With the 90% loss in market capitalization of the Nxt cryptocurrency, some major contributors to the Nxt Foundation have come up with a proposal to increase the amount marketing and the level of its professionalism, improve user experience and attract investors to the platform.
The effort to achieve improvements, called the Tennessee Project, is led by Bas Wisselink, known on the Nxtforum.org as “Damelon”, and Dave “Evil Dave” Pearce, and will require funding for marketing, promotion and development over a 12 month period that will be raised through the Nxt platform.
Wisselink explained that there were internal and external factors to the Nxt project’s status as a blockchain and cryptocurrency protocol:
As we all know, our market capitalisation has unfortunately shrunk by more than 90% over that time. Much of that loss, but not all, can be blamed on external market forces, as many other projects are in a similar state. The crypto-currency/blockchain technology market is also changing rapidly, as new players enter the game, like Eris and GetCredits. Many of these new projects have their origins outside the ‘crypto scene’, and are markedly more professional in their business approach than the first generation of crypto-currency projects.
In this increasingly competitive, professionalised market, our approach to business adoption and development is holding us back: we have no real co-ordinated marketing strategy, and we have an over-reliance on volunteer work. Our main software client, the NRS, although very effective, is complex and intimidating, even for some crypto-currency insiders. These issues need to be addressed now if Nxt is to carry on as a serious player in the crypto market.
The Tennessee project will aim to complete a number of goals by the first quarter of 2016 that include a complete overhaul of the Nxt web presence and SEO, a continuous and coherent marketing campaign, a comprehensive portfolio of use cases, a co-ordinated team for social networking, and a strategy to interest potential Nxt-based projects and investors.
Later in 2016, the project will finance development of simplified Nxt Reference Software, created a user guide for the entire Nxt system, establish an incubator system for Nxt-based projects, and integrate a professional public relations agency into Nxt promotion.
To fund the Tennessee Project, the core team seeks to raise 10 million Nxt units from ecosystem businesses and through the platform’s fund raising capabilities.
We have already started an informal fundraising project among NXT businesses and stakeholders to raise the minimum of 10 million NXT, and we are happy to say we have already received firm pledges for up to 5.5 million from Nxt investors and stake-holders.
This makes us confident we can raise the remaining 4.5 million NXT to complete the full 12 month commitment.
We want to start the fundraiser for this as soon as possible, and we will do this by a fundraiser using the Monetary System.
The Nxt Foundation will handle all Tennessee Project funds raised and administration while most day to day decisions will be made and carried out by Wisselink and Pearce.
In other Nxt news, a community member has released small bundle of applications and services that provided easy access to various decentralized technologies like MeshNET, NXT Full Client, Decentralized DNSs, and TOR websites/services.
This is a basic OS that enables users with some technical knowledge to build their own Raspberry Pi device and use it as a smart router providing easy access to MeshNET and Decentralized technologies.