Today, going digital is the new fashion statement. Even the whole payment system is majorly digital. We use credit/debit cards, internet banking and other modes of payment more often. Even while shopping on hundreds of e-commerce sites we use digital payment methods. The advent of online banking and mobile payments has revolutionised banking, increasing opportunities for banks and customers alike but also introducing new risks - imperatively the exposure of our data to companies. The databases used to store our payment information aren't always completely secure and can be prone to cyber crime. Identity thefts are very common these days because of this. To protect us from this hurdle, Nuggets have come up with a solution by making use of the blockchain technology. Let’s have a look at what they have to offer.
Nuggets is an ICO project that plans to help users transact securely and at the same time make the whole process seamless and easy. To protect user’s personal information, nuggets makes use of zero-knowledge storage in the blockchain. This means that even the Nuggets team cannot access your personal information. The only way to access your personal information is by using your biometrics. This ensures that only you have access to your data.
By using biometrics for payments, it makes it easy to pay while shopping on many e-commerce websites. Nuggets make use of NUG token for payment on its platform. Users will have to buy the NUG token to use any of the services provided by Nuggets.
NUG Token
The NUG token is an in-house ERC20 token based on the Ethereum blockchain that is used to pay for all services on the Nuggets platform. By using NUG token as a mode of payment, merchants eliminate the need for a middleman to process the transaction. This eliminates the extra cost and allows the merchant to offer discounts to the customers who pay using the NUG token. For the customers, NUG token can be used to pay anywhere by simply using biometric authentication system. It also offers them reward in terms of the token for every transaction they make on the platform.
Use-cases
Nuggets platform has been designed keeping in mind user’s privacy and easy mode of payment. Their project on the paper aims to deliver exactly that.
- Merchants: Merchants can use the Nuggets platform to eliminate the payment processing middleman. This would save them a lot of money which can, in turn, be used to offer the customers more discounts and building loyalty.
- Customers: Customers can be ensured that their personal information is not sitting in some vulnerable database. Customers themselves have control over their personal information and only they can access it using their biometrics.
- Users: Managing account on multiple websites is very easy, and you need not remember all your passwords. With Nuggets you only need your biometrics to log on to any account on any website that you have registered on.
Closing thoughts
With the concern for user privacy being so high, Nuggets tries to tackle this with blockchain technology. Nearly every moment of our lives, we’re producing data about ourselves that companies profit from and making use of the blockchain technology, Nuggets aims to encrypt the data and giving the user full control over their personal information making it a great ICO to look out for. All-in-all Nuggets seems like a great project. Do check it out at https://nuggets.life/ and enter the alpha whitelist to have a chance to win free tokens.
Nuggets Details
https://nuggets.life/
https://nuggets.life/images/Nuggets-White-Paper.pdf
Social Media
https://t.me/nuggetsblockchain
https://www.facebook.com/nuggetsPAYandID
https://twitter.com/nuggetsPAYandID
Author
neverloggedin
https://bitcointalk.org/index.php?action=profile;u=1457262
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