The Social (Nexus) ICO began August 17th and ends September 17th. Social is the currency that will be used within the social network Nexus, which is a new decentralized social network.
Social in their own words:
Social is a cryptocurrency that will be used within Nexus, a secure and private decentralized social network with integrated marketplace and ad platform
Nexus is a social network built on modern technologies that also integrates popular features of e-commerce and crowdfunding. The network primarily concentrates on privacy, control of settings, security and listening to the voice of the community.
The Nexus platform hopes to integrate a full social interface that will be accommodated by a functional marketplace and ad platform that utilizes it’s native coin, Social.
Nexus is an already existing and established product on the iOS App Store, Google Play Store and the web.
Social ICO info
- Symbol: SCL
- When: Began August 17th and ends September 17th (a relatively long period)
- How Much:
- 95% in ICO
- Hard cap: 47,500,000 SCL
- Soft cap: 250,000 SCL
- 1 ETH = 500 SCL
- Assuming an ETH price of $350, that gives a max market cap of $35 million and a hard cap of $33.25 million and a soft
- Distribution: Immediately
- Exchanges:No info found
- Who is running ICO? Self run
- Bonus: 50% week 1, 40% week 2, 30% week 3, 20% week 4, 10% week 5
- ICO Progress: 14,708,671.86 Social coins sold (~30% of hard cap) to raise ~$6.7 million
What Others Say about Social (Nexus) ICO
CrushCrypto has not covered the Social (Nexus) ICO.
CrytoCompare has listed Social and shows just 5 followers, which is by far the lowest of any of the companies previously covered here.
TokenMarket has not listed the Social ICO.
TokenData has not listed the Social ICO.
ICORating has rated Social as a Low for hype and Low for risk score. No info on investment nor an in-depth analysis.
BitCoinTalk has a thread on Social. As usual, most posts are by affiliates who of course are the biggest cheerleaders of the ICO.
ICOCountdown has not listed the Social (Nexus) ICO. They give spotlight to new crypto projects with a focus on crowdfunding methodology and conduct due diligence to ascertain viability of these projects.
Hacked has covered the Social ICO and were very negative on the opportunity, citing the difficulty in starting a new social network.
Nexus is an existing social network, and it’s easy to see how a token currency could benefit a social network (marketplace, ads). Of course, that assumes that the social network is adopted and used. Nothing that I’ve seen has convinced me that Social is anywhere close to building a successful, massive social network.
Of the existing leading social networks, Social most closely resembles Facebook. And while there may be many people that claim they want more control over their information than Facebook allows, it takes a lot more to convince someone to leave the most popular network and put their time into a unproven network with few members simply because it’s decentralized.
They’ve been unable to garner much support for their ICO, or their “established” product. They’re unlisted on many ICO schedule sites, have few “followers” on others, and have just 2 reviews on the Apple App Store. More importantly, they’ve used a massive bonus structure over a long period of time for their ICO, yet have managed to raise just over 30% so far with about 10 days remaining.
Despite all the negative, the structure of their ICO makes it somewhat intriguing, and makes me wish that other ICOs would adopt a similar model. A vast majority (95%) of all Social tokens will be made available in their ICO, with just 5% being held for marketing costs. No tokens are reserved for the team behind social. Instead, they’ll buy back 5% via Bitcoin during the first 24 hours.
Additionally, all unsold tokens will be discarded, rather than returning the tokens to the company or using for some other purpose. This preserves the value of the tokens and actually increases the percentage value of previously sold tokens and valuing the company at a more palatable $7M USD currently (with ETH at ~$325), though that seems somewhat high given the limited success thus far.
Regardless, the heavy bonus structure is reason enough not to invest at this stage. Currently, there’s 15,198,897.53 SCL sold and 20261.66 ETH raised, for an average exchange of ~750 SCL/ETH when it’s priced at 500 SCL/ETH. Even with the currently available 20% bonus, you’d only get 600 ETH/USD.
It’s a significant difference, and with just over 30% subscribed, it’s extremely unlikely that the ICO will get anywhere near a level that will bring the average price up to the currently offered price. More likely, the price will end up somewhere closer to the average price paid, regardless of the bonus level.
At this point, I’m holding off. And even if you think Social/Nexus have a chance to build the next great social network, it’s probably best to wait ’til post-ICO to get your tokens on an exchange at a lower price.