Crypto has a problem
It seems like everyday there is a new cryptocurrency project being announced. As of April 2018, there were already over 1500 different cryptocurrencies! With project names like Trumpcoin, Putincoin, Potcoin, Pizzacoin, and Dogecoin, they all have to be winners right?
Well… these coins belong to a family of projects lovingly referred to as “vaporware”. Vapor is in the title to imply that there is little or no substance to these projects and the tokens have no real purpose or function.
Some of these vaporware coins, ironically, have found some success from cult like followings on the internet. With no real world use case, do you think these vaporware coins will have any value in 5-10 years? I will speculate on the matter and say... No!
These vaporware coins bring nothing and survive, merely because of the novelty of their names. Allow me to speculate further and state this is a HUGE problem in the crypto space. Uneducated investors and enthusiasts are in danger of being taken advantage of by clever marketing, or the promise of joining the “next best thing” in crypto. It’s vaporware projects like these that puts fuel on the fire for regulatory bodies like the SEC to act swiftly in the public’s interest.
Gemstra has a solution
Enter Gemstra. The Gemstra team is building a blockchain-integrated ecosystem (ASTRA) and token economy (GMS Token) to liberate social selling as an industry. Gemstra launched the first social selling marketplace (BOUTIQUES Marketplace) in July 2017 to connect retail brands to social selling, giving sellers freedom to choose products and brands they want to represent. In less than 10 months, BOUTIQUES added 8 brands, 3000 sellers, and stands to generate over $5 Million in annualized sales. What truly separates Gemstra from the rest of the space is their substance.
Gemstra is NOT another vaporware project or coin. Rather, Gemstra has an already proven business model with a native token, GMS, that provides real utility for the entire ecosystem. The GMS token is an ERC-20 token for the ASTRA social selling platform. GMS is the default utility token used in ASTRA as a unit of value. The natural benefit of the GMS utility token is reduced payment and commission friction for sellers.
Aside from reducing friction for a fragmented and rigid industry, the Gemstra token gives the ecosystem a framework for Gamification and Governance. Gamification has been a cornerstone of the social selling industry for decades. Why? Companies gamify achievements or actions so Sellers stay engaged. The retention of Sellers is by far the most important aspect of social selling for Merchants and Brands. In past models, social selling merchants developed effective rewards based on some gamification of achievements, engagement, recognition, and community to keep Sellers motivated and continuously generating business. Gemstra will enhance this gamification experience with the GMS token.
One of the most overlooked benefits of blockchain technology is the ability to design highly efficient governance systems. Within ASTRA, the GMS token can be staked with the Merchant so Sellers and Brands have a say in decision making. All actors can vote on important business decisions such as changing the compensation plan for a Merchant, changing the commission structure for a Brand, whether or not a Merchant may allow entry to a new Brand, or even policy changes. For the first time, the social selling model will be democratized to promote fair behavior for all actors involved! The incorporation of a governance model with these features in a marketplace that is currently controlled by a few monolithic players will have astonishing real world benefits.
Moving Forward Into The Future
GMS tokens will have LIVE UTILITY in the fourth quarter of 2018! GMS paid out as commissions can be withdrawn into a user’s wallet and exchanged on the open market. GMS can be used to pay fees by actors in the economy, paid out to Sellers (and Customers) through the Rewards System, and lastly, GMS tokens can be used to purchase products across all of ASTRA!
As a unit of value that is used to promote rewards, pay commissions, buy merchandise, and motivate sellers, the GMS token provides true utility to Gemstra’s ASTRA social selling platform. Right away it has distinguished itself from the ever increasing list of vaporware coins with no real benefit to society. It is this critical difference that will give Gemstra the advantage going forward into the future. Only tokens with true utility will survive the test of time, while the other tokens will simply cease to exist.