The Gems Pre-Alpha demo demonstrates the core essentials of Gems. In the technology demo, the team shows an application that assigns tasks to miners, creates a due date for the work, and keeps track of task completions.
10.02.2018 - 01.03.2018
Role of token:
GEM token will be used as an internal currency of the system and will be paid to miners and verifiers.
1 GEM = 9000 USD
Sum of tokens:
2 000 000 000 for the amount of 18 000 000 000 000$
Accepted currencies ICO:
Token distribution date
GEMS enters the market of micro-tasks (outsourced work that computers can't do). The market of online gig economy grew by 26% during the last year, however the part of the market where GEMS will operate - Clerical and data entry - did not grow at all in net terms. This market is heavily dominated by large players, such as Amazon Mturk and CrowdFlower. As of June 2017, there were 500K+ workers from 190 countries registered on Mturk. Also, there are many smaller players in different segments of the micro-tasks market: Geniuzz in graphic design, Gigbucks in advertising & marketing, etc. Also, there is another ICO entering the micro-tasks market that raised 30+ million dollar in December 2017 (Storm). Thus, the micro-tasks market is quite developed and is covered in all areas. Also, GEMS is not the first ICO entering this market.
The Alpha version of GEMS is now available on the company's website. However, the are no jobs posted on the website now. There is no information regarding the number of alpha-version users. GEMS aims to create a marketplace for micro-tasks with integrated payment system and UI/UX modules. The popularity of GEMS is heavily depending on overall cryptocurrency acceptance and the pace of crypto-to-fiat conversion mechanisms adoption. The main area where GEMS can attract more customers (developing markets) currently does not have convenient tools for crypto payments and conversion. Even though GEMS states that they will cope with the problem of multiple verifications of the work done, they do not explain how the problem will be addressed. The date of token utilization and availability of services to use is not clear. The roadmap given on Medium post does not seem feasible as the team consists of 2 people.
The founders of GEMS - Rory and Kieran O'Reilly - are both Harvard dropouts. They founded Gifs.com - a tool that allows converting any YouTube video into a gif - in 2014 and now this project has traffic of around 4.2M total visits. Also, Rory received Thiel Fellowship and was included in 30 under 30 list by Forbes in 2014. Even though the founders are young, they already have strong experience behind. However, it is not clear who else works on GEMS. The advisors of the project are all strong experts in their areas. However, none of the advisors mention GEMS as their advisory project on Linkedin.
GEMS will create a marketplace for micro-tasks. There will be 3 main types of players on the market: requesters (people who post work on the platform), miners (workers who do the job), verifiers (users who verify the job done by miners). Also, the key role will be played by The Gems Protocol which 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. Verifiers will look through the validity of the work done by miners and will be payed stake a smaller portion of token paid to miners.
There is no information about the minimum investment during ICO. GEMS does not clearly states the financial metrics. The token structure is not given in WP. According to Rory O'reilly Medium post from Jan 24, some of the key metrics can be calculated. The initial hard cap will be around 18 trillion USD which is tremendously huge number for a new project. As there will be 2B tokens issued, the price per token will be around 9K USD. Therefore, the ROI might be low or even negative. The project will use Dutch auction model for its token price determination. That is why the probability of a huge price dump when GEM token hits the exchange is very likely. According to the same post, 75% of tokens will not be available for sale and will be kept by team. There is no information about the time frames of ICO. There is no information about vesting scheme for the team reserves.