Gems, a decentralized, open-sourced, human task crowdsourcing protocol built on top of the Ethereum blockchain. Using the Gems Protocol, anyone can tap into the power of scalable micro task workers without needing to worry about task verification, trust, or payments. Gems is designed to disincentivize malicious actors and reward fair players. The Gems Protocol is comprised of a staking mechanism to ensure task completion, a trust mechanism to track worker integrity, and a payment system to reduce transaction fees. The GEM token, a multi-utility token, fuels the Gems Protocol. Gems uses its token mechanism to enforce the behavior of all participants, instead of being regulated by a single operator. We further introduce the first application using the Gems Protocol, aptly named the Gems Platform. The Gems Platform connects those who want work done (henceforth known as “requesters”) and human workers (henceforth known as “miners”). By using the Gems Protocol, the Gems Platform removes socioeconomic barriers that exist in centralized alternatives (e.g. large fees, market inefficiencies, need for bank accountants, etc.). Anyone can build on top of the Gems Platform, creating “modules” that are interfaces for particular human tasks. The first module the Gems team will build focuses on labeling data for AI.
Gems Protocol: The Gems Protocol assesses the validity of work and trust of network participants; DApps will be built on top of the Gems Protocol
Gems Platform: The first platform built off of the Gems Protocol; pairs workers and requesters for micro tasks.
Modules: Reusable open-source task interfaces built on the Gems Platform
December 1, 2017
December 14th, 2017 — January 8th, 2018
On or before January 8th, 2018
Mid January 2018
Late January-Early February 2018
Upon Completion of Token Sale
Attention. There is a risk that unverified members are not actually members of the team
Opportunities:The project is led by a strong team who are successful entrepreneurs. The advisors are veterans in the blockchain space and can open doors for partnership with many other blockchain projects.Micro-tasks can be performed by pretty much anyone without specialized skills. Therefore, even the unbanked in any countries can work on the Gems platform whereas they cannot become a worker on other centralized platforms because they don’t have a way to receive compensation.The business model makes sense and can lead to substantial cost savings for requesters.
Concerns:Even though the vast majority (75%) of the tokens are held by the team, the breakdown of those tokens are not specified. We only know that they are being used to “subsidize requesters (onboard them to the platform), encourage new workers to the platform, and will be used for long term expenditures”.The token sales practice is questionable. There are criticisms in Gems’ use of Dutch auction for the token sale. Dutch auction by itself is not necessarily a bad token sale model. The team has previously said that they will announce token metrics when subreddit subscribers hit 4,000 – this is gimmicky in our opinion.In a Dutch auction, participants should only contribute when the price falls to the valuation that they believe is compelling. However, Gems encourage participants to contribute early in order to enjoy the bonus. This goes against the spirit of a Dutch auction. We believe the bonus structure should not be conditional on the timing of contribution.The key team members of the project are working at gifs.com at the same time. It is unclear how they will allocate their time between the two ventures.
Conclusion:Overall, we are neutral for both the short- and long-term potential this ICO. Our thoughts of the tokens for short term and long term are as follows:For short-term holding:Neutral. Dutch auction ensures that there will be no unmet demand for the tokens during the ICO stage. Everyone who wants to participate has a chance to do so. The bonus applied for early participation is likely going to push the valuation higher than under a normal Dutch auction.For long-term holding:Neutral. While we like the idea and the use of token makes sense, the starting valuation of the project is likely going to be on the high side, which substantially lowers the upside potential.
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