After seeing the +47% price spike on Bittrex, I had to figure out what this thing was about.
What is Nexium(NXC)?
Kinda sounds like Nexus, same thing right? Not quite. Nexium is a fully functional backend blockchain economy running as an Ethereum fork, for a video game in development called “Beyond The Void“. That’s right. The economy within the entire game will be based off an actual cryptocurrency blockchain. Now we’re talkin’!
The ERC-20 compliant coin was created with a smart contract that specified to only allow for 100,000,000 of them to be made.
You can’t mine the coin, as it’s POS, and you can only access 70% of it’s total circulation, as 30% are held by the devs for “future promotion”, and themselves.
My Thoughts
I feel it’s amazing to bring cryptocurrency into the video game realm, as it could assist in bringing adoption of blockchain technology to the masses(of nerds at least).
Pros:
- They’ve gone through the ICO stage, and managed to make it out(without scamming everyone who invested). – Source
- ERC-20 complaint.
- They’ve participated in many conferences, and play to attend more.
- Development team seems understaffed, but at least appears honest and non-shady.
- Everything is automatic, and ran with smart contracts(finally a good implementation).
- This would allow for players making in-game profit, to sell their coin out to exchanges and easily turn it into actual usable profit(sounds pretty cool).
- The game is already in early access, so this coin may already have decent potential.
Cons:
- I can’t seem to find enough content pertaining to how the in-game economy works, or if there’s anything that’s actually different from it’s original Ethereum fork.
- Every bit of web content they have available is using an easy to find template… They don’t have a very knowledgeable web developer on standby.
- They have pushed back their milestones/goals, multiple times.
- The success of the coin is 100% based on the success of the game.
- What if some in-game exploit occurred, where items could be mass duplicated, people would be farming massive and real profits? This would also destroy the worthiness of the coin itself.
- There’s a specific amount of coins in circulation, and no new ones get created. This means it’s bound to die eventually…
- The people that are interested for the game specifically, seems extremely low.
- No open Github repository, showcasing their recent work.
Red Flag(s):
- The game wiki states that any items sold in-game from non-players that are “new” releases will experience a 50% profit burn. Does this 50% get taken from the players and given the devs, or go toward gas costs? The devs are already making 100% by selling the player the item originally, it would be pretty rough if they also took 50% of that items resale.
- The developers hold 30% of the coins circulation. 15% is for themselves, and the other 15% is for “future marketing”.
In Conclusion
The coin looks like an amazing new implementation for blockchain technology, however might not be the best investment(yet?). I’ll be keeping track of it, who know’s what this thing could turn into?
As always, do your own research and create your own opinions. Don’t become a sheep, zombie following all my content,
Sources:
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