The company aims to revolutionize how content creators of today monetize their creations. In a world with Gifto each time a user sees content, he can send gifts to the content creator, these gifts will cost an equivalent amount of gifto tokens, which the content creator can then exchange at any of the exchanges for fiat money.
|Company||Asia Innovations Group|
|Based Out Of||Beijing (Spread across Asia)|
|Team||See team below|
|No. of Tokens||1 billion|
|Mineable/Not Mineable||Not Mineable|
|Underlying Platform||Ethereum Blockchain|
|Andy Tian||Co-Founder & CEO||Asia Innovations Group (AIG) is Asia's leading mobile social entertainment company, its flagship product, UP Live, is the highest international monetizing mobile live video platform across APAC and Middle East.|
|Founder of XPD China, a company that built and operated games on Facebook and Chinese social networks. It was acquired by Zynga in 2010 and became Zynga China. He built the China office of Zynga after acquisition of XPD.|
|Consultant @ BCG|
|Masters in Computer Science, 93-98, Massachusetts Institute of Technology (MIT)|
|Charles Thach||Chief Crypto Officer||Co-authored US patent pending technology to build a massively scalable and transactional cryptocurrency wallet.|
|HEC Paris MBA and Georgetown BS degrees|
|William H Nguyen||Chief Crypto Architect||Co-authored US patent pending technology to build a massively scalable and transactional cryptocurrency wallet.|
|Former Alfred P. Sloan Fellow at Harvard|
|Researcher/Scientis @ Harvard University|
It’s a good thing that degrees aren’t everything because if they were, this team would be valued higher than any other crypto team out there. Ivy Leagues come in their CV as frequently as lame attempts to cover up failures appear in mine. In addition to being academically qualified, the CEO is also well versed with running startups and setting up businesses. He has successfully developed and launched a number of products, and Uplive, his flagship product upon which this crypto extension is being designed, has been operational for quite a while, and has a large following. So finally, in this mish mash of coins that are selling visions and notions about what the world will be like 10 years into the future, Gifto appears to be one that can make an immediate impact in the way content creators generate revenue.
Another endorsement comes from the people at Binance:
Gifto launched their initial coin offering (ICO) earlier this month closing the round in under one minute. The Gifto offer was Binance’s inaugural project on Binance’s Launchpad platform that curates ICOs for investors. Gifto was created by the Uplive team to de-centralize the successful virtual gifting model from Uplive, which earned more than US $100 million in 2017.
Read more about that here.
|Closing Comments||This is one of those projects that can have an immediate impact, and considering the background of the founders, it appears as if this is a project to stay. Since the product upon which the Gifto protocol has been launched is already out there, running with lots of users, we can safely say that this model has been tried and tested to an extent. We should see some action and FOMO very soon.|
|X Factor||The company’s team, and the use case of the application.|
|Do I see it existing 5 years down the line?||Ofcourse.|
Gifto is one such cryptocurrency that aims to solve a very pertinent need, and can affect how we go about life as of now. It does not talk about the future where payments are cashless, or an economy where fiat is banned. The value proposition of Gifto is as simple as it can be. And as I always say taking from Richard Feynman, ‘If you cannot explain it simply, you haven’t understood it well enough.”
Fortunately for us, we don’t need to bend our brains too much to understand what they are going to do.
You go on youtube and see your favourite stand-up comedian perform. It’s a great performance, and you are actually rolling of the floor, laughing (ROFL). Now you feel that this deserves a token of appreciation. You press the like button, subscribe button, and you share it on your timeline at facebook. Your friends, who share the same taste in videos as you, all like the video, and they share it on their timeline. And hence the video spreads, goes viral. But imagine the poor guy who made the content. If he had only uploaded it to youtube, then he’d have to depend on youtube to pay him some money and that again depends on a lot of things: Advertisements/Viewers/Subscribers/Likes and all that stuff. So one day, any central platform that hosts videos/articles/whatever, decide to change rules and keep the money for themselves. The poor comedian starts earning less and less till he decides to hangup his boots. You feel bad, but there is nothing you can do apart from extending likes, shares and well subscribe!
Now here the same thing happens but instead of just liking it and subscribing, you can pay a small token (imagine paying a small amount of money as tip). But you say, what if you share it somewhere, i.e. move the content to a platform not originally designed to receive the payments! Say facebook, how will a user who is not on youtube, pay? Through blockchain he can! All content will be hashed and matched up with a particular address that will be shared as a url each time that content is shared, removed & reuploaded. By clicking on that url you can pay the creator a small fee without switching platforms, all from the comfort of facebook, whatsapp or whatever platform you are on. The originator is always determinable from the url. So no one can copy that content. And anyone can pay towards that content, without a doubt, that the other party is indeed the creator, and not someone who is ripping off the creator.
In the context of the company:
The current App/Platform that the company already owns, is Uplive. It has a userbase of 20 million, and the platform is predicted to generate more than USD 100 million in revenue in 2017. In September 2017, at the time of writing of their whitepaper, 25 million virtual gifts were bought and sent on Uplive.
For the purpose of making this a cross platform functionality thereby not just restricting its usage to Uplive, GIFTO protocol has been created. GIFTO Protocol will leverage on Uplive’s existing 20 mn user base and 60,000 content creators to test, iterate, and jump-start mass adoption, towards the vision of empowering millions of content creators worldwide.
How does it all work:
1. Content Creators (Video makers)
2. Gift Creators (Virtual stuff, like flowers or more elaborate animations, that you can buy with Gifto Tokens)
3. Curators (Those who will be responsible for reviewing the gifts created by the gift creators, they are needed to make sure that no one creates offensive gifts, like say anything to provoke racial sentiments)
4. Gifto protocol (the company)
5. Content consumers/users
So the gifto tokens will be what users will use to buy gifts. These tokens will be distributed between the actors in the following manner:
● Content creator will earn up to 80% as he/she is considered the main contributor to the ecosystem.
● Gift creator earns 5%: o If an established IP is used, then the IP rights holder will be entitled to a portion of this token revenue share. Actual % is up to agreement between gift creator and IP owner, and there will be a custom data field in the smart contract for this gift.
● Gift Curator earns 2% for work done in reviewing the gift created.
● GIFTO Protocol earns 10% for operational support and maintenance of the ecosystem.
● The remaining 3% would be accumulated into a rewards pool to be paid out periodically to all viewers/fans as bonus or lucky draw prizes to reinforce the element of fun and gamification.
There are also negative incentives, quoting the whitepaper:
There are a number of ways that the ecosystem workflow can be compromised. We foresee that the following weaknesses may still exist:
● Gift Creators can create poor quality, offensive Gifts which the Curator fails to spot.
● A virtual Gift might violate an existing IP
● A Gift Creator purposely set very high prices for all of his/her gifts
To effectively curb undesired behavior, we will implement certain mechanisms as utilized in the Uplive platform. As a starting point, detailed policies will be iterated and completed during Beta testing version:
● Inherent checks and balances in the ecosystem:
○ Content creator receives the majority of the economic value from each gift, therefore they are the most incentivized to select best quality gifts to increase the chance that their fans would purchase.
○ Content creators are also the most publicly visible participants hence any violation of IP rights or common decency is associated with and reflects badly on them.
○ Fans are paying with GIFTO Tokens, which will have economic value, and therefore will only buy gifts that are high quality and those that they fancy, at the price that they think are fair. Inefficient or unrealistic pricing of Gifts will result in fewer purchases, as it is in the real world.
● Gift Ratings:
○ Gifts are rated by fans and content creators:
■ When content creator view Gifts for selection
■ When fans see them in the Gift Store
○ Ratings are based on a widespread 5-star rating (1-worst and 5-best).
○ The ratings of the Gift are recorded for both Gift Creator and Curator
○ If ratings fall below 4 stars, the Gift Creator’s and Curator’s revenue share will be reduced to 50% of their allocated % earnings.
○ If ratings fall below 3.5 stars, their revenue share would be adjusted to 0%.
There will be a gift portal much like Google’s App store, the functions of which will be:
For content creators:
• To view their received Gifts
• Allows content creator to view Gift statistics and continuously customize which gifts are available for his/her viewers, in order to maximize monetization
• View various leaderboards
• Access analytics to help content creators understand which content drives better monetization • Use management and communication tool between content creators and their top fans
• To view which content creators they have sent Gifts to
• To view their currently purchased gifts that have not been sent
• Providing inputs to Gift Idea Pool
GIFTO Token GIFTO Tokens will be the main transactional currency in GIFTO Protocol and will be used in the following ways:
1. Virtual gifts: Community members can use GIFTO Tokens to buy and redeem virtual gifts;
2. Incentivizing the community: Participants can earn GIFTO Tokens by performing a service in the ecosystem. e.g. creating a virtual gift or curating virtual gifts
GIFTO Tokens will be compliant with ERC20 standards and will possess the following properties:
● Foundation: Ethereum blockchain
● Name: GIFTO; Symbol: GIFTO
● Supply: One Billion (1,000,000,000) GIFTO Tokens in total
● Account: Uses Ethereum addresses
● Mining: None
● Owner: A multi-signature wallet
● Restriction: Owner (Issuer of GIFTO Tokens) cannot purchase, but Owner can allow the purchase and control of the token initial price peg. The Owner can withdraw ethers from the contract.
With this I shall conclude the report about the coin. I like this project because of the following reasons:
1. They already have a product that limits the platform but has the same functionality, and it has already displayed a wide market acceptance
2. The team behind it has already shown their skills in developing tech platforms, and it appears that they all have good connections backing them
3. This is in its initial stages, (Writing this on Jan 11, 2018), and the hype train has not reached it yet, this is exactly the kind of thing that can generate hype