enables the universality and seamlessness of loyalty reward systems across stores using the nCash cryptocurrency token. The programs can function exactly the same way they are currently set up, but instead of exchanging store-specific points, retailers reward customers with nCash tokens. These tokens become portable across brands and services. nCash tokens earned at a NUCLEUS apparel partner store can now be used to purchase an upgrade at your preferred airline, for example.
Consider the following example: Sara decides to book a trip to Paris, purchasing an airline ticket from San Francisco using her credit card. The credit card company and the airline simultaneously credit nCash loyalty tokens to her NUCLEUS wallet during the transaction by interacting with their respective reward applications. A few hours later, Sara decides to book a hotel in Paris and realizes she has enough nCash tokens to redeem a stay in her preferred hotel, which is another network participant in the NUCLEUS ecosystem. Sara was able to earn and redeem points without the hassle of trying to redeem points through separate rewards platforms.
Any customer who earns nCash tokens can exchange them for Bitcoin or fiat currency on cryptocurrency exchanges.
Disclaimer: This is not an investment advice. Please do your own research before investing in any avenue. The information contained in this post is for informational purposes only. You should take independent advice from a professional or independently research and verify, any information that you find in this post and wish to rely on, for the purpose of making any decision. Through this post you may be able to link to other websites which are not under the control of Nucleus Vision. We have no control on the nature, content and activity on those sites. The inclusion of any links does not imply a recommendation or endorsement of the other website, its products or views.
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