What is Gems?
Gems is a platform for completion for pay and micro-task requests. An example of a micro-task request is labeling images that can be used later for machine learning or data science.
Gem’s works within four major components:
- Staking: This is how Gems plans on solving a myriad of tasks on traditional micro-work platforms. Through using an Ethereum smart contract, it acts as an escrow during a micro-task deal. For example, a task doer (miner), verifier, and requesters stake a specific amount of GEMs tokens and will be penalized if there is poor work. Thus creating a disincentive for bad work.
- Trust Score: Trust score determines how well a user can complete tasks and it’s directly placed on their Ethereum address. This means that switching your Ethereum address would mean a loss of reputation. As a miner completes more tasks efficiently, they’ll be upgraded to a Verifier and be able to judge the timeliness/accuracy of each micro-task and earn more.
- Modules: Created on top of the platform as certain tasks appear more often. This makes it easier for users to request tasks and fulfill the demand for each of those tasks.
- Payment System: A series of multiple off-chain channels that reduce the gas fees that occur on ethereum’s network. The payments will be used to broadcast to the blockchain on a different date.
- Platform: This is the engine where all major activities are performed and what drives GEMs. There aren’t any extra fees for this system so requesters can pay less while workers can earn more.
What Issue Does it Solve?
In the Mechanical Turk industry, users are made to complete certain tasks. For instance, users can be asked to write a quick review on a product or placing star ratings on one. While this is a good system for the digital economy, lots of issues are present.
First, there are a lot of high fees associated with each transaction that occurs with the network. These fees can be so high that they cut the user’s profits. Because of this, Gems was invented.
Gems solve these previous issues by making a platform where users can get quickly verified for their work. Since it’s created on Ethereum’s network, users don’t have to worry about their hard work being compromised, hacked or stolen. Gems creates a safer way for mechanical turk users to get the payment that they deserve.
Token Sale Information
- Website: View
- Whitepaper: Read
- Maximum Token Supply: 6,000,000,000
- Technology: ERC Token
- Important Dates: Auctioning occurs on January 30th
Disclaimer: The information produced in this post is for informational purposes only. Invest at your own risk.
- Stellar Founding Team: Kieran and Rory O’Reilly are both Harvard undergraduates who created Gifs.com. They are experienced entrepreneurs who have become apart of Forbes Top 30 Under 30.
- Micro-Tasks: The tasks created on this platform can be completed by anyone with the correct skills. Thus, people in unbanked countries can receive compensation on Gem’s system.
- Business Model: The business model is well explained and gives requesters substantial cost savings.
- Gimmick: The team stated that they would release token metrics when their reddit subscribers were at 4,000. This seems a bit too gimmicky in our opinion.
- Token Utility: There is no specific breakdown as to how the tokens are used.
- Project Confusion: The team that’s creating Gems is also running Gifs.com. It will be confusing to see how they will allocate their time between both projects.
Overall, Gems can be a great ICO if they provide more details about their goals. It has a great system and idea, but we’ll need to see further developments before we can say that it’s a long lasting ICO.