What is Nucleus Vision (NCASH)? All You Need To Know
Nucleus Vision, known as nCash was started in 2014. The idea behind the Nucleus Vision platform is to make shopping easier by using customer’s records to make precise decisions on product preferences utilizing the Internet of Things (IoT) without the use of WiFi or Bluetooth.
The technology is being used by ten retail stores in India at present and also being backed up by relevant companies in the cryptocurrency and goods retail industries.
Tim Draper, who is one of the earliest investors of the Nucleus Vision project and also being involved with companies like Skype and Hotmail, he plans to revolutionize the technology industry again with the Nucleus Vision project.
What’s Special About The Nuclear Vision?
There’s been lots and lots of technologies being launched on daily bases, and it’s much harder than ever to tell which should be invested in. Nevertheless, there’s always a problem every great project solves.
For Nucleus Vision, it tends to entirely change the way merchants interact with customers/clients in physical stores using the Internet of Things technology.
The platform also implements a much quicker and faster way of making financial transactions for a modern retail experience with the nCash token.
How It Works
The process explained in 5 easy steps:
- The ION sensor device is installed at the retailer’s outlet.
- Customers are identified through the sensor within 200 meters to the outlet in which the device is installed.
- A secure orbit layer protects data being transferred between the ION sensor and customer device.
- Real-time details of the customer are shared with outlet upon approval.
- Customers receive recommendations offers and discounts as notifications.
With the Nucleus Vision platform, store owners can set up what is called the ION in their stores. This is a device that’s pretty unique. It’s able to pick up identities of individuals with using unique phone signals when they are approaching, within 200 meters of the device without a need of Bluetooth, wifi, or facial recognition.
As customers shop, data about their shopping experience are provided and recorded in the global ecosystem called the NEURON. Data collected by the ION devices are gathered and can be sold to third parties for specific purposes on the platform. Regarding privacy, each customer chooses whether to share their information or not which they continue with their checkout process – they can remain anonymous if they wish. The advantage of this platform to the customers is they get rewarded in nCash tokens for sharing their shopping experiences. Once the customer is out of 200-meter range to the store, users are being disconnected as the device doesn’t geographically track people.
Unlike many other blockchain inventions for the retail product industry, the Nucleus Vision project has a functional product already and is already seen being used in 10 retail stores at present. Team wish to push publicity and hoping to get 250 of their devices deployed in more stores gathering information from over 250k shoppers by the end of the second quarter. By the end of the year, the target is to have 5,000 active ION devices in retail stores worldwide.
How The Device Interacts With Customers
- The store’s ION sensor device recognizes customers within the preset range.
- The sensor assigns customer ID to the Nucleus ecosystem.
- There is a text sent out; it could also be a notification for smartphone users with an offer for nCash for their data approval.
- Upon approval, customers are credited with preset tokens on their nCash account. The nCash can, in turn, be transferred to any ERC20 compatible wallet.
- Nucleus Vision securely transfers customer shopping personal and shopping data to the blockchain.
- The platform then uses the transferred data to identify related events in future.
- If there’s no prior record of the customer at the retail outlet, shop owners may ask for more data on the network, giving retailers the privilege to view purchases made previously in other stores.
- Lastly, store owners have the option to offer nCash to customers for repeat visits to their store.
The Nucleus Vision team canceled the initial coin offering as for nCash as earlier scheduled. This was due to the price of the Ethereum tokens at the time. To be transparent, they called off the ICO and airdropped to community members.
Though it was an honest decision, it was probably an easy one to take. The Nucleus Vision had already raised over $40 million from early investors, that was before the public presale.
Where And How To Buy The nCash Tokens
nCash has just been listed on the exchanges and has been doing pretty well since its listing.
At the time of writing, nCash can only be purchased on two cryptocurrency exchange platforms; Binance and IDEX.
The only available means to getting some nCash token stashed up, aside visiting the stores already using the technology or getting some nCash token by airdrop is to exchange some bitcoins, ethers, or binance tokens (on the Binance exchange platform) for it.
There are several platforms that would allow you to purchase nCash coins. One of them is Huobi Global, through two different trading pairs, including NCASH/BTC and NCASH/ETH. These two trading pairs represent over 54% of the total trading volume of this digital asset.
Binance has also three different trading pairs for nCash, including NCASH/ETH, NCASH/BTC and NCASH/BNB. These three trading pairs account for 23% of the total trading volume of this cryptocurrency. Binance, Huobi Global and MXC account for almost 99% of the total trading volume of this digital currency despite the fact there are more than 20 trading pairs in the market and different exchanges supporting it.
Binance is one of the most recognized cryptocurrency platforms for cryptocurrency traders. In general, Binance has a large liquidity not only for the main virtual currencies traded in the market but also for altcoins. Nevertheless, nCash represents 0.01% of the total trading volume on Binance.
In order to purchase nCash through Binance, users will have to send ETH, BTC or BNB to Binance through another exchange. This is somehow uncomfortable for many users because that requires individuals to have registered accounts in other platforms. However, the cryptocurrency exchange Binance has implemented a new system that allows users to buy or sell digital assets using a credit card. Although not all the virtual currencies are included, users can simply buy BTC, ETH or BNB and exchange them for nCash as soon as the funds are credited to their accounts.
As mentioned before, the larger the liquidity in an exchange platform, the better for dealing with altcoins. After purchasing nCash, the best thing to do is storing these funds outside a cryptocurrency exchange.
If you want to know how to trade some Ethers for nCash, read our step-by-step guide on purchasing nCash on Binance Exchange.
The nCash Token And Its Compatible Wallets
NCASH is an ERC-20 token which serves as the official token on the Nucleus Vision’s blockchain as an incentive to customers and also a means of purchasing valuable information on the ecosystem.
Being an ERC-20 token, NCASH is compatible with all ERC-20 token compatible wallets.
If you have the extra cash to spare, then using hardware wallets such as the Trezor or Ledger would be a better option.
Cryptocurrency exchanges have always allowed users to store their digital assets on them. Although this is something positive for those that use to make usual trades in the market, it is not safe to hold cryptocurrencies on exchanges. Why? Because of two main reasons.
The first reason why not to store cryptocurrencies on an exchange is related to the fact that they are usually hacked and attacked by malicious parties. If an attack is effective, this could eventually end in the loss of millions of dollars in users’ digital assets. This happened in the past with Mt. Gox, Coincheck or even Binance, that lost 7,000 BTC after a hack earlier this year.
The second reason why users shouldn’t trust exchanges is that these platforms tend to have custody of your assets. That means that you are not the real owner of these virtual currencies. If you do not own your private keys, you are not the real owner of your digital assets. Indeed, a crypto platform could simply freeze your funds and you may never see them again if they consider you didn’t follow the terms and conditions.
These two reasons apply to nCash as well. That is, the best way to store nCash is in a cryptocurrency wallet from which you own the private keys, which represents ownership. One of the best ways of storing nCash is through MyEtherWallet, which is an ERC-20 compatible wallet.
Through MyEtherWallet, you will hold your private keys and this would allow you to have full control of your funds. Moreover, your nCash will not be at risk of being stolen from exchanges. Although MyEtherWallet is not the safest wallet in the market it would clearly help you reduce the risk of holding virtual currencies.
If you want to have improved security, you can use a hardware wallet such as Trezor or the Ledger Nano S. Although these are paid cryptocurrency wallets, they provide the best security in the crypto market.
If you want to know more about these two wallets you can read our guide about Trezor and Ledger Nano S.
Other options for software wallets which gives you total control over your tokens would be MyEtherWallet, MetaMask, Mist, Parity, and Trust ERC-20 Ethereum Wallets.
The Team Behind Nucleus Vision
Nucleus Vision is headed by the CEO and founder, Abhishek Pitti, is a graduate of Harvard School of Business. There are also other vital members of the team as well, they include Avinash Pitti, who is the CTO, Bryan Lemster, the Lead Blockchain Developer, and Brooks Atwood, the Creative Director.
They also have high investors backing the project like Tim Draper, Darshan Patel, and Sriram Viswanathan.
Technology companies backing the project as well include Intel, Alpha Networks, Radisys, and Vodafone.
With the Nucleus Vision IoT based, contactless identification system, retailers are empowered to serve their customers better and also getting information relating to customer needs. Nucleus bridges the gap between online and offline retail world while leveraging on Ethereums’ blockchain technology.
Being the first device to be implemented in the real world market, and people behind it, it’s sure it’s going to change the retail industry and also be a wakeup call to other projects like this.
Nevertheless, as there was a very strong cryptocurrency bear market in 2018, it will be very important for developers and enthusiasts to continue working on the project and keep it afloat. The situation can certainly be difficult but projects that continue working and developing their ideas will ultimately surge in the future.
Currently, this virtual currency is close to the 340th position in the cryptocurrency market in terms of market cap. With a team of developers that know how to provide services, the goal would be to move above 300 and remain close to the 200 digital assets. Falling under the current levels could be catastrophic for the future of this project and cryptocurrency.
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