An Exciting Upcoming ICO – Not One To Be Missed!
Gems is an ICO project that has been gaining a lot of traction within the crypto community. It had the second highest growth in telegram users over the last 24 hours (see chart below) and thus I thought it appropriate to put together a succinct blog post outlining the key details of the Gems ICO.
What is Gems?
Gems is a decentralised mechanical Turk. In other words, Gems is an open source, human task crowdsourcing protocol which is built on the Ethereum blockchain.
A mechanical Turk was first launched by Amazon in 2005 becoming the first online crowdsourcing marketplace enabling contractors to coordinate large groups of people to perform tasks that are more suited to humans than computers. These tasks include taking surveys, recognising objects in photographs and more!
Problems with Traditional Platforms.
- High Fees – Leading to contractors overpaying for tasks and workers being underpaid for performing those tasks.
- Unintuitive Interface.
- Identification Requirements.
- Bank Account required.
- Consensus by redundancy – A process where 5-15 workers will repeat tasks that have already been completed by other workers to check the validity of the task. This consensus mechanism creates inefficiencies in the marketplace and forces contractor’s costs to increase by 500-1500%.
The solution is Gems.
- User friendly Interface.
- Decentralised Fee Structure – This type of model leads to lower fees for all participants.
- Off Chain Payment Channels – No gas costs and faster transactions.
- Consensus generated through a staking function – Reducing consensus by redundancy.
How does it work?
- Contractors ask for a task to be completed.
- Verifiers stake tokens on this task in order to manage the workers and ensure task is performed correctly. If verifiers incorrectly validate a task they will lose their tokens, otherwise, they will receive their stake + an incentive.
- Workers stake tokens with the verifiers in order to complete the task. If the workers complete the task correctly they will be rewarded with their stake + a reward, otherwise, they will lose their staked tokens.
- Payment is made to workers and verifiers via off chain payment channels.
The Gems Co-Founders Rory O’Reilly and Kieran O’Reilly have both been featured in Forbes 30 under 30 for co-founding “gifs.com” and their expertise in consumer technology. Moreover, Gems has a strong group of advisors including Biz Stone (Co-Founder of Twitter and Medium), Joey Krug (Co-Founder of Augur) and Ben Maurer (Co-Founder of reCAPTCHA).
Whilst no specific dates have been announced yet the indicative dates are:
- Mid-January the token metrics will be announced.
- Late January to Early February the token sale will begin.
Gems eliminates consensus by redundancy, increases pay for individual workers while decreasing total pay for contractors, creates efficient interfaces, eliminates outrageous fees, and enables computer literate workers with internet to work with or without a bank account. The scope of Gems is larger than simply a platform for micro tasks, rather it is a protocol to build any platform that involves assessing the validity of work and trust of the network participants.
If you are interested in learning more about the Gems ICO head over to their telegram channel to get updated with the latest developments!