Gems ICO

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Gems ICO

Gems

Gems is a decentralized blockchain based Mechanical Turk that works on a protocol used for getting workers into a contract through which micro tasks can be done

Details

ICO Name Gems
Description Gems is a decentralized blockchain based Mechanical Turk that works on a protocol used for getting workers into a contract through which micro tasks can be done
Website URL https://gems.org/?utm_source=icodrops#
White Paper URL https://gems.org/whitepaper.pdf
ICO Launch 2018/01/30 13:10
ICO Closing 2018/02/16 05:00
Token Platform ETH (ERC20)
Coin Price $0.042

What Is Gems

Gems is a decentralized blockchain based Mechanical Turk that works on a protocol used for getting workers into a contract through which micro tasks can be done. At Gems, workers put tokens on a stake so their task may get validated enabling them to have a trusted reusable score. This mechanism helps the network be more cost-effective as well as democratized being accessible to scalable workers that are proficient to perform micro-tasks.

Concept

Gems is a blockchain based decentralized network that enables organizations to deploy small or micro-task miners making the network operations more scalable and cost-effective. With the help of micro workers staking tokens and task validation mechanism Gems enable miners to have an entrusted reusable score followed by enforcement of compliance to network participants. The network also helps to create various platforms based on gems protocol. The best part is that those platforms do not have an intrinsic fee. This helps to broaden the prospect of the supply of labor and reduce market inefficiencies. The Gems network allows any decentralized applications to use dynamic as well as the cost-effective scalable workforce.

How Do Gems Work?

It is not a myth that millions of people around the world earn handsome amount of money by completing micro tasks online. These micro tasks often include human’s intelligence such as identifying and enabling photos or sometimes to complete a task that might be a small part of some big unified project such as deep learning. It is estimated that currently micro-task performers are being overpaid by five hundred to fifteen hundred percent, leaving workers to earn nothing. This is because of market inefficiency that is driven by centralized platforms including CrowdFlower and Amazon Mechanical Turk.

Gems work on a completely different protocol. With Gems, everyone can access the pool of workers without having to worry about work verification and payments. Gems ensure task accuracy and completion through its token staking and useable score mechanism. The gems network also reduces the fee to almost zero and allows every user to access the gems network with a supported device that is connected to the internet.

Earn Gems Tokens

To earn Gem tokens participants needed to get themselves registered on the official website of the ICO. Only those participants were able to earn Gem tokens who had already contributed and submitted the application to Gems network. The token sale of the ICO was scheduled to be held on January 30th, 2018.

Buy Gems Tokens With E-Wallets

Gems network is based on ethereum tokens. In other words, it is a network based on ERC20 tokens. To buy Gems tokens, investors need to open an e-wallet account. Because ethereum is a cryptocurrency and needs to be stored in e-wallets. Therefore those who wish to buy Gems tokens are required to open an e-wallet account first. There are many exchanges around the world offering e-wallets without any cost. You can consider any of them provided that the exchange you select to open an e-wallet with is legitimate.

The ICO Distribution

The ICO was planned to be released in January 2018. As per the information available in the whitepaper of the ICO, the token sale of the ICO was scheduled to take place on January 30th, 2018. However, we couldn’t collect much detail about the ICO from its official website concerning the closing date of the ICO.

It is found from other resources that the ICO sale has been ended. It ended on February 16th, 2018. There was a total token supply of 80,00,000,000 out of which 25% were made available to the public to subscribe. No other information concerning the soft or hard capping of the ICO as well as its funding target is available. The starting price of the ICO is 0.042 and its supported currency is ethereum.

Token Distribution

We are unable to collect any relevant information concerning the token distribution percentage. Although we explored the official website of the ICO as well as read its white papers thoroughly, nowhere any information about the token distribution percentage of the ICO is mentioned.

Bonus Structure

The ICO planned to offer some bonus to its early investors.

  • 20% bonus amount was available for the investors subscribing ICO tokens in the first hour of its public sale.
  • 15% bonus amount was made available to the public contributed in the second hours after the token sale is launched by the ICO
  • 10% bonus was offered to buyers who bought ICO tokens in the 3rd hour of the launch of the ICO

Team Members

The ICO has following team members

  1. Rory O’Reilly is the Co-Founder of the ICO
  2. Kieran O’Reilly is also the Co-Founder of the ICO
  3. Biz Stone is an advisor to the Company
  4. Joey Krug is also an advisor to the Company
  5. Ben Maurer is another advisor to the Company
  6. Luis Cuende is yet another advisor to the Company
  7. Joe Urgo is one more advisor to the Company

Invest In Gems

After a careful review of the ICO, we hereby conclude that Gems should have come up with more detail. Currently, we are not satisfied with the overall image of the ICO. We believe the ICO objective is workable but needed sound deployment strategy. There is no information available concerning how much funds have been raised by the ICO successfully. We also couldn’t find many people being the team members of the ICO. We would like to suggest people should complete their thorough research on the ICO before they actually decide to invest in Gems.

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