whitepaper - nursetoken.io · general healthcare supply and demand of human resources as we...
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NurseToken Whitepaper, ver 1.0 | 1
WhitepaperA solution to the global nursing shortage
of epic and crisis proportions
nursetoken.iover 1.0
NurseToken Whitepaper, ver 1.0 | 2
NurseToken is a 21st century solution to a persistent yet growing 20th century problem: a
global nursing shortage of epic and crisis proportions. We address in this whitepaper the
general healthcare supply and demand of human resources as we transition globally towards
ubiquitous shared-economy scenarios with a more prevalent real-time allocation or matching
of supply vs. demand. Currently a large majority of the business processes pertaining to the
onboarding or registration of nurses is largely manual or consisting of a collection of mixed
manual and automated processes, the healthcare industry is faced with a challenge of
moving data across disparate, isolated silos and the related burdens of security, privacy, legal,
compliance, locality, and in many cases the lack of automation, which introduces the potential
for human errors or bias.
NurseToken will power a credentialing, incentive, and payment ecosystem that overcomes the
problems of recognizing national and state credentials, cross-border payments, misaligned
incentives, data accessibility, and payment risk. In doing so, NurseToken will align healthcare
needs with available healthcare resources around the globe. Participating nurses will gain
increased control over their schedules and enhanced reliability in providing their services to the
numerous member facilities throughout the world.
Many different nursing verticals will benefit from NurseToken’s capabilities: Global Nurse
Agencies, Hospitals, Clinics, and Home Health Care Businesses, among others (combined
$344B annual market worldwide).
These capabilities will support NurseToken’s mission to combat the global nursing shortage
crisis by making it easier for nurses to get hired by the hospitals and clinics who need them
most.
NurseToken Whitepaper, ver 1.0 | 3
Please read this disclaimer section carefully. If you are in any doubt as to the action you should
take, you should consult your legal, financial, tax, or other professional advisor(s).
The information set forth below is not exhaustive and does not imply any elements of a
contractual relationship. While we make every effort to ensure that the material in this
whitepaper is accurate and up to date, as relates to products, services, technical architecture,
token distribution, company timelines, etc. - such material is subject to change without notice
and in no way constitutes a binding agreement or the provision of professional or investment
advice. NurseToken does not guarantee, and accepts no legal liability whatsoever arising from
or connected to, the accuracy, reliability, currency, or completeness of any material contained
in this whitepaper. Potential NurseToken holders should seek appropriate independent
professional advice prior to relying on, or entering into, any commitment or transaction based
on any and all material published in this whitepaper. All material provided in this whitepaper
is published for reference purposes alone. NurseToken is a utility token, not a security, and the
offering and sale of NurseToken is not intended to constitute an offering of securities in any
jurisdiction. This whitepaper does not constitute a prospectus or offer document of any sort and
is not intended to constitute an offer of securities or a solicitation for investment in securities
in any jurisdiction. NurseToken does not provide any opinion or any advice to purchase, sell
or otherwise transact with NurseToken and the content of this whitepaper shall not form the
basis of, nor be relied upon in connection with, any contract or investment decision. No person
is bound to enter into any contract or binding legal commitment in relation to the sale and
purchase of NurseToken and no cryptocurrency or other form of payment is to be accepted
on the basis of this whitepaper. Any agreement between the distributor of the tokens and
the purchaser in relation to any sale and purchase of NurseTokens is to be governed by a
separate document setting out the terms and conditions of such agreement. In the event of
any inconsistencies between any agreements entered into by NurseToken and any purchaser
of NurseToken and this whitepaper, the former shall prevail. The NurseToken NUR token sale
is not open to citizens or residents of the United States, China, Singapore, Cayman Islands, or
South Korea.
Disclaimer
NurseToken Whitepaper, ver 1.0 | 4
The healthcare market comprises one fourth of the global economy. Healthcare workers now
make up the largest workforce in the world. While nurses are already more than half of this
global workforce, there still are not enough nurses to support the growing healthcare sector of
which they are the backbone.
Today, eight of the world’s twelve largest economies have a serious nurse shortage; Japan and
the US have only about a third of the nurses they need, Russia has just half, and the UK has less
than a fifth.
Estimates from the World Health Organization show the needs-based shortage of health-care
workers globally is expected to top 17.4 million in 2018, of which more than 9 million are nurses
and midwives. The largest needs-based shortages are in parts of Southeast Asia and Africa. If
current trends continue, the shortage of health-care workers is projected to exceed 14 million
in 20301.
As a result of this global shortage, over 20% of all nurses globally, and upwards of 85% of
nurses in certain countries, travel outside of their native country to work. For example, 12,000
nurses from the Philippines went overseas in 2010 and of that number, 70% went to Saudi
Arabia. Staffing Industry Analysts told Reuters that healthcare organizations paid $4.8 billion
for travel nurses in 2017.
1 http://www.who.int/gho/health_workforce/en/
Introduction
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A recent Reuters analysis2 finds that hospitals in the US pay billions of dollars per year to
recruit and retain nurses but that 66% of all hospitals still have staff shortages. This shortage
persists despite offering higher salaries, signing bonuses and even repaying student loans. It
is not unusual for hospitals to spend $2 million per year on agency nurses, with some larger
institutions spending over $1 million a month with staffing agencies.
The problem is only going to get worse. With many Baby Boomer nurses set to retire and an
aging population that will need more healthcare services, the United States Bureau of Labor
Statistics projects that there will be more than a million openings for registered nurses in the
US by 2024. The rising geriatric population has increased the demand for healthcare services
around the globe, exacerbating the shortage of competent nurses and other healthcare
professionals. In response to the pressure of insufficient numbers of skilled nurses and related
costs, hospitals cannot maintain adequate staffing levels and have implemented policies to
try to ensure that nurses are available for work when the workload tends to be heaviest. The
staffing industry has prospered in this environment by providing staff at times of higher demand
or emergencies.
Global Nursing Problems
2 https://www.reuters.com/article/us-usa-healthcare-nursing/short-on-staff-nursing-crisis-strains-u-s-hospitals-idUSKBN1CP0BD
NurseToken Whitepaper, ver 1.0 | 6
Difficulty in Credentialing. At present a nurse’s credentialing details are not owned or
controlled by the nurse. The nurse must work to assemble a ‘credentialing packet’ every
time she goes to work for a new institution, and the resulting materials are owned by
that institution. A nurse cannot take their credentials that were previously certified by a
given hospital or clinic with them. Nor can health care facilities access or benefit from
the highly duplicative efforts undertaken by other similar employers. As a result, many
available nursing resources are inaccessible to healthcare institutions with acute and
time-sensitive needs. Credentialing processes include mounds of paperwork, in addition
to re-taking tests, and checking references. Placing these verifications and tests on the
blockchain ensures immutability and portability, while decreasing the need for repeating
a trusted transaction.
Declining workforce. Nursing is a very challenging profession and fewer qualified candidates
are pursuing careers in the field. In response to cost pressures, hospitals have been forced to
reduce staffing and have implemented mandatory overtime policies to ensure that RNs will
be available to work when the number of patients admitted increased unexpectedly. Heavy
workloads are a factor affecting the decision to enter or remain in the nursing profession.
In addition, a substantial segment of the nursing population is nearing retirement age.
According to a 2013 survey conducted by the National Council of State Boards of Nursing
and The Forum of State Nursing Workforce Centers, 55 percent of the RN workforce in the
US is age 50 or older. Also, the Health Resources and Services Administration projects that
more than one million registered nurses will reach retirement age within the next 10 to 15
years. Greater incentives are needed to encourage bright, talented, and caring individuals to
enter this field of vital consequence.
Misalignment of available resources. Travel nursing volumes have nearly doubled over
three years to $4.8 billion in 2017, according to Staffing Industry Analysts, a global advisor
on workforce issues. Yet, there significant shortages still remain in many areas. And while
some nations have nursing personnel that is willing and able to travel to meet these needs,
the cost of traveling, meeting credentialing requirements, and moving currency back to the
nation of origin combine to leave substantial available resources stranded. A credentialing,
incentive, and payment system that addresses these obstacles is critical to allowing supply
to meet demand.
Critical factors contributing to the nursing shortage include:
NurseToken Whitepaper, ver 1.0 | 7
The NurseToken Solution
It is NurseToken’s vision to solve a number of critical security, privacy and data-ownership
challenges with blockchain technology. We intend to create an ecosystem that facilitates the
efficient matching of healthcare skilled resources with medical care facilities in desperate need.
The overall blockchain functionality can be split in two large categories of use-cases, one
pertaining to credentialing and one to the operative aspects related to incentives, payments,
and other cryptocurrency transactions.
NurseToken is a decentralized global nurse staffing utility built on blockchain. NurseToken allows
hospitals to greatly reduce the cost and hassle of dealing with the administrative overhead and
paperwork typically associated with staffing agencies. Increased staffing efficiency and utilization,
powered in part by NurseToken, will have a massive impact on quality of care and increase the
roster of nurses available to participating institutions. Patient engagement, driven by nurses who
are not over-extended and can provide more time and attention to each patient, translates to
better outcomes and reduces overall care costs. Portable credentials and better, more accessible
incentives are an integral part of this shift.
Using blockchain is the perfect solution to an array of problems faced by nurses and hospitals
today. It affords both parties to a transaction a decentralized ecosystem on which to access an
essential breakthrough in the antiquated existing regime. Nurses want a portable credentialing
system, a loyalty-rewards program, and a better way of being paid for their work. Hospitals want
to make sure that nurses have verified credentials, can come to work without undue delay, and
are properly motivated to provide high-quality, consistent care over time.
In a generic sense we view smart contracts as the vehicle that controls all interactions within
the ecosystem. We envision creating a smart contract as a “governing workflow” service that
supervises all transactions within the NurseToken ecosystem. Acting as a “listener” that watches
NurseToken Whitepaper, ver 1.0 | 8
NurseToken makes it possible for a nurse to carry their own portable credentialing passport.
Once a nurse has their credentials in a blockchain wallet, those credentials can move freely
through participating facilities in the healthcare system. This increased mobility makes it
possible for hospitals and clinics to retain nurses much more easily and in a more flexible
manner. For example, if there is an oversupply of nurses in one market, a hospital in a nurse-
constricted market can hire them immediately without waiting the two to three months it
takes in some circumstances to re-credential nurses. The decentralized nature of blockchain
technology makes this revolutionary shift possible.
The price of trust is expensive. With blockchain technology, the steps in the verification process
can be greatly reduced and the need for repeating expensive tests such as background checks,
urine drug tests, workplace and license verifications, and health screens, is greatly reduced
or eliminated, saving time and money for hospitals and nurses. Nurses can start caring for
patients instantly!
Blockchain Credentialing of Nurses
over all transactions arriving into the NurseToken blockchain and upon processing any certain
transaction, such as an onboarding and credentialing of a nurse, it would “know” what actions
are to be “triggered” that pertain to a given transaction and its state. Similarly, for any transaction
that handles the movement of cryptocurrency or payments a different smart contract would
be identified for such transactions governing the right set of actions to be taken in such case.
The extra-mile that we go with our system by contrast to other smart contract platforms is that
each action associated with a smart contract is a microservice and a set of rules enabling a
much more powerful integration vehicle as actions would not be limited to a proprietary smart
contract language but open up to the whole world of integration tools, and fostering a more
rapid expansion of the ecosystem.
The core elements of NurseToken are as follows:
NurseToken Whitepaper, ver 1.0 | 9
Quality control is difficult. By implementing a trusted reviews system powered by blockchain
technology, a hospital can ensure that the rating a nurse receives has not been tampered with
and is a true measure of their ability. A nurse’s rating can then be tied to their credentialing
wallet, making hospital hiring decisions exponentially quicker to execute.
Blockchain Application #1: Universalize Nurse-Hospital Credentialing
Putting the ownership of nurse profiles in their own hands and having the ability to securely manage,
share, and enable privacy levels of profiles and all associated transactions made visible only to the
rightful owner or delegated role according to the agreed upon smart contract is a foundational
aspect of our blockchain platform. Further, our system will ensure both profile information as well as
any transactions related to a profile comply with privacy and data-protection laws by utilizing core
blockchain functionalities of encrypting and decrypting all messages with appropriate ecosystem
participants private and public keys.
All processes part of the credentialing blockchain will be governed by a smart contract we will
design with sufficient intelligence to understand all types of transactions arriving in the blockchain
that pertain to credentialing. For example, all business processes surrounding the onboarding of a
nurse with the ecosystem will be part of the credentialing blockchain.
As described in the following paragraphs, our credentialing process will manage the different types
of transactions, messages, and documents, such as annual health checks, annual physical checks,
medical tests and examinations, digital IDs, and other information that is part of each nurse’s
credentialing packet. The entirety of this information will be securely transmitted into the profile
of a nurse and encrypted in flight and at rest using the public and private key of the owner. Those
assets can only be viewed or decrypted by appropriate identities or roles that have delegated
rights as specified by the smart contract governing that particular type of transaction.
Going further than other approaches for verifying credentials using blockchain technologies, we
envision that there will be multiple parties that have a role in the issuing of credentials. Similar to the
way a university is responsible for issuing a diploma or a grade, and the credential holder typically
has only the right to accept that credential, there may be certain types of credentials issued by third
parties that enhance the trust participating facilities will place in our system.
NurseToken Whitepaper, ver 1.0 | 10
A sample process is as follows:
1. Third party credential-issuer issues a credential
2. The credential-issuer’s key pairs are recorded in appropriate role with the credential
3. This credential is sha-256 encrypted with a secret
4. The credential-issuer’s secret is encrypted using credential-issuer public-key
5. The credential-issuer’s encrypted secret is recorded with the credential
6. The credential-holder accepts the credential
7. The credential-holder’s key pairs are recorded in appropriate role with the credential
8. The credential-holder’s secret is encrypted using credential-issuer public-key
9. A credential-viewer accesses a credential
10. Either the credential-issuer or holder encrypts a secret for the credential-viewer using the
credential-viewer’s public key (this process may be replaced by certificates or own its own lease
mechanism)
11. The credential-viewer decrypts its own secret and subsequently uses the secret to decrypt the
credential
12. Alternatively, instead of viewing the credential, NurseToken may simply validate it for the
credential-viewer, which in turn indicates positive or negative credential content.
The above process captures actions that are part of the credentialing smart contract, however it
should be arbitrarily flexible, configurable, and different for each type of credential. It is yet to be
determined if we create a smart contract per credential type or a comprehensive single one for all
types of credentials.
In the above smart contract workflow, a credential can be any of the materials that make up a
nurse’s credentialing packet. Our smart contract platform will be flexible, configurable, rules-driven,
and consisting of microservices, thus it will be able to manage any variation of the above steps,
including having multi-party smart contracts.
For example, assume there are three entities that issue, holder-approve, and issuer-approve a
given credential. Think of a process where the holder may have an input or change in the content
of the credential, be it a reference, be it a contractual information, or otherwise. In such a process,
there may be an entity that first issues a “draft” credential, followed by possible change or an
intermediate approval by the holder (i.e. the individual that the credential is issued for) and then
finally be approved by an authority as a final credential. All the above-mentioned steps would
become part of a smart contract. Each step would reference a transaction followed by an appropriate
action as specified by the commonly agreed-upon smart contract.
NurseToken Whitepaper, ver 1.0 | 11
A possible flow for such a contract may largely diverge from the previous, more typical credential issuing workflow as outlined below:
1. The credential-issuer issues a draft credential
2. The credential-issuer’s key pairs are recorded in appropriate role with the credential
3. The credential is sha-256 encrypted with a secret
4. The credential-issuer’s secret is encrypted using credential-issuer’s public-key
5. The credential-issuer’s encrypted secret is recorded with the credential
6. EITHER the credential-holder accepts the credential
7. OR alternatively, the credential-holder changes something in the credential, at which point it
can bounce back to 1. or to 8. depending who is entitled as a role to approve changes. Once
step 6. is performed (and not 7.) then
8. The credential-holder’s key pairs are recorded in appropriate role with the credential
9. The credential-holder’s secret is encrypted using credential-issuer’s public-key
10. The credential-approver approves the final credential
11. The credential-approver’s key pairs are recorded in appropriate role with the credential
12. The credential-approver is sha-256 encrypted with a secret
13. The credential-approver’s secret is encrypted using credential-approver’s public-key
14. The credential-approver’s encrypted secret is recorded with the credential
15. The credential-viewer views a credential
16. The credential-issuer, -approver, or -holder encrypt a secret for the credential-viewer using the
credential-viewer’s public key (this process may be replaced by certificates or own its own lease
mechanism)
17. The credential-viewer can decrypt its own secret and subsequently use the secret to decrypt
the credential
18. Alternatively, instead of viewing the credential NurseToken may simply validate it for the
credential-viewer, which in turn indicates positive or negative credential content.
As it should be obvious, the second smart contract workflow is very different and yet easily
configurable on the smart contract platform by employing a very flexible itinerary and inference
microservice that prescribes the actions (and implicitly the microservices) that are triggered upon
each interaction of an ecosystem participant with the blockchain.
NurseToken Whitepaper, ver 1.0 | 12
In summary, NurseToken empower nurses to engage in a rigorous credentialing process that
satisfies the unique but often similar requirements of each health care facility. These credentials
will be stored in a blockchain wallet for each nurse in a secure, yet accessible manner. Hospital
in need would then approve nurses by using a key to their credentials, which will populate the
vast majority of each facility’s requirements and speed the way for nurse approval and retention.
No more months-long process per hospital. Now, qualified nurses get credentialed quickly and
efficiently, and can work at any participating facility, at any time.
Verifying parties will be compensated with NurseToken for their participation in the blockchain
solution. By building on a public and private blockchain, the NurseToken verification process is
maintained in a secure, controlled environment as well.
NurseToken Whitepaper, ver 1.0 | 13
Blockchain Application #2: Incentive and Rewards System
As hospitals sign up to participate in our credentialing process, they will be automatically
included in our incentive and review system. Health care facilities will then be able to implement
the NurseToken blockchain to quickly provide both short- and long-term incentives to nurses. An
example of how the incentive and review process will work is as follows:
+ A nurse completes a shift at a given hospital and receives rave reviews from patients and
other hospital staff.
+ That hospital wants to encourage the nurse to come back.
+ The hospital simply sends the nurse a reward in NurseToken, delivered straight to the same
blockchain wallet she stores their credentials in or creates a smart contract whereby the
nurse will automatically earn NurseToken upon completing a required number of shifts or
obtaining sufficient positive reviews.
+ Reviewers can also be rewarded with NurseToken upon completion of a review of a nurse,
encouraging the verification of a nurse’s ability to do his or her job.
Nursing is a very challenging profession, and as a result a market opportunity exists to create an
incentive model that drives performance and loyalty incentives. NurseToken will facilitate a global
community of nurses who are mobile and flexible, by building out an ecosystem of incentives,
loyalty, and engagement. Through this process, health care institutions will have the ability to
compensate and incentivize nurses by awarding NurseToken for meeting certain thresholds.
The unique aspect of this capability is that an institution may offer loyalty tokens to nurses when
nurses meet certain performance metrics or where shortages drive the need for additional
incentives. Contract nurses are not generally eligible to participate in equity or other incentive
programs at the institutions where they provide their services because they are contractors or the
facility is a non-profit. NurseToken provides a missing piece of the incentive structure that will allow
nurses to have a stake in building a track record of performance at hospitals where they work and
these facilities will use NurseToken as incentive compensation when certain metrics are met.
Use of NurseToken toIncentivize Nurses
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NurseToken will provide nurses working internationally access to seamless currency conversion
and significantly reduce or even eliminate forex spreads and fees. Many nurses work abroad and
send substantial portions of their earnings back to family in their home country. By electing to
accept some portion of their earnings in NurseToken and implementing a NurseToken wallet,
nurses on our platform will avoid or reduce exchange rate fluctuations, security concerns, and
high remittance fees that often negatively impact international currency transfers. NurseToken’s
blockchain payment solution will provide instant transfer capabilities at very low or no cost
to nurses and provide an added element of security, speed, and freedom from fees that will
empower nurses to retain more of their hard-earned compensation.
The NurseToken vision is to create a single point of access for both hospitals and nurses that
transcends national boundaries; providing credentialing data, reliable ratings, built-in compliance
with regulatory and security protocols, and reduction of payment friction from the global health
care system. NurseToken’s technology is designed to provide value to hospitals and nurses, and
by increasing their care efficacy, to society as a whole.
Blockchain Application #3: Payments System
Nurses can be paid instantly using their wallet and smart contracts to avoid costly fees. Nurses
working internationally will be able to use the NurseToken utility to transport funds to family and
friends in their home country or to move earnings back onshore when not needed abroad.
In order to maximize ecosystem growth, NurseToken will build some functionality on the blockchain
and other functionality off the blockchain. NurseToken will use blockchain for the exchange of
value or any functionality that is consent driven. Any application business logic features such as
storing application data will either be done on the device for mobile applications or in the cloud.
Any data analytics for both mobile applications as well as the enterprise will be done in the cloud
on NurseToken existing cloud framework.
Payments – Stable Currency forInternational Nurse Travelers
NurseToken Whitepaper, ver 1.0 | 15
NurseToken Diagram
PUBL ICLicense
VerificationPast Employer
Verification
Personal ReferenceVerification
Payments
Access
Loyalty
HIPAACompliance
EducationVerification
PhysicalHealth Check
Urine DrugTest
Immunization
BackgroundCheck
MalpracticeVerification
Identity
B L O C K C H A I NA P P L I C AT I O N S
Secu
rityPortability & Ease
Loyalty CreditsGlobal A
pplic
atio
ns
PRIVATE
NurseToken Whitepaper, ver 1.0 | 16
An initial genesis block will be de-facto created representing the total value of coins available
in the ecosystem. Based on certain predefined allocations, a certain amount of those coins
will be reserved in the ecosystem for specific activities that ensure the proper functionality
of the blockchain ecosystem. Above and beyond those reserved coins, the rest of them will
be used in the overall exchange of value for rendered services. All the aspects, including the
system-reserved coins allocations will be managed by several types of smart contracts, defined,
negotiated, and agreed-upon by the ecosystem participants relevant to each specifics of a
smart contract.
In the use-case of an investor acquiring in the pre-marketing phase of the blockchain a given
number of coins for an amount of non-digital currency, those terms will be between NurseToken
and that particular investor. Once the investor delivers the established amount of non-digital
currency, that transaction will also be recorded on the blockchain, and by being associated with
a smart contract of the initial coin offering, the smart contract is identified and validated, and
certain actions (i.e. microservices) will be triggered that perform the cryptocurrency transfer
from the ecosystem into the digital wallet of the investor.
NurseToken Contract Implementation
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NurseToken is based on the ERC-20 standard and will implement the following methods:
+ Total Supply: This method will return the total amount of NurseTokens created and issued.
The total supply of tokens will be specified when the smart contract is deployed to the ETH
blockchain. After the ICO, this value cannot change and will live inside the storage of the
smart contract.
+ Name: This method will return the name of the token. In our case, the name will be a string
with the value “NurseToken”. This value lives in the blockchain as an immutable value of
the smart contract.
+ Symbol: This method will return the symbol of the token. For the NurseToken platform,
the value will be “NUR”. This value resides in the blockchain as an immutable value of the
smart contract.
+ Decimals: This method will return the amount of decimals that the NUR token will support.
To adhere to other token standards, the NUR token will be divisible by up to 8 decimals.
This value resides as an immutable value on the blockchain for the smart contract.
+ Balance: This method will return the amount of NUR tokens at a specific public key address.
The balance value will be as it is stored in the smart contract’s storage. We will need to divide
this value by 100000000, because of the “decimals” attribute on this smart contract. The
balance of each public key address will be stored on the smart contract in the blockchain.
The balance can only be modified in one of 2 ways:
+ During the ICO, Nurse Tokens will be minted when exchanging ETH and other
cryptocurrencies for NUR.
+ During an authorized transfer from a sender address to a buyer address. In the
context of the NurseToken loyalty program, the buyer would be the Nurse user in the
NurseToken platform. The sender would be the hospital user in the NurseToken platform.
At the time of deploying the smart contract to the ETH blockchain, the presale and
reserved tokens will be added to the owner account of the smart contract. These tokens
will be distributed later to the presale buyers manually using a wallet.
NurseToken Whitepaper, ver 1.0 | 18
+ Transfer: The transfer method enables the transferring of funds from one public key address
to another. In order to transfer funds, the owner of the address must sign the transaction by
using a supported wallet. The NurseToken platform will facilitate these transfers between
hospitals and nurses.
By implementing the ERC-20 standard correctly, we will be able to achieve listings of the NUR
token on an various cryptocurrency exchanges that support ERC-20 registered assets.
To enable the NUR token to be distributed as a loyalty mechanism, we will bridge the
communication from the NurseToken platform to the ETH blockchain with a middleware
component. This component will act as a virtual blockchain node. This component will
communicate directly with the blockchain making use of the ETH seed nodes. This component
will also expose the NurseToken wallets and transactions to the remainder of the NurseToken
platform as REST web services. This component may run its own encrypted database and
business logic, which will serve as a cache of the ETH blockchain. The cache would dramatically
improve read performance from the blockchain.
In the future, we reserve the right to transform the NurseToken platform off of Ethereum should
another blockchain platform mature. In this situation, the NurseToken would be split into two
equal parts - one that runs on Ethereum and one that runs on an alternative blockchain’s
currency. Using atomic swaps, an in-progress technology that allows cryptocurrencies to be
traded across blockchains, the company would lock up a NurseTokens on the alternative
blockchain’s half when its ERC-20 (the Ethereum standard for crypto tokens) half leaves the
app, and vice versa.
NurseToken Whitepaper, ver 1.0 | 19
NurseToken Structural Overview
Use of ProceedsAssuming the hard cap will be reached, proceeds from the token sale will be distributed as
follows:
Blockchain and platform development: 45%
Marketing, business development and nurse
community development: 30%
Operations, executive team and advisors: 20%
Legal and accounting: 5%
NurseToken Distribution50% Crowdsale with funds allocated to the company
25% Reserved for ecosystem and platform participants
20% Reserved for management & executive team
5% Reserved for early contributors
Initial Supply 1-year lockup period for reserve tokens
+ 300M @ $0.16 each + 150M issued + $17,558,330 estimated raised
Total # of NUR Total from ICO
NurseToken Whitepaper, ver 1.0 | 20
Token Sale Timeline
+ Whitepaper Release + Public Pre-Sale Start + Token Distribution
+ Targeted Exchange Trading
+ Private Pre-Sale Start + Crowdsale Start
+ Announcement + Crowdsale End
+ Token Sale Period: August 1, 2018 - October 31, 2018
+ Accepted Form of Payment in Pre-Sales: ETH, BTC & NEO
+ Accepted Form of Payment in Token Sale: ETH
+ NUR/ETH Exchange Rate: 5,116 NUR: 1 ETH (as of 5/5/2018)
+ Target Raise Amount (US$): $17,558,330
+ Target Raise Amount (ETH): 21,450 (as of 5/5/2018)
MARCH 12
JULY 1
OCTOBER 31
APRIL 16 AUGUST 1 NOVEMBER 1
NurseToken Whitepaper, ver 1.0 | 21
+ De-centralized, Borderless PaymentsScope, research, and blockchain dev for NurseToken to become a de-centralized, borderless payment option for nurses.
+ Nurse Loyalty & IncentivesScope, research, and blockchain dev for the use of NurseToken as an “incentive” or “bonus” with which hospitals can reward nurses.
+ Blockchain Nurse Credentialing MVPRelease a nurse credentialing beta that collects data for the nurses, stores their digital identity, and can encrypt / decrypt data based on a private key.
2019
JULY 2018
2021
The roadmap above may, and likely will, change, especially as market conditions fluctuate and
the competitive landscape shifts, along with user demand changes. The roadmap is intended
as an outline for how NurseToken intends to continue extending and expanding the platform
to solve the pain points in the global nursing market.
NurseToken Platform Development Roadmap
AND BEYOND
+ De-centralized Nurse CredentialsScope, research, and blockchain dev for the NurseToken credentialing application to de-centralize nurse credentialing.
+ Credential Coin Will Be ReleasedFork the NurseToken solution to open up credentialing to other sectors, such as doctors, police, teachers, and more. All holders of NurseToken will be then be rewarded with Credential Coin as an airdrop.
2018
2020
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Crowdsale Details
Offering Details: Soft Cap, Hard Cap, Token Pricing & Relevant Dates
+ Soft Cap: Equivalent of $2M USD. If less than $2 million USD has been raised by the end of ICO, then all funds will be returned back to the participants minus the transaction cost within a reasonable time from the ICO end date.
+ Hard Cap: Equivalent of $17,558,330 USD
+ Private Pre-Sale Start: April 16, 2018
+ Public Pre-Sale Start: July 1, 2018
+ Crowdsale/ICO Dates: August 1, 2018 - October 31, 2018
+ Total Supply: 150 million NurseToken are distributed to the token sale
+ Minimum Token Buy: 0.5 ETH
The NurseToken crowdsale begins on August 1, 2018, at 12:00 AM EST and will continue until it
reaches the hard cap of $17,558,330 USD or until October 31, 2018, at 11:59 PM EST.
Anticipated Trading Options + Private Pre-Sale: 60M NUR issued at 50% bonus
+ Public Pre-Sale: 27M NUR issued at 40% bonus
+ ICO: 63M NUR issued with the following bonus structure:
+ Month 1: 30% bonus
+ Month 2: 25% bonus
+ Month 3: 20% bonus
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Anticipated Distribution CasesAs has been outlined throughout this paper NurseToken will be distributed in a variety of ways,
including:
+ as payment for accessing a nurse’s credentials in her or his crypto wallet;
+ as incentives to nurses to enforce retention, in turn building platform loyalty;
+ as a means of payment to nurses, particularly cross-border nurses;
+ as a means for incentivizing health care facilities to participate in our credentialing and
compensation platform; and
+ as a means to encourage involvement in the verification process.
Blockchain Healthcare AllianceTo help promote blockchain within the healthcare industry, NurseToken has formed an alliance
with other blockchain and healthcare influencers, companies, and founders to speed adopt.
And as a part of our commitment to making sure that blockchain has worldwide adoption
within the healthcare industry, we will provide up to $1m in funding to several blockchain
healthcare solutions that we believe will help disrupt the healthcare industry and ultimately
save more lives.
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Cherie Kloss
Cherie Kloss is the founder and CEO of SnapNurse. Kloss is an
entrepreneur at heart with a career-long dedication for bringing joy to
people by providing quality patient care as a nurse and anesthetist for
over 18 years and creating dozens of popular cable TV series as a leading
TV executive producer for 10 years. Her unique background and mix of experience enables
her to have a comprehensive understanding of the difficulties that the healthcare industry and
nurses face, while simultaneously leveraging her relationships in the entertainment industry to
deliver impactful brand awareness to the company name.
Kloss spearheads all growth, marketing and partnership initiatives for SnapNurse and works
closely with her executive team to secure premier facility-partners such as USPI (150 surgical
centers nationwide) and connects them to the top pre-credentialed nurses in the area.
Currently, Kloss is focused on connecting as many professionals as possible with healthcare
organizations in need and hopes to help solve the critical nursing shortage worldwide by
developing a global digital authorization passport and payment system for participating
practitioners. She created NurseToken (nursetoken.io) in 2018 to build a blockchain credentialing
system that could ease the arduous process of vetting and approvals. SnapNurse will be the
first company to utilize this revolutionary concept.
Core Team
Team
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Core Team
Josef JonasJosef Jonas is a 3x Founder & 4x CTO that has managed large tech teams
at IBM, JP Morgan, and Norvatis, and is a pioneer in the blockchain space.
As a child, Josef traveled the world as a competitive math champion,
coming in 3rd place in the international math Olympics. At Novartis, Josef
was in charge of 600 engineers across the globe. As Co-Founder & CTO of
Solique, he was in charge of 10k+ partners.
As the CTO of FusionSeven, Josef lead their technical team to create a data platform that
managed and reconciled payments in the ad industry using blockchain based reconciliation.
In 2014, Josef founded Xeru, a company focused on blockchain solutions. As the Founder of
Xeru, he has developed two major platforms for blockchain; one that creates a middleware
solution that speeds up transactions with blockchain nodes; another that creates a smart contract
middleware layer that accepts JSON and has full interoperability with several cryptocurrencies.
Josh Clayton Josh Clayton is an experienced corporate finance lawyer and entrepreneur
who has worked with a number of early-stage companies across a broad
variety of industries. Josh has over 10 years of experience in corporate and
securities law matters, and has represented issuers, investors, and financial
institutions in numerous capital raising transactions. As a partner with
Clayton, McKay & Bailey, he has led a wide variety of transactions, including recapitalizations
and restructurings, secondary offerings, venture capital and seed financings, and strategic
investments. He has also represented parties in a broad spectrum of mergers and acquisitions
in domestic and international markets and has managed local counsel and coordinated closings
in a number of countries, including Australia, China, Argentina, Israel, Norway, and Russia. For
much of the last year, Josh has been involved in a number of blockchain and cryptocurrency
transactions, assisting a variety of companies in the design and implementation of legal and
business strategies.
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Advisors
Shane Hvizdzak + 3x tech founder & in charge of the tech arm of a multi-billion dollar
hedge fund.
+ Founder of CureFaster, a $100m+ / year business with relationships
with the 2 largest cancer facilities in the world.
+ Funded online learning opportunities & hospital operations for nurses
in Vietnam & Belize, developing deep connections with foreign
nursing groups.
+ Founder of Helpified, an online learning management system, used
by US Navy & the Department of Defense.
Todd Elsberg + Co-Founder and Managing Partner of 37North Capital with notable,
high-growth tech investments such as Lyft & Palantir.
+ Chief Operating Officer of RocketSpace, a leading technology
campus that included over 150 corporations from around the world
and 15 alumni with valuations over $1B including Uber, Spotify, and
Kabam.
+ Ran the post M&A team at Deutsche Post DHL to support the
company’s growth from $1.1 billion to $5.7 billion in revenue including
5 acquisitions.
+ Ran strategic business operations at Equinix and helped the company
grow to $1.2 billion in revenue including multiple acquisitions in the
US, Asia Pacific and Europe.
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Anitha Vadavatha + Former Director of India China America Institute.
+ Founder of Misu Labs.
+ Global strategist, innovation and partnerships architect.
+ Speaker on many blockchain panels.
+ Wrote a research publication on the differences between NEO and
Ethereum.
+ Named Top Ten Frontier Women in Blockchain by Fifth Element group,
in partnership with the UN, Thomson Reuters, and Morning Star.
Advisors
Edwin Marcial + Founding CTO of Intercontinental Exchange (ICE), the largest financial
markets operator in the world currently valued over 40B and parent
company of the New York Stock Exchange (NYSE).
+ #1 on the Trading Technology top 40 Executives on Wall Street in 2014.
+ Managed & guide the vision of a technical team of 350+ employees.
+ Advisor and investor in several early stage companies including Ionic
Security, SwatchPop and Rigor.com.
+ Teaches disadvantaged young adults how to code at the non-profit
“Year Up”.
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William Derrick Lea + North American Director of Islamic Relief USA, a worldwide non-profit
that serves disaster areas in over 37 countries.
+ Through his work, Derrick has deep connections to Red Cross &
FEMA, regularly plans with them in regards to global mobilization.
+ IR raises over $250M from the U.S. alone for international relief.
Advisors
Eric Carlson + Online marketer responsible for 3 of the fastest-growing brands in
their spaces (Hunt a Killer, Bombtech Golf, Jin+Ja).
+ Founder of 10x Factory, a Slack (chat app) community with over 1000+
entrepreneurs and growing.
+ Has managed over $100m+ in advertising, generating ROI on budgets
as large as $4m/mo via internet, radio, & TV.
Sean Pae + Founder of Zoon App, a biotech initiative helping men take control
of their fertility.
+ Manages private investment funds with blockchain assets.
+ Serial entrepreneur & embryologist specializing in biotech,
cryptocurrency, and e-commerce.
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Advisors
Alex Cho + Senior advisor at NGO Exchange
+ Senior Analyst with Strategic Coin
+ Background in finance/Wall Street and conducts financial research
and due diligence for cryptocurrency and tokens
+ Ranked #7 most reputable financial bloggers according to TipRanks,
a company that ranks financial analysts