Hackernoon logoHow David will Destroy Goliath — Why A Scrappy Startup will Defeat your Bank by@ChrisHerd

How David will Destroy Goliath — Why A Scrappy Startup will Defeat your Bank

Chris Herd Hacker Noon profile picture

@ChrisHerdChris Herd

Founder

The question on the lips of people I encounter more frequently is how will they benefit from Nexves and what can it do for them?

My initial reaction is to ask them three simple questions in return:

  1. What value do you currently receive from your Bank?
  2. How does it help you save money?
  3. What does it do for you aside from store your money?

Fundamentally, Nexves provides you with a bank account that will replace your current account. Potentially, it becomes an essential platform that saves you money while letting you invest and earn more simultaneously. To understand it’s potentially you are required to view it as the hub at a centre of a wheel of services. From this will come spokes which identify as separate businesses all tied back to your account, which enable them to bring you incredible value, security and opportunity.

The First Spoke — Own revolutionary Companies

Interest rates are worse than terrible. On Nexves you forego interest in return for Cryptotokens, accrued in relation to the percentage of total funds you have on the platform for a calendar month, which entitle you to ownership of startup companies the Nexves venture fund invests in.

How this breaks down in practise is simple: if 10 people have £1,000 in their account they each get 10% of the tokens at the end of the month. If someone came in the next month and put £10,000 in he’d get 50% of the tokens, the other 10 would get 5% each.

If we invest in a company worth over a Billion £/$ the first 10,000 users on the platform would receive between £/$8–10,000 each, on average.

The Second Spoke — Earn Significant Capital

Bank’s offer you no opportunity to increase your wealth, outwith derisory interest payments. The first spoke of Nexves decentralises the beneficiaries of success from the bank itself to the people like you who form it. The profits created won’t go to fund outsized bonuses to oversized bankers, they go into your pocket.

The second spoke let’s you earn money while increasing the likelihood that the investments the venture fund makes succeed.

On the platform there will be a marketplace where you can complete a task and receive additional tokens, increasing your entitlement to future profits from the fund. This could be something as simple as sharing a message on your social media profile or requesting that your supermarket begins stocking a certain product. The power of this is only realised through the power of a large network. One person completing these tasks might not make much of a dent, but imaging the influence of 10,000 people sharing this at the same time, or even 1 million.

Collectively everyone benefits by acting together in mutual self-interest. You influence the growth of your investment and you are paid for it’s success.

Simultaneously, you will be rewarded for discovering potential investments or acquisitions. Make a recommendation that leads to investment and you will be rewarded with a large number of tokens. Had you referred Facebook to Nexves under this model, you would now be a Millionaire. Only problem is that if you had discovered facebook at this stage there is nothing you could have done. Nexves changes that.

What it enables is universal access to asset classes which the 99% cannot get access to. This prevents you from benefiting from the most succesful investment opportunities of the last 30 year. Nexves is a democratisation of access, and due to the model we are going to employ it encourages these companies to take our investment over traditional venture capital funds.

What you become part of is a network-as-a-service which lets companies grow at a far lower cost while increasing your own profits.

The Third Spoke — Save lots of Money

The third spoke is a collective bargaining platform which uses the data you provide to save every user a large amount of money. Take a minute to visualise all the information banks have on your spending and every other users on their platform, what do they do with this to help you save money? Absolutely nothing.

At Nexves we will analyse the recurring monthly spending of every user and benchmark it against the platform. Where you aren’t the lowest paying user for the same service we will tell you how much more you are paying, and provide you with the contact information required to lower your costs. For individuals we have already analyses, they save £600 a year on average.

The next step will be to do this all automatically and negotiate these costs down on your behalf without you having to do anything. You save as a by product of having an account — all for free.

From there we will expand to conduct the renewals of your car and home insurances, gas and electric supplier, broadband and mobile phone providers. We realise how time consuming and frustrating entering the same information year after year can be — so we will do it for you and make sure that you always pay the lowest price possible for every service you need.

The Remaining Spokes — How we will Evolve

Spokes to this system will be introduced gradually — we have a large roadmap of features we intend on implementing in the next 18 months.

What Nexves will become is the foundation layer of infrastructure required for the development of web 3.0. We let you participate in this new world.

If you have ideas for services that can be appended we would be delighted to hear your thoughts: email them to chris@nexves.com

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