Executive Summary
Project description
Gems is a protocol focused on the current problems in the micro task industry. These range from high fees and no access to such services for the unbanked to problems like bad UI/UX or long registration waiting periods.
On Gems requesters (everyone who wants a tasked to be done) can easily deploy tasks without any party facing the mentioned problems. To achieve this Gems will put huge emphasis on UI/UX and will offer additional interfaces build on top of the protocol. Most importantly there will be no fees on Gems for either side and users do not need to verify their identity. All payments will be made in Gem and they will make use of payment channels to reduce fees.
Before setting up a task requesters needs to specify an incentivization pool that goes towards miners, people completing the tasks, and validators, people confirming the validation of the work done by miners. Each side will be rewarded for their work and will be punished for bad acting. Bad acting miners will be spotted by validators whereas bad acting validators will be spotted by a non-existing consensus as more than one validator needs to confirm the validity of the miners work. Miners and validators alike will have to stake a certain amount of tokens in order to access the certain task. Upon acting bad this stake will be reduced.
Additionally there will be a rating system for each actor on the network.
All in all, every DApp that involves micro tasks can be build on top of Gems.
The token itself, Gem, will be required as a stake for miners, validators and requesters.
Important Dates
Currently there is no information about the sale itself. As a result the cap, the token distribution and the dates are not announced yet.
Until the 8th of January one has time to take part in Gems Community Program. Those who participated in the Community Program will have a priority spot in the pre-sale.
Marketing Power
As of January 7th 2018, Gems had 4000+ followers on Twitter, over 16000 Telegram users and 750+ people subscribed to their page on Medium.
Prominent Advisors
Joey Krug
- Co-Founder of Augur
- Co-Chief Investment Officer at Pantera capital
Luis Cuende
- Co-Founder of Aragon
- Co-Founder of Stampery
Joe Urgo
- Co-Founder of district0x
- Founder of Sourcerers
Biz Stone
- Co-Founder of Twitter
- Co-Founder of Medium
Ben Maurer
- Co-Founder of reCAPTCHA
Howey’s Test
According to Howey’s Test conducted by Research Center analysts, it is unlikely that GEM will be considered a security.
Team Members’ Areas of Expertise
The team itself consists of Rory O’Reilly and Kieran O’Reilly.
Business experts
Rory O’reilly was CEO and Co-Founder of Gifs.com for 4 ½ years. Furthermore, he worked as a Marketing Account Manager at the Harvard Student Agencies.
Software engineering experts
Kieran O’reilly worked as the CTO and Co-Founder at Gifs.com for 3 ½ years.
Token sale structure and token economics
Both team member do not have any visible ICO launch experience nor ICO token economics experience. Though one definitely has to take their advisors into consideration as Joey Krug, Luis Cuende and Joe Urgo launched an ICO and definitely are experienced in token economics as well.
Disclaimers:
- Nothing written in the article is a legal or an investment advice.
- Information is provided on a best-effort basis and is subject to change without prior notice. Be sure to verify everything you read with a project team.
The analysis is produced by Research Center team members: Robin Davids, Mark Jedd, Eugene Tartakovsky.
We are constantly working on improving our work and we welcome all constructive feedback. Let us know what you think.
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