Today was a rough day in the crypto space. Our all time favorite statistics page, coinmarketcap decided to pull Korean exchanges from their database because of their "mispricing" of cryptocurrencies, which resulted in a dip of total market valuation. The market went from 815.603.000.000 USD to 670.849.000.000 USD, but we are currently recovering and sitting on 753.501.000.000 USD in total valuation. I decided not to spend my day looking at price action, but instead searching for upcoming ICO's.
A gem in the sea
I recieved a telegram invite to a group named Gems, and went on to read their whitepaper to asses the value of this upcoming ICO.
I was pleasently surprised when I read their whitepaper, it reminded me of the inherent value of the blockchain, which is to cut out the middleman, and maximize consumer surplus. Gems is a decentralized version of Amazon Mechanical Turk and CrowdFlower, who aims to create a fee-less platform, for employers and workers. They prioritize fair-pay, meaning that Gems will not recieve or impose any fees related to requesters requesting work or workers doing work. The current platforms available for micro-jobs reminds me of the principle of capitalism, namely profit maximization. In a world where each individual has different skillsets and abilities, and the internet can be used as a medium to connect these individuals, these platforms should not benefit the MNC's but instead benefit the consumers who put in time and effort to complete their freelance jobs, along with the employers who request the jobs.
The project is powered by a solid team consisting of reCAPTCHA, Medium, and district0x co-founders acting as advisors, and the founding team consists of two individuals who co-founded the popular gif.com . The community telegram channel has grown exponentially, and I expect a bright future for this project.
Only the strongest will survive
Due to exponential increase of money being invested in cryptocurrencies, and the market cap rapidly increasing every day, I slowly begin to think about companies, who will hold strong once the bad projects are flushed out. I truly believe that Gems is a project who has a solid and tangible vision, and if they succeed, will survive the burst of the infamous 'cryptobubble'. There is a need for transparency and consumer interest in this industry, which goes hand in hand with the Gems project.
For more information, visit their community channels and their website: