A couple of ICOs recently have been touting a hybrid approach to their respective ecosystems, seeking to find common ground with more traditional tech and cryptocurrencies. Perhaps surpassing them all is UK-based blockchain-based startup Nuggets founded by former tech execs from Microsoft and Skype. The Nuggets ICO is scheduled for Nov. 14 in which the consumer blockchain payments platform will begin selling its Ethereum-based tokens to the public.
Meanwhile, in the spirit of ICOs being compared to IPOs of late, Nuggets took to the investment banking community, typically associated with underwriting deals in the equities markets, for the sale. Nuggets engaged Argon Investment management, a division of Los Angeles-based investment bank that focuses on the cryptocurrency markets including ICOs, for the token sale.
Nuggets founders Alastair Johnson and Seema Khinda Johnson worked together at Skype and Microsoft, respectively. Both execs were on the creative side of IT, including launching new products to market. The genesis of Nuggets was when Johnson suffered a credit card breach, which led him straight to the blockchain to develop more advanced data security.
In a recent interview Johnson points to the dozens of platforms on which people store their personal details and payment information, which are all targets for cyberattacks. Nuggets seems to have taken a page out of Apple’s face-ID playbook by turning to biometrics for the identity verification process.
The Nuggets solution is an app that gives users one biometrical tool such as a fingerprint across log-in, payment and ID confirmation processes keeping those details close to the vest and not sharing them with any other outlet – including Nuggets itself.
Cybercrimes seem to know no strangers, with even FedEx blaming a cyberattack on its Dutch division for a recent profit shortfall. Of course some unscrupulous token sales have also been the source of fraud, which is why the regulatory clampdown on token deals has been intensifying.
Nuggets is still preparing its White Paper, after which time more details surrounding the upcoming token sale will be revealed.