Nuggets, the Decentralized, self-sovereign ID and payments platform has been selected by Accenture for FinTech Innovation Lab
Blockchain as a technology is definitely going to be the next biggest innovation after Internet and there are thousands of projects today on Blockchain. However, only those who have a niche use case would break the barrier. And it seems, Nuggets has been able to build a product, that is futuristic and will be a must to have in the digital payments platform in few years. And its a crypto currency but the technology behind it, has potential to be used by every one, even by countries like India or Nigeria. Above is the complete echo system in one diagram (src). And here is a video that explain how the system works :
Digging it down further, its using IPFS decentralized storage which uses content-based addressing. So the user data (personal and payment data) is stored in IPFS after hashing and even Nuggets cannot access it. If the user wants to share some data, Nuggets will share the minimum required. Nuggets calls it as user's personal cloud. And how do we earn and use Nuggets Tokens (NUG)? Here is how they explain :
You can go through the FAQ, ALMOST all answers are there for a new user. I found it to be very niche use case. Especially when open banking is getting more attention and every one is in favor of going digital, this is going to solve a solid problem and adopted by main stream financial platforms. But are the tokens worth it ? Well, looking at the price, it seems, its price is very low - available only in Coinsuper and Uniswap - You get 1,866,515 NUG in 1 ETH at Uniswap as of writing this post at ETH price $1486. The price has plunged a lot taking the current market trend. But given that Coinsuper is a Korean exchange , it has a possibility of quickly exploding - you know the Koreans..
And their app is available both for Android and iOs - and they are offering some referral rewards as well :
You earn NUG when you first sign up, when you use Nuggets to pay, log in or verify your ID, and when you refer others to Nuggets.
So the only missing piece for it getting to the top quickly, is more merchant integration. If you have a merchant at your place and that has integrated with Nuggets , then you will definitely find it tempting to use - ease of use and rewards at the same time. And the merchant pays a little for it - it's free for consumers. Accenture definitely foresees how its going to play out. Nuggets announced in last month that its joining ID2020 Alliance - the alliance of public and private organizations to make the future course of digital ID flawless by collaboration and global partnership. So when these big companies push for the solution , it may go to moon.
I have seen some recent use case of ipfs here as well - may be those apps can benefit by integrating with Nuggets - it will benefit both the platforms.
Please share your opinions.