Gemstra is a blockchain based project that focuses on social selling. Their first commercial center was named by “BOUTIQUES Marketplace” in July 2017. This was made to help give vendors the flexibility needed to pick the brands and items they prefer.
In under 10 months, Gemstra’s BOUTIQUES received over $5 million in revenue, 3000 dealers, and 8 brands. Because of this accomplishment, Gemstra decided to create a blockchain platform to help make this process easier.
Previously, sellers data was locked and owned by companies that controlled the social selling landscape. With Gemstra, the data is democratized on a public ledger that promotes fairness and equality in this social selling model. The team created ASTRA, which serves as a blockchain-integrated platform that acts as its infrastructure for social selling.
To follow up on their success, Gemstra created their GMS token. The token is used to reduce friction in the social selling transactions. Through the use of their native currency, Gemstra aims to create a system of governance in its ASTRA platform so that actors have decentralized control over the changes made in its ecosystem.
- GMS Token Utility: The GMS token is used to incentivize the social selling aspects of ASTRA. Goods sold on ASTRA will be cheaper if paid for GMS than with Dai or ETH.
- Smart Contracts: ASTRA works by creating wallets for each actor within the economy: Brand, Merchant, or Seller. The merchant acts as an intermediary for the Brand and Customer and helps them complete the transaction.
- Global Retail Crossover: Any brand or retailer can integrate their work with ASTRA and participate in a social selling economy. By doing this they can benefit from it’s easy to use protocol.
- Solving Capacity: Astra works by liberating social selling through the use of blockchain technology, decentralized control, and processed transactions.
- Website: View
- White Paper: Read
- Fundraising Goals: $8,000,000 (Soft Cap) – $16,000,000 (Hard Cap)
- Accepted Tokens: BTC, ETH, USD
- Price: 1 GMS = 0.01 USD
Bountyhive username: thetechinsider
- Social Selling: Gemstra’s main advantage is that it creates a social system where buyers, brands, and merchants can conduct business. This makes it easier for users to get their desired products through working with their system.
- Brand Incentives: Companies with an established brand will be able to thrive using Gemstra. The platform allows brands to create sales and profits by integrating their product catalog.
- User Incentives: Buyers who use Gemstra’s platform find it easier to find their desired goods. Since Gemstra’s token is cheaper than ETH, it allows them to buy their favorite products at a reasonable price.
- Scaling: While it sounds like a robust platform, we’ll have to see how Gemstra’s servers will hold thousands of users. If its able to do this, then it will have the edge over the competition.
- High Competition: Since Gemstra is related to the social selling industry, it’s placed in direct competition with social media networks such as Facebook, Twiter, Instagram, etc. Other ICOs have decided the same thing.