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This represents over $7,000,000 raised for the project and 30% of the total hard cap so far with under two weeks remaining before the termination of the ICO period. 65% of all funds raised in this ICO will be spent on developing the product and expanding the team behind Nexus Social.
This is already well underway, two new developers have been hired, doubling the development team currently working on the project. After the ICO 10% (max 3000 Eth) of funds raised will go towards continually auditing the system for potential security threats, 10% towards legal costs, 10% towards hardware upgrades and the remaining 5% will be spent on advertising.
The Nexus Platform
Nexus aims to build the next generation of social networking and are working to develop a blockchain based and encrypted social media platform with minimal third party control of data with a view to fully decentralize their platform. Nexus Socials will be the integrated currency for the Nexus platform and will be used for a number of purposes within the platform including fund-raising, advertising and peer -to-peer payments via the integrated market-place.
In development since 2014, Nexus will offer a robust alternative to current social media platforms wherein all uploaded data is end to end encrypted and stored on the blockchains and where both data and account privacy remain in the control of its users and not a third party.
On the Nexus platform, no data will ever be sold to third party companies and will always remain it the control of its users, unlike current generation of social media which primarily comprises of third parties controlling and selling their users data.
The Nexus eco-system will include an integrated marketplace utilize the platform’s currency, Socials (SCL) which will be used to pay for goods and services offered on the market place and also for purchasing adverts on the marketplace.
A number of features of Nexus make it stand out from its competitors, not least its unrelenting emphasis on user privacy.
The platform aims to fully integrate the Tor API into their product as a option as well as future plans for a built in VPN for their mobile applications coming later down the line as part of the project’s road map.
Its in-app messaging system will also be fully encrypted end to end to ensure user privacy.
Nexus will also offer a Visa enabled Instant Access debit card in both physical and digital forms that will be linked to the users account and can be used to make purchases with fiat in the high street or online and can be spent anywhere where Visa cards are accepted. This innovative system will use a technique called JTIF (Just In Time Funding) which ensures that the balances kept on Nexus Instant Access cards are always $0.
During purchases, funds are moved from the user’s linked Nexus wallet to the card only when purchases are made using the card ensuring that funds are kept safely in the secured blockchain wallet. Further details about the Nexus and Nexus. Socials can be found in the white paper.
Nexus is already an established and existing product available from iTunes and the Google Play store as well as a web based application which features an instant messaging system and a multi-wallet compatible with Ethereum and ERC20 tokens on the Ethereum blockchain.
Nexus is also possibly the most secure of blockchain networks, using three separate blockchains and a combination of proof of work and proof of stake and a variety of hashing functions.
Nexus aims to be the most secure blockchain project on the market.
The dev team will own no coins from the ICO period and at the end of the ICO the dev team will be facilitating a buy back of 5% of the total SCLs using the ICO funds raised to help SCL enter a bull market as soon as the ICO is over in a move to avoid the coin dumping as soon as it hits exchanges as is so common with other ICOs post launch.
The current ICO buy-in price is 600 Socials per Ethereum, which will be reduced to 550 Socials in the final week. ICO ends at 01:00am GMT Sep 17th 2017.