GIFTO 2018 Q3 REVIEW
A Message from the Team
In Q3 we made substantial progress towards mass adoption of the Gifto token, driving over 2.5 million organic transactions in the Gifto ecosystem. This was in large part due to technical breakthroughs with the Gifto wallet combined with the Gifto rollout in Uplive and Gifto-powered dApps such as Giftomon and Lucky Soccer. Thanks to the Gifto wallet being the most secure and easy-to-use web wallet, Gifto is more accessible than ever and we remain at the forefront of real consumer adoption of crypto. This is all despite a global regulatory environment that remains challenging for the mainstreaming of cryptocurrency.
Building off of Q3’s foundational achievements, we are poised to deliver on groundbreaking partnerships in commerce, entertainment, and charity in Korea and Taiwan, two places where crypto is becoming mainstream and which will serve as playbooks for Gifto’s global rollout.
Our long-term mission remains to drive mass adoption of the Gifto token through virtual gifting, rewarding content creators, games, and commerce, and with our milestones in Q3, we are well-positioned to be the #1 token in terms of global mass consumer adoption in 2019.
One key theme you’ll notice as you read our Q3 update is that we do things differently than other projects. Many projects have been focused on building their own blockchains, promoting mainnet launches and airdrops, yet they are now struggling to actually onboard mainstream users who don’t understand blockchain technology and simply want a great user experience. Meanwhile, the Gifto team has invested heavily in the technology immediately critical to widespread adoption — the Gifto wallet — and continuously delivering features and real world partnerships to reach real end-users. Gifto will continue on its unique, bold path to meet the enormous real-world demand for cryptocurrencies in social products online.
With pioneering has come many challenges. We acknowledge that we are still far from our December 2017 whitepaper goal of 30% of all Uplive transactions being conducted with Gifto by the end of 2018. This is largely due to regulatory issues and payment gateway support, which prevent us from a global rollout of the token at once, and is beyond our control. The team is still committed to the aggressive, widespread adoption of Gifto, and will continue to pursue the fastest path to global adoption of the token through Q4 and beyond, including through continued innovation in our wallet and dApp ecosystem.
Read on for the many accomplishments we had in Q3 which show that Gifto is poised for even more success as we round out 2018 and enter the new year.
Gifto’s Path to Mass Adoption
GIFTO Ecosystem Data
Our data show that Gifto’s ecosystem is growing in the most important metrics:
Key Data for Q3:
- Over 2.5 million Gifto-usage transactions within our ecosystem were handled in Q3 alone, up from 500k at the start of the quarter. This number includes Gifto usage in Uplive, Universal Gifting, Giftomon, and Lucky Soccer.
- Over 1.5 million wallets.
- Gifto has been integrated into five distinct apps: Gifto wallet, Uplive, Giftomon, Lucky Soccer, and Universal Gifting.
Q3 Product Release Timeline:
Our ecosystem would not have grown were it not for the steady improvement of our technology for mainstream adoption, in particular the Gifto wallet. See below the features which were delivered in Q3:
July 12: Backend Wallet and Token Analytics, Monitoring, and Alerts
To ensure the secure rollout of uDiamond-to-Gifto and set the groundwork for future fiat-to-Gifto exchange, as well as lay a strong foundation for delivery on partnerships, the team built several analytics tools which enable real-time monitoring and alerts of Gifto usage in the off-chain wallet. Based on these tools, we now have round-the-clock insight into the Gifto ecosystem and can monitor new feature launches as well as look out for issues such as fraud or bot behavior.
July 13: Universal Gifting — Engraving
Gifto users are now able to memorialize their Uplive, charity, and social media gifts forever on the blockchain through engravings. Early feedback from users was extremely positive, and shows there is real value to be delivered by blockchains in the form of celebrating special occasions and messages with digital permanence. As our wallet and Gifto become more accessible, we will continue to improve the Universal Gifting and Engraving experience, which is still in its early stages.
July — August: Wallet Security, Incident Response, and Anti-Fraud Features
- Granular permissions for off-chain and on-chain transactions
- KYC, authentication, and email recovery security features
- Token transfer whitelist, blacklist, and and wallet lock functionality
- Added verification for large transactions
August 30: Fiat Top-Up Infrastructure & Backend Tools
The team released several features that laid the foundation for fiat-to-GTO top-up. We plan to roll these out it in 2019 across countries where it is compliant to do so as we add payment partners.
- Support for buying the Gifto token in-wallet, directly, with tokens coming from an exchange. Because Gifto topped-up in the Gifto wallet comes from the market, these transactions do not impact Gifto’s circulating supply.
- Backend tools for our team to manage and optimize exchange functionality in-wallet
September 12: Gifto Short-Links
We created branded, customized short-links to aid us in our ecosystem growth initiatives. This tech is being used in bounty and community events, and as a tracker of Gifto evangelism by celebrity content creators and KOLs.
September 18: Gifto.io Makeover
The new www.gifto.io website reflects the expanded Gifto 2.0 vision and the token’s position as a centerpiece of a growing social app ecosystem. In addition to being able access their wallet directly from the site, users will notice that the site also includes descriptions of all Gifto dapps, the latest news, information on Gifto partnerships, links to purchase Gifto and join our Gifto community, and statistics on the Gifto ecosystem. The website will be updated throughout Q4, including with an updated roadmap with details on Gifto’s plans for the future. Check it out now!
September 28: uDiamond-to-GTO Functionality
Allowing for easy and seamless uDiamond-to-GTO exchange in Uplive was a huge development milestone in Q3. Users in certain countries and platforms can now convert uDiamond, Uplive’s native currency, to the Gifto token, and is the start of exposing Gifto to Uplive’s 60-million-strong user base. This features is currently limited to specific countries and platforms.
Key Themes of Q3
We showed a path to the mainstream adoption of Gifto.
Mass Adoption by the Numbers
Gifto proved that making blockchain a household technology is well within our reach. We amassed over 2.5 million transactions within our ecosystem. These transactions are completely organic and based on real token usage in our our ecosystem. Unlike many projects out there, we did not compromise our circulating supply through airdrops or giveaways to gain low-quality users or fake transactions, and have crafted a sound, sustainable, token usage model. As we look to Q4, we hope to move all our transactions fully on-chain in 2019 in a cost-efficient and user-friendly way.
The Gifto Wallet is our “Killer App”
In Q3 we made a strong case for the Gifto wallet being the best altcoin wallet on the market, and it is well on its way to becoming the “killer app” of blockchain. Gifto needed a wallet which provided users easy access to tokens without compromising security. Once we realized there wasn’t such a wallet out there, we built it ourselves, and it’s become a key advantage for us as we scale. Advanced security and anti-fraud features combined with uDiamond-to-GTO functionality have enabled us to begin providing crypto on-ramp for mass users in a compliant way.
Gifto is the Token for Celebrity and Media collaborations
One of our biggest successes on the road to mass adoption was our collaboration with Warner Bros.’ hit tv-show, The Bachelor Vietnam. During its run, a contestant who left the show could stream directly to their fans on Uplive to talk about their experience on the show, and be consoled with the custom-made “Bachelor Rose” Gifto gift. This event activated the Gifto Vietnam community and helped to increase awareness of the brand globally.
Beyond television, Gifto pioneered collaborations with K-pop celebrities, Amber Liu and Justin Park. These celebrity content creators are eager to work with us and promote Gifto. Amber Liu’s debut on Uplive saw thousands of Gifto gifts sent. Justin Park even debuted a new song on Uplive during KCON and is currently a partner in Gifto’s charity livestream for Childfund. Our success in attracting content creators who share in the Gifto vision for mainstream adoption of crypto usage is a huge milestone for a project that’s under a year old!
We Expanded the Gifto Vision to Include Crypto Usage in Commerce
As announced in Taiwan on July 2nd, the expanded Gifto 2.0 vision emphasized driving mass adoption not just in Uplive, but in online and offline commerce as well. Gifto is now partnered with huge Taiwanese brands such as Style Up, Taiwan’s #1 beauty brand, Holiday KTV, Taiwan’s #1 KTV destination, and Cheese Duke, the best spot for cheesecake in all of Taiwan. Though it’s taken time to work through partnership implementation details, we’ll soon have the opportunity to expose Gifto to millions of these loyal customers through our partners. We expect to see accelerated implementation of these partnerships in Q1 of 2019. (An overview of all our key partnerships can be found later in this report)
We Pioneered Fiat-to-Crypto Alternatives and Gamified Staking
With the launch of uDiamond-to-GTO, Gifto is continuing to redefine crypto-economics in a market that has made mass adoption of crypto tough for developers. Though we are still in the early stages of rollout with select users, we have seen a very positive impact on transactions. Without easier on-ramps to cryptocurrency, mass adoption will not move past the white paper. Meanwhile, the infrastructure for direct fiat-to-GTO transactions is in place and we plan to begin leveraging it in 2019 with certain global payment gateways.
In Q3, Gifto adopted a gamified approach to staking with the Guardians of Giftomon Staking Challenge. During this challenge participants stashed tokens in their Gifto wallets for one month to gain in-game rewards that strengthened their Giftomon teams and improved mining capabilities. Over 1 million tokens were pledged in under 24 hours, and nearly 1.6 million total tokens were stashed during the challenge. The success of this event showed the viability of staking in social games to engage and reward committed players, and formed the basis of our investor-themed staking challenge that launched at the end of Q3. We will continue to innovate and view staking as a fun, social experience and take it beyond Giftomon to Uplive and other Gifto dapps.
More Communication and Transparency in Token Supply Management
In a world that still views the blockchain industry as rife with scam ICO’s we worked hard to ensure Gifto stood tall when it came to project transparency.
This started with the first detailed token allocation update post-ICO. In it we shared that only half of Gifto’s total supply is in circulation, and a provided a breakdown of the current distribution of tokens among our allocation buckets. Through data comparing Gifto with other relevant projects, we showed the responsible stewardship of Gifto’s token supply. Our next steps are to increase supply management transparency with a smart contract lockup of team tokens. We want our community to know that everyone from Andy Tian to the entire team are invested in the long-term success of the Gifto token.
In order to better our communication, we rebooted our Ask Gifto Anything (AGA) format to be more fun and interactive through Uplive livestreams. This new format puts us face-to-face with our community and allows for news and updates to be shared on a more consistent basis, and with it, we’ve set a new industry standard for community engagement. In a bear market that has persisted throughout the entirety of Q3, we have not turned away from tough questions or lowered our bar for transparency. Instead we’ve chosen to show time and time again, that Gifto is happy to directly engage with its community in new and engaging ways.
We made Gifto a Recognized Brand in the Blockchain World
In Q3 we achieved a global offline presence, hosted awesome meetups, presented at huge conferences, and shaped the industry with our thought leadership. Our efforts have made Gifto a known and respected brand within the industry, both for innovation and our ability to connect with mainstream users. This is reflected in Gifto being one of the most mentioned projects in the blockchain space. Check out the summary of our Q3 events below.
Blockchain Partners Summit in Korea
Alongside our heavyweight partners such as Binance, Gifto showcased use-cases of blockchain technology, including through Giftomon, our successful blockchain-based game. As the keynote speaker, Andy Tian shared the vision of Gifto to attendees including industry leaders such as CZ, Roger Ver and He Yi.
Shanghai Blockchain Summit
This was one of the biggest industry events this quarter, with pioneers like Vitalik Buterin also in attendance.Gifto developed our industry knowledge and business leads, including discussions with chain developers.
Gifto also attended a number of offline events in Taiwan with the foremost of them being the Asia Blockchain Summit, What’s Next 5G Summit and the Coinvoice Blockchain Summit. Through these conferences Gifto managed to become a powerful voice in Taiwan granting us influence in the region that will be seen in Q4.
See below a list of strategic partnerships we announced in Q3:
Gifto is exploring non-Ethereum blockchains and is testing NEM’s suitability for Gifto dApps. Gifto is not bound to Ethereum, and we’re considering new blockchain technology for different aspects of the Gifto infrastructure.
FHL Games (http://www.fhlgames.net)
Our ultimate goal is to integrate the Gifto wallet and token into FHL Games’ ecosystem. FHL Games is the largest games publisher in South America with over 18 million monthly active users.
The Bachelor Vietnam (https://www.thebachelorvietnam.com/)
By partnering with a hit TV show, Gifto showed how social interaction with celebrities can go far beyond hashtags and did so with one of the top brands in the entertainment industry.
Treasure Hunter (http://treasurehunter.co.kr/)
By partnering with Treasure Hunter, Gifto has gained access to its KOL network and new opportunities to grow the Gifto ecosystem.
Taiwan commerce partnerships (several)
With our Taiwan commerce partners, Gifto will grow with real-world use cases for crypto-currencies in online and offline commerce. Be it a cheesecake, a coffee, or a giftcard, Gifto will soon be in front of millions of Taiwanese, in a market at the forefront of crypto regulation and blockchain innovation.
Exchange listings as of end of Q3
Gifto is proud to be partnered with over 20 exchanges. Our mission is to make Gifto as easily accessible as possible for both crypto and non-crypto holders, and exchanges are an essential part of that. Below is a list of many of our exchange listings. In Q4 we will focus more on making Gifto easier to get in Uplive and through fiat-to-GTO gateways than on exchange listings.
- Kyber Network
A Look at What’s Ahead
At Gifto we are dedicated to mass adoption of the Gifto token by providing enriching social experiences online, especially through rewarding content creators as per our whitepaper vision. This means continuing to expand the capabilities of our Gifto wallet, and ensuring Gifto is a known brand internationally. As we move through Q4 you can expect to see delivery on some of the long-arcs we’ve been working on for months, including:
- Expansion of uDiamond-to-GTO exchange functionality to other regions
- Implementation of partnerships
- Greater integration of Gifto in Uplive, including leaderboards, activities, etc.
- A new token management framework, including development of a smart contract
Most importantly, you can look forward to expanded actual usage of Gifto and continued reporting on transactions on our path to mass(ive) adoption in 2019.
Our successes to date are in large part due to the support of our community. Your participation in our ecosystem has made Gifto a project unlike any other, and has put us in a position to be the first token to truly reach mass adoption. Thank you once again for your patience and feedback, and let’s continue to work together for more success to come in Q4 and beyond.