Have you heard of nCash? If not, that’s probably because this cryptocurrency is extremely young – it just started trading about two weeks ago. It’s the official cryptocurrency of a pretty new project called Nucleus Vision, which is a contactless customer identification network using Internet of Things (IoT) technology. It was also founded at Harvard University.
So, what is this fresh cryptocurrency about, anyhow?
Nucleus Vision (NCASH) is different than other retail-based coins
Honestly, the whole blockchain-based retail well has been tapped dry – there are so, so many cryptocurrency projects out there that are working on some sort of brick-and-mortar or e-commerce solution for retailers or retail customers. From Litecoin (LTC) and LitePay to lesser-known coins, such as UTRUST (UTK) and Request Network (REQ), there is an endless stream of these sorts of coins.
But Nucleus Vision is a totally different way of thinking about how merchants can interact with their customers in brick-and-mortar stores – and it’s all about contactless IoT technology. The nCash coin’s function blends the Internet of Things with the modern retail experience.
nCash enhances the customer experience using IoT technology
Here’s how Nucleus Vision works:
Merchants at brick-and-mortar retail stores (and, later on, banks, supermarkets, etc.) can set up something called the ION in their stores. It’s a proprietary device that’s pretty impressive – it can pick up and identify individual customer’s unique phone signals when they arrive within 200 meters of the machine (no Bluetooth, WiFi or facial recognition needed).
As customers shop, they provide data about their experience, which is recorded and loaded into a global connected ecosystem called NEURON – which is a deep learning platform. Aggregated data from the ION devices can then even be sold to third parties for nCash tokens as well.
Worried about privacy? Each customer gets to decide on the spot whether they give the store permission to use the data as they continue the checkout process. They can remain anonymous if they’d like. The incentive is that you get loyalty rewards and discounts (in the form of nCash tokens), and all you have to do is share your in-store activity and possibly email address.
Once you are out of the 200-meter range, you are back to being anonymous. The technology doesn’t geographically track anything out of range. It can’t.
ION is easy to install (on purpose) and merchants are already using it
This isn’t like other IoT-based cryptocurrencies like VeChain (VEN) or IOTA (MIOTA), which are basically theoretical concepts at this point. IOTA (MIOTA) is worth $3.6 billion at the time of writing, making it the 12th most valuable crypto coin – but it isn’t even close to having a functioning product yet.
Nucleus Vision, on the other hand, has already been distributing the ION devices and they actually work. Sure, it has only been implemented in 10 retail locations, but this coin has only been trading for two weeks.
Check out this video of these guys testing out the contactless IoT technology in a store in India:
— Ian Balina (@DiaryofaMadeMan) March 9, 2018
In Q2, the team is hoping to have 250 IONs deployed with more than 250,000 shoppers identified. By the end of the year, they hope to have 5,000 active ION devices in stores.
Powerful investors see high potential with this crypto coin
This coin has some pretty powerful backing. The first investor that participated in this venture is a very successful figure in the finance world. Tim Draper is his name – the semi-famous venture capital investor whose firm put money into Skype and Hotmail early on. They also got notoriety for scoring a ton of cheap Bitcoin (BTC) during an auction from when authorities took down the dark web marketplace the Silk Road.
They also were able to cancel the initial coin offering (ICO) for nCash, due to the volatility of Ethereum (ETH) – as the coins were tied to the value of the dollar, not ETH. So, in order to be fair and transparent, they just cancelled the ICO and airdropped to whitelist, Telegram and Reddit community members.
It was a pretty cool decision, and an honest one – it probably was an easy one to make, given the fact that they raised $40 million from early, private investors before even launching the public sale.
Tim Draper believes in this coin, and so do we – it is a project that retailers will actually get excited about. Mass adoption is looking pretty good at this point, from our perspective.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.