Initial Coin Offerings (ICOs), exploded onto the scene in 2017, going from a relatively unknown fundraising method used in the blockchain community, to raising around $5 billion.
In the crowded groups of new ICOs it is vital to look for projects that are innovative, have strong individuals backings, and solving real problems. Gems is developing a platform to disrupt a market of mechanical turks (MTurks), developed by O’Reilly brothers, who are Thiel fellows, and is backed by a co-founder of Twitter.
An MTurk is a micro task that a company or individual pays for human involvement rather than computer execution. Currently, there are two major players in the MTurk game: Amazon and Crowdflower. However, they both contain a significant drawback, i.e. these entities take a huge cut from the turk sponsor and the turk executer /completer with fees near 40% in certain instances. This is where Gems looks to interrupt the market.
Gems will use Blockchain technology to validate turks, eliminating the middle-man and saving expenses for the turk sponsors while leaving more money for the turk executers/completers.
A ‘miner’ provides a small investment to complete a turk, which will subsequently be checked by a ‘verifier’. Both will complete the turk, and if the verifier and miner are consistent, they will both be compensated Gems. Gems will integrate Bloom (a powerful platform for identity attestation, risk assessment and credit scoring, to reduce inefficiencies existing in our current broken credit system – see https://hellobloom.io/)
Gems has many features that MTurk and Crowdflower lack, these include No Fee Per Task, No Researcher Sign-up Fee, No Redundant Tasks, Open to Unbanked, Open Source UI/UX, and Easy to Sign Up as a Worker.
For further details, please refer to Gems whitepaper - https://gems.org/whitepaper.pdf and visit Gems official site - https://gems.org/.
