Review on Nectar by José A Rodríguez
Nectar: Designed to Recognize Natural Value in Traders
Nectar is a cryptocurrency designed to recognize the value of the network where it was born, but not for being a token of commercial value. It belongs to the Ethfinex network, which is a cryptocurrency exchange looking to become a reliable project by increasing liquidity in its trading features. The token has been used wisely during the time, and users like it a lot because of the things it represents. In fact, those users who become sincere customers and frequently work in the network will receive valuable rewards in NEC that is part of a considerable gift for them. In that way, they can solve certain internal actions within the page, although the token cannot be traded outside.
This token was also designed to contribute to the decentralization of the platform. By every time one user receives it as a reward, the network will become a more decentralized and functional one. There is a great mission and vision behind all this. As I read in the public document, the company wants to recognize the user's actions, and with time that will be a fact where the most committed ones will be part of the network and its future developments.
In contrast, to know about this utility token users must do exhaustive research in several public contents that are free on the internet because the information about it is limited. The exchange market just provides data about the sales of the token, and the daily price it might receive; it means, there are just numbers highlighted in a dashboard, but not certified information about it. This, sometimes, might be disruptive for users who really want to know everything about a project before joining it. They need to know what are the extra benefits and also disadvantages of joining this platform.
To know if dedicating time to earn this token is beneficial or not, users must consider that it depends on the platform's success. If they have traded there before, then it is possible to give a try. However, I understand it might be difficult to expect that users themselves boost the liquidity of a market exchange because at the first moment earnings won't be as good as they seem.
So, in conclusion, Nectar is looking to contribute to a great cause of natural values instead of financial ones. It is a good design, and an excellent strategy for the future of its platform. But the real actions of the network should be directed for the team, and not for users themselves. Beyond loyalty, the company must succeed on its own. Questions will always exist, and the platform will continue receiving feedback about the real purpose of this token.
Pros
- Utility token that can be granted as part of a loyalty reward to users who work with engagement in the success of the exchange.
- It was designed following certain parameters and features of good utility tokens. It is now part of other associated exchanges where users can also contribute to earning it.
- There is a considerable supply free in the exchange where it is granted. Moreover, it has had a good volume of USD in the last weeks.
Cons
- It is required to measure the effectiveness of this token in financial development. A type of development that the company does not provide.
- It depends on users to be functional, but the exchange does not provide good liquidity in trading even when it is looking for it. The company should design another strategy to boost better scalability on it.
