BMJ Score: 4.2
Market
Transparency
Team
Token
Adoption
Quick Summary
275 crypto investors read thisCommentary
Did you know nurses comprise the world’s biggest single workforce? We didn’t. We also weren’t aware that hospitals spend a ton of money to recruit them -- amid a nursing shortage AND the protracted process of credentialing in this or that jurisdiction. NurseToken stands as the next iteration of the founder’s already existing SnapNurse. Nurses, like teachers, are badly needed, yet underpaid. And this platform offers them manna, too. It remains to be seen, however, if NurseToken can deliver on all the streamlining its technology promises.
Investment Information:
- How to invest: Accepted forms of payment include ETH, BTC, ONT, and NEO. Follow the link to sign up and participate.
- Discount: 40% bonus
- Eligibility: The NurseToken NUR token sale is not open to citizens or residents of the United States, China, Singapore, Cayman Islands, or South Korea.
- Token Price: $0.16 USD
- Jurisdiction: Cayman Islands
Market: 4.5
- Problem addressed/solved: There’s a worldwide shortage of nurses that’s hit crisis levels. This epidemic has cost hospitals billions of dollars and the lives of their patients. A major reason behind the shortage is that hospitals do not share information or nurse hiring practices. Instead, nurses must get new credentials for each hospital at which they wish to work. It can take up to three months for nurses to gain the necessary credentials. NurseToken aims to solve the problem by providing decentralized nurse-hospital credentialing.
- Target customers/customer/ segments/verticals: Many different nursing verticals will benefit from NurseToken’s capabilities: global nurse agencies, hospitals, clinics, and home healthcare businesses, among others (combined $344B annual market worldwide).
- Value creation: NurseToken wants to solve the nurse shortage with a decentralized credential and payment system that increases nurse portability, enables hospitals to fill much-needed positions on-demand, and offers more uniform and universalized payments to nurses worldwide.
- Competition: A few other tech companies are also trying to solve the nurse shortage. A notable one is Nomad, but none, as far as we can tell, are offering blockchain solutions other than NurseToken.
- Market size/potential: Nurses are the largest workforce in the world, yet the World Health Organization estimates a nursing shortage of over nine million people in 2018, with individual hospitals spending as much as $2 million a month in recruiting, training, and hiring nurses. All hospitals could potentially use the NurseToken platform in order to keep nursing positions filled. There is ample opportunity for growth here, especially since the global home healthcare market is $354 billion and the telemedicine industry is $20 billion.
- Regulatory risks: While being located in the Cayman Islands reduces some of the regulatory risks, it is important to remember that if NurseToken wants to incorporate hospitals in the US, HIPAA regulations will come into play, increasing regulatory risk.
- NurseToken is trying to solve a serious problem plaguing the world right now. The demand for a solution cannot be overstated, and the market for nurses is huge. NurseToken will face decent competition, but will most likely surpass the competition if they execute their blockchain solution effectively. For these reasons and the ones stated above, NurseToken receives a Market Data score of 4.5.
Transparency: 4
- Investor Value: Investors could see a growth in value of their NurseTokens as long as hospitals and nurses adopt the platform. The more nurses join the platform, the higher the demand for the token will be.
- Disclosures: NurseToken acquired key crypto influencers, VCs, and major medical industry players, resulting in $1.4M in pre-commitments. They have a below average whitepaper but make up for it with excellent explanation videos. They have a notably active Telegram account where individuals can request and receive more information.
- Token distribution: 50% crowdsale with funds allocated to the company, 25% reserved for ecosystem and platform participants, 20% reserved for management and executive team, 5% early contributors.
- Use of proceeds: 45% blockchain and platform development; 30% marketing, business development, and nurse community development; 20% operations, executive team, and advisors; 5% legal and accounting.
- Soft cap: Equivalent of $2M USD. If less than $2 million USD has been raised by the end of the ICO, then all funds will be returned to the participants minus the transaction costs within a reasonable time from the ICO end date. Hard cap: $17,558,330 USD Architecture: The platform will be built on the already strong Ontology blockchain, and the credential system will be built on a private blockchain that connects with the public blockchain via tokens.
- NurseToken acquiring $1.4 million in pre-commitments is incredible. It’s a great sign when experienced VC investors decide to put money into a project so early. Having said that, NurseToken designates 20% of the tokens to the team, which is twice as high as what you want from an ICO (10%). You want to see the team focus money toward the project more than their own pockets. For these reasons and the ones stated above, NurseToken receives a Transparency score of 4.0.
Team: 3.5
- Track record: NurseToken claims they’ve been building relationships in the medical industry for over 18 years. The CEO, Cherie Kloss, is actually the founder of SnapNurse as well. She’s had 18 years of experience in the medical industry as both an anesthesiologist and a nurse. Her first-hand experience with the job of nursing combined with her years of experience makes her a top quality CEO for this project. The CTO, Josef Jonas, worked top tech positions at Microsoft, IBM, JP Morgan, Novartis, and more. He also founded a blockchain company called Xeru back in 2014. With a private blockchain and experience in managing over 600 employees, he adds significant value to the project. The COO, Josh Clayton, has been an advisor to many early-stage tech companies as well as numerous blockchain and crypto transactions. Edwin Marcial is another notable member of the team.
- The project is specifically designed to combat a problem that hurts millions of people every year. The team’s stories and backgrounds would seem to indicate they’re trying to fix a problem they’ve experienced either personally or through friends.
- The two top dogs, Cherie Kloss and Josef Jonas, frontline a quality team with solid experience in their respective fields. Having said that, the team only consists of three members and eight advisors. Sometimes a smaller team can work more efficiently, but only three members might be too small. For these reasons and the ones stated above, NurseToken gets a Management score of 3.5.
- Cherie Kloss, Founder / CEO (LinkedIn)
- Josef Jonas, CTO (LinkedIn)
Team Members
Token Mechanics: 4.5
- MVP: The MVP was completed May 15, 2018. The first iteration of the MVP demonstrates how smart contracts will work in the NurseToken system. The whitepaper provides additional screenshots of the MVP and its interface.
- Token use case: The NurseToken will be used as payment for accessing a nurse’s credentials in her or his crypto wallet; as incentives to nurses to enforce retention (thereby building platform loyalty); as a means of payment to nurses (particularly cross-border nurses); as a means for incentivizing healthcare facilities to participate in the credentialing and compensation platform; and as a means to encourage involvement in the verification process.
- Value-added: The token adds major value since it’s the only way to access a nurse’s credentials. Plus, the token makes cross-border payments and incentive programs a possibility for hospitals and their working nurses.
- Decentralization: NurseToken is a decentralized global nurse staffing utility built on blockchain.
- Token Supply: 300 million total tokens
- The completed MVP adds legitimacy to the project and allows potential investors to see what the end product would look like. The token will be used for a variety of functions on the platform from payment to nurses to accessing their confidential credentials. The token also opens the possibility for smart contract reward programs and cross-border payments. Since the token adds significant value and really makes the project unique, NurseToken gets a Token score of 4.5.
User Adoption: 4.5
- Technical difficulty/investment expertise needed: The concept is easy to understand, especially after watching the explanation video on the NurseToken website. It’s clear that NurseToken is creating a credential system that allows nurses to quickly switch to the hospital where they’re needed.
- Halo effect: SnapNurse is an automated nurse-hospital hiring platform gaining massive traction. They’ve been in talks with hospitals about adding NurseToken. According to NurseToken, SnapNurse plans to use NurseToken to help take its platform to the next level.
- Buzz: NurseToken has an excellent social media following with over 95k Facebook follows and another 30k on Twitter. One of the most watched and followed pre-ICOs on the market today.
- NurseToken hits all three markers: excellent social media following, strategic partnership with an already established platform, and a concept that the general population will likely understand. For these reasons and the ones stated above, NurseToken receives a User Friendliness score of 4.5.
