A Major Upgrade
Today, Gifto announces its most daring step yet: A new, truly universal infrastructure for crypto gifting based on our own blockchain for virtual gifts. This upgraded platform represents a dramatic evolution of the Gifto vision to connect content creators and their fans through crypto gifting. With this expanded foundation, Gifto is making a giant step towards becoming the world’s number one platform for creating, sending, and sharing blockchain gifts.
We will launch soon the testnet of the Gifto Chain, a DPOS-based, decentralized, fast-execution blockchain. The Gifto Chain and supported applications will power the world’s most fun and valuable crypto-powered virtual gifts, including collectibles, memes and gifs, AR, and interactive. And as per our original vision, Gifto Chain will reward gift creators, gifters, and active community members, spurring continued growth of the ecosystem.
The upgraded Gifto Wallet, accessible in Telegram and other messaging apps soon, will enable anyone to send, receive, gift, and of course, create blockchain-based virtual gifts.
Finally, Gifto will be the first decentralized, non-financial application, to allow users to use any tokens of their choice, no longer only allowing gifting via the GTO token. This is a significant evolution from the current walled garden approach in blockchain, which is only fragmenting the dapp space. As we will show in detail later, by not requiring the use of GTO tokens, this will actually dramatically expand the use case for the GTO token.
Many will ask — why the need for yet another public blockchain? And how does this strategy fit along the broader trends of new platform tokens emerging, including Facebooks’ Libra and Telegram’s TON? How does this grow usage of Gifto?
To answer these questions, we must first look to lessons learned in the past 1.5 years experience becoming the leading non-exchange crypto platform targeting mainstream users, thanks to our rollout of the Gifto Wallet in Uplive and other crypto apps.
Learning While Executing the Vision
In the original Gifto whitepaper we outlined a vision where content creators could be better rewarded by their fans through a universal virtual gifting protocol powered by the Gifto token. We targeted the millions of talented content creators and communities who struggle to fairly monetize their content on YouTube, Instagram and other content platforms. This was based on our experience operating the livestream gifting economy in Uplive, with over 100m users, millions of streamers and content creators, across 150+ countries around the world.
During our journey, we’ve come to realize that while the need is as acute as ever, the infrastructure to onboard mainstream, new-to-crypto users is just not in place yet.
Simply put, if most content creators and their fans can’t easily get crypto, there is no way they will be able to reward or tip them in a meaningful way.
Besides this, the high volatility of traded tokens, including GTO, undermines the utility for basic transactions. We saw this in Uplive with our own broadcasters when we worked to educate them on crypto and Gifto.
Last but not least, the ever-shifting regulatory environment across jurisdictions further complicates doing anything in crypto on a global scale. We faced these questions daily with Uplive, which integrated the Gifto Wallet and GTO token and exposed it to millions of global users.
In light of these structural hurdles, Gifto pro-actively explored and developed solutions that went beyond the universal gifting vision, such as launching the crypto game Giftomon, building out the Gifto Wallet, establishing alternative on-ramp channels to GTO through Uplive’s uDiamond points, and more.
Besides product development, we also formed deep partnerships with global crypto leaders such as Binance and key local operators such as the Asia Blockchain Accelerator in Taiwan.
In this process we learned many things, but most importantly, that the path ahead in crypto demands collaboration and openness more than ever. Instead of carving out walled fiefdoms, we have to focus on interoperability and universal value transfer — true to the original vision of Bitcoin. Instead of forcing complex crypto features like long keyphrases onto impatient mass consumers, we have to focus on simple and intuitive applications; in short, we need to delight and provide immediate value, and not confuse.
And meanwhile, we have to stay true to the practical ideal of blockchain; that of accurate, fair, and transparent value transfer and rewards for ecosystem contributors, unlike virtually all other large social networks today.
To achieve this, Gifto is taking one of its most daring steps as of yet, launching its own public blockchain with a dual-token design and immediate use cases for user-friendly crypto gifting. Through this landmark platform upgrade, Gifto’s original Universal Gifting Protocol will evolve into an open platform for truly universal crypto gifting. The platform is token-agnostic, app-agnostic, and decentralized; enabling gifters to create endless virtual gifts that are valued in their favorite tokens anytime, and anywhere.
2. State of Gifto
Gifto was born out of the idea to bring the virtual gifting movement of centralised platforms like Uplive to everyone on every social media platform through a link and the Gifto Wallet.
On the journey to realizing the above, as we encountered structural and regulatory challenges to rolling out crypto to mainstream users, we ventured beyond the universal gifting vision to solve them. We often received feedback from our community members that we weren’t focused enough on the original vision.
Projects must adapt to real lessons — not continue pushing boulders uphill. We needed to fully experiment with different approaches and parts of what it means to mainstream crypto in order to better understand what can actually gain traction.
Making the Gifto Wallet available in Uplive a year ago, with over 1.5mln wallets activated, thus becoming the first mass-consumer app integration of crypto, was our first step towards making crypto mainstream.
Beyond just creating a user-friendly web wallet, we made it easier for global Uplive users to acquire Gifto by using uDiamond-to-GTO exchange. uDiamond is the existing virtual currency in Uplive, but notably is not a cryptocurrency.
Besides these, we formed key strategic partnerships with leading exchanges Binance, ACE Exchanges. These partners have helped us work through providing new on ramps and use cases; for example, ACE, Taiwan’s leading fiat-to-crypto exchange, provided Gifto with a Taiwan-dollar fiat pair. Binance also announced new stable tokens for Gifto.
They will continue to work with us on rollout of our evolved Gifto 3.0 platform.
Gifto also launched a variety of social, gaming and gifting products to grow usage of the Gifto token.
With Giftomon, a breed-and-collect game featuring the Gifto token, we launched the highest DAU crypto game of last year which was particularly popular in South Korea.
We launched Coinup, a crypto community-focused live-streaming platform that provided a dedicated virtual gifting experience for crypto communities powered by the Gifto token. Since it’s launch several crypto projects such as EliteMining, Original Protocol, and CryptoMonday have used Coinup to interact with their communities.
Gifto’s utility also went beyond virtual gifts and gaming. In Dec 2018 we launched the Gifto e-commerce store providing users in 21 countries with a catalogue of exciting products and gift vouchers to purchase directly with their Gifto, from the Gifto Wallet.
Through several Gifto ecosystem product launches and major wallet upgrades in Uplive, we learned several key lessons which apply to our current development for Universal Gifting platform.
Five lessons stand out as key to cracking mass adoption going forward:
(1) Dapps, and most generalist public chains, have failed
Once hailed as the driving force for mass adoption, dApps have disappointed with meagre daily usage numbers; over the last twelve months dapp DAU numbers have not grown. In fact, they still hover around the same level as in summer 2018, topping out at a few thousand DAU. That’s a far cry from non-chain consumer apps where hundreds of thousands or millions of users is the norm for a popular product.
Furthermore, the Dapps that have the most users are mostly gambling-related; according to Dappradar statistics, 7 out of the top 10 apps by transaction volume are in the gambling category, illegal in most countries in the world. We can all agree that there is something very wrong if gambling is the popular dapp category for crypto.
- Users must install other plugins or extensions, such as Metamask, to play a dapp.
- Users must acquire tokens from specific or obscure places, like exchanges, for use in dapps, further complicating installation and usage.
- Dapp performance is poor (speed etc.) compared to the traditional cloud-hosting model, even if only certain portions of the app are decentralized/ hosted on-chain.
- Because no viable or better business models have emerged for dapps, developers usually only create light apps with no depth or longevity.
Without dapps being used by users, crypto will stay a niche industry focused on speculation and divorced from the general economy and “real world” industries.
There lies a fundamental assumption that many Dapps failed to question early on which is — what information actually needs to be on-chain to deliver a great or better service? Vitalik Buterin has said that not everything should be on-chain.
We saw this firsthand with Giftomon; the structural limitation of crypto-access and poor performance of NFTs for Ethereum undermined our ability to grow the game beyond its peak of 10,000 users without moving away from blockchain technology.
Why do many Dapps exist in the first place? Many weren’t created to serve an end-user need, but to serve the needs of public chains and projects who sought to demonstrate developer traction to their communities. While some chains have succeeded in balancing real user needs while promoting themselves to developers, a great many did not. Simply put, there wasn’t a real customer case.
(2) Blockchains solving a specific use case have fared best
But some chains are serving specific purposes and serving them well.
Binance Chain and DEX is one example: Providing simple, secure, low-cost issuance of fungible tokens with immediate global liquidity and minimal need for KYC.
Libra is another — A reliable, global payments currency, with focused but semi-decentralized governance. It’s biggest risk is regulatory, but partners have lined up because the vision makes sense. Yes many big names have backed out; not every company actually wants a fully open financial ecosystem, but the association is moving forward.
Both make calculated decisions about what must be on-chain and off-chain, and how to maximize on-chain processing efficiency.
(3) The Walled Garden Approach Kills Adoption
Scan any list of top tokens and you’ll notice that most projects require their own tokens to be bought or held in order to access its services or utilities. This pushing of one’s own token usually does so at the expense of meeting user needs. Gifto did the same thing too. Greed in crypto has lured much of the industry away from its founding idea, the creation of a digital commons that reduces costs for consumers and gives them more control over their digital assets, and toward a collection of walled gardens.
Instead of eliminating gatekeepers, many projects have built up walls while trying to fan speculation about how big their walled gardens can become.
Ultimately, we are headed toward a world where apps will be and should be crypto-agnostic; they’ll have many crypto payment options available through simple wallet SDKs.
But there’s a flipside to this — the most successful project tokens don’t limit access to users of only one crypto, but instead reward loyalty. Two great examples are Crypto.com and the Binance token.
Binance users can use Binance’s trading service and settle fees in any trading pair token. The Binance Token only offers additional benefits to active traders on the platform, as it reduces fees and rewards loyalty (usage frequency and referrals).
This is something Gifto learned the hard way when we, just like most projects, required GTO to buy virtual gifts in Uplive and our e-commerce store. Going forward, we will embrace openness and better leverage the Gifto token for staking, social mining, and rewards.
(4) Entertainment applications can be big drivers, but blockchain use must be intuitive and not forced
Social and entertainment applications can be big drivers of adoption, but they must be built for social and entertainment purposes first, not just just use blockchain for the sake of it. Historically, entertainment content has driven the adoption of new platforms:
Games are usually a major category, however, blockchain games have disappointed so far. Why? Good games are hard to build. People play games because they are fun, not because they use blockchain technology. The core thesis of blockchain games is that people want to be able to take their game assets out of the game and keep them. However, this requires the games to be GOOD first, and they must have a huge audience and a long enough history, so that the items can sustain their value outside the game.
To date, only a few traditional games have attained that level; just look at Ebay for item sales: they are WoW, CS, and the likes. Unless the game developer is Blizzard or Nintendo, developers need to prepare to spend 5 years at least, to get to a level where their game assets will have value outside. And even if, it is very hard to develop a successful game, even in the non-blockchain world.
The mentality has to change: people aren’t going to play games because they are blockchain. Blockchain game teams must focus on building games the old fashion way: spending a lot of time, and accepting a very low chance for success. Welcome to the real world.
Similar to other nascent technology platforms, social apps will drive usage of blockchain to mass adoption in the first phase. Sharing virtual gifts and value tokens is an intuitive application for token holders and can be delivered in a seamless way. It has been widely recognized that virtual gifting is a way of exchanging monetary value in virtual social interactions, this has been researched in-depth in Deloitte’s first-ever deep-dive analysis of the global live streaming market. (See Deloitte report here).
With GTO’s integration in Uplive, we have made the first step to bring virtual gifting to the blockchain. With the expansion of Universal Gifting through our own public chain and new wallet, we have an even bigger opportunity.
(5) Compliance and legal restrictions on crypto access remain a huge barrier to adoption, but this is changing rapidly.
Still, today in 2019, it is very very hard for mainstream consumers to get crypto. Mass consumer grade fiat-to-crypto gateways are rare and in most jurisdictions still not permitted. Even tech titans, like Facebook with the Libra project, who are seeking to enter the space face massive regulatory hurdles.
Gifto experienced first hand through the roll out of its uDiamond-GTO gateways what a delicate balancing act it is to enable more access to crypto while complying with local legal requirements and tech partner rules. Such regulatory environment is not only limiting but also devours precious operation resources of any company in the crypto space.
Despite the difficulty in navigating the regulatory landscape, Gifto still managed to improve access to fiat on-ramp for the Gifto token in 24 countries all over the world, ranging from Germany to Korea, through our uDiamond-to-Gifto gateways. But pinning Gifto’s success on our ability to increase access to Gifto alone will take too long. Only if Universal Gifting can welcome any crypto token holders can we make virtual gifting in crypto a reality.
(6) Blockchains are excellent at transparently and fairly distributing rewards across a network.
From staking to supernodes, social mining to block rewards, virtually all chains have experimented with different reward systems to encourage positive participation in the network. What began as mining and earning tokens for technical reasons — the processing of blocks — has expanded to include new so-called social mining mechanics; where users who accomplish tasks that growth or improve the network socially are rewarded. We see social mining and its role in spurring network growth as one of the key innovations in blockchain, and well-suited to Gifto’s vision for social gifting.
This also means that content creators who grow the network can benefit, and is aligned with the Gifto whitepaper vision. Unlike large social networks of today which “take” from every user, including through ads and privacy violations, as the virtual gifting network grows, it will reward its participants directly with crypto.
Our successful trials with staking for rewards in the Gifto Wallet and Giftomon, as well as experience with VIP privileges in Uplive, are being applied to Gifto Chain, where staking GTO and social mining will play key roles in how the Chain will grow for both crypto and non-crypto users.
4. The New Gifto Ecosystem
Since 2018 we have made progress on all fronts — improving awareness, access and usage of the Gifto token. Going forward we are wrapping these together to launch a holistic and concerted effort to accelerate the universal gifting vision. Combined with an exciting infrastructure upgrade Gifto is ready to graduate from a protocol to become a platform. We proudly announce:
Gifto 3.0: The world’s first universal blockchain gifting platform
The new Gifto platform stays true to the Universal Gifting vision of the original Gifto Whitepaper — and expands it. Universal Gifting was conceived as an open platform that helps content creators to get better compensated for their creative efforts while forming stronger ties with their audience beyond the walled gardens of social media. The idea was inspired by Uplive, our partner livestreaming portal that has been generating millions of USD for content creators through virtual gifting. Gifto’s vision has been to make the value exchange between content creator and fan universal by freeing it from a single, centrally-controlled platform, such as Uplive or YouTube.
Diagram from Original Whitepaper
Through the integration of the Gifto Wallet with Uplive and launch of the Universal Gifting Dashboard we made a decisive step towards that vision. However, due to structural limitations of the Ethereum infrastructure, Universal Gifting has been running on a hybrid chain and was not entirely de-centralized and open. Also, Universal Gifting had a focus on content creators and their fans and would exclusively work with GTO only.
Through the new infrastructure upgrade Gifto will become a truly Universal Gifting Platform (UGP) defined by four core design principles:
- Universal Token Support
- Universal Platform Support
Universal Token Support
All tokens, including BTC, BNB, ETH, stablecoin, etc. can be used to create, send and redeem Gifts, not just GTO. As we have learned by our own experience, accessing virtual gifting through GTO alone dramatically limits reach and compromises user experience. Users of Universal Gifting will be able to redeem the value captured in any listed and liquid token to buy, send and redeem gifts.
Universal Platform Support
Users of any social media platform can use Universal Gifting to create and gift crypto gifts easily, through their friends’ social media IDs or social media handles. The Gifto Wallet will be compatible with all major social media platforms, such as Facebook, Instagram and Telegram.
Gifto wallet and Chain will power world’s first open virtual gifting standard, supporting holiday cards, stickers, gifs and AR collectibles, loyalty rewards, and more. Users will be able to unleash their creativity on the blockchain with an easy to use Gift Creator, imbuing tokens with properties such as limited edition, collectible, and price, and send it along with it with crypto tokens of value like BTC, ETH, Libra, etc.
The new Gifto Ecosystem architecture also includes a publically-run blockchain tailored to the creation and exchange of all tokens and virtual gifts. The Gifto Blockchain utilizes a Delegated Proof-of-Stake (DPOS) consensus algorithm for fast, secure, and transparent transaction processing. It will record all transactions and virtual gift creation events in a transparent way while ensuring that those who run and grow the network are rewarded fairly.
5. Architecture of UGP
The new Universal Gifting Platform comprises of the Gifto Wallet and the Gifto Blockchain and is powered by the Gifto Token.
The Gifto Wallet allows users to gift all the major tokens, like BTC, BNB, ETH, stablecoins, and GTO via social media, and instantly create unique virtual gifts on the Gifto Chain through Gifto wallet apps/bots. These Gifto Chain tokens we be associated by wallet holders’ social media IDs and ownership of public tokens can be determined by 3rd-party developers for usage in their apps.
The Gifto Blockchain processes all token transactions and tracks rewards for ecosystem participants. It employs Delegated Proof-of-Stake to ensure rapid, secure, transparent processing.
The Gifto Token (GTO) powers and incentivizes participation in the ecosystem together with the Gifto stablecoin in a dual-token liquidity structure. Users can stake GTO to unlock ecosystem privileges as gifters and nodes.
The Gifto Wallet
The Gifto Wallet is the heart of the ecosystem. Over the past 1.5 years we have developed the wallet into one of the most headache-free gateways to access and use of crypto for mass consumers. The upgraded wallet features include:
- Built for sending and creating crypto gifts
- Fully transparent via Gifto Chain integration
Features: Cross platform
Gifto Wallet works across platforms, and is already available on Uplive, Web, and Giftomon the game. We are now expanding it to support Telegram, and other messaging platforms, Android, and iOS. This provides for easy access for new users without experience in trading cryptocurrencies or exchange accounts.
Features: Blockchain Gifts
Aside from listed tokens Gifto Wallet also supports blockchain gifts which reside on the Gifto Chain. Users can create their own blockchain gifts, discover other blockchain gifts, and share them with their community and friends all through the Gifto Wallet. This exposes Gifto Chain gifts to the billions of people who are already sharing memes and e-cards on large messaging platforms, and eventually, through the Gifto Wallet enable them to buy such gifts with fiat directly.
Features: Fully Transparent
Unlike before when Gifto ran on an Ethereum based Hybrid Chain, all transactions in and out of the Gifto Wallet would be tracked on the public Gifto Chain, and leveraging the Gifto stablecoin for transparent fee, reward, and staking privilege payout.
The Gifto Chain
The Gifto Chain is the backbone of the Universal Gifting Platform. It processes all gift sending in the Gifto Wallet regardless of the token used, enables user-friendly token and virtual gift creation, and tracks rewards for ecosystem participants through its dual-token liquidity structure.
The Gifto Blockchain features:
- Delegated Proof-of-Stake (DPOS)
- Creation of blockchain gifts
- Dual-coin Design
- Social media login and ownership
Features: Delegated Proof-of-Stake (DPOS)
The Delegated Proof-of-Stake algorithm balances performance with decentralization. A block is produced every 5 seconds with a block size of 2 MB for storing a maximum of 5,000 transactions. This effectively enables the blockchain as currently designed to process around 84 million transactions per day.
This design is more than sufficient to support millions of gifts being created and exchanged on a daily basis. As we can see, all the public chains that where competing on “millions of TPS” still don’t have dapps that have more than a few thousand daily users. For Gifto now, efficiency now is much more important than arbitrary technical performance which will never be used.
Transactions which the Gifto Chain will process include Gifto Chain native tokens and virtual gifts as well as any crypto gifts in non-native tokens, such as BTC, BNB, ETH, stablecoin, etc.
The Gifto blockchain is validated through supernodes that are for now controlled by Gifto project, its strategic partners, and the community. Block producers earn block rewards and transactions fees associated with the particular blocks created.
Every 105 seconds (21 blocks x 5 seconds per block), a set of 21 supernodes are selected to process the next 21 blocks. For each block to be accepted, it requires verification and acceptance of at least 16 supernodes among the 21.
Each set of 21 supernodes which will process blocks will include eight centrally-managed supernodes and 13 randomly-elected supernodes. The random election of the 13 supernodes happens every 105 seconds, or 21 blocks at 5 seconds per block.
In the event of a hard fork, at least 15 Supreme and Council nodes are required to create a new chain. Going forward, as the usage expands, we will welcome more strategic partners to manage supernodes and power the network alongside the Gifto project.
The Gifto Chain and Wallet roadmap and development are managed by Gifto project and strategic partners, but we intend to explore decentralization as the ecosystem grows and becomes more stable in the near future.
As we gather feedback from the community, the parameters and design of Gifto Chain will evolve.
Features: Anyone Can Create Virtual Gift Tokens
The Gifto Chain has a native token issuance mechanism enabling users to easily create virtual gifts as native tokens as if they were publishing an Instagram Story, without setting up a new smart contract or doing any programming. Virtual gift creation privileges may require users to pay a small fee in fiat or crypto, or that they stake Gifto. These blockchain gifts reside on the Gifto Chain, but visible to everyone. They are the equivalent of NFT’s in the Ethereum space, but enjoy the benefits of a fast, easy-to-use Gifto Chain.
Features: Dual-token Design
Gifto Chain will, through the Gifto Wallet, support both Gifto Stable (Gifto-S) and Gifto variable (GTO) tokens, including both ERC20 (Ethereum) and BEP2 (Binance Chain) variants. The GTO token up until now has the utility of being used to purchase gifts, e-commerce items, and game services, in Uplive and Gifto Wallet. However, due to the nature of a token that is listed on many exchanges, the value of the token naturally fluctuates, sometimes significantly. We have seen first hand how this “variable value” type of token actually deters users from using it in purchasing gifts. As many projects also employ this utility for their own tokens, this is yet another barrier to crypto mass adoption.
Now that we have a full public chain, the current Gifto variable-value token (GTO)’s utility will be greatly expanded, and more focused on social mining, staking, node-related privileges, and chain governance. This is much more suited for a token that may fluctuate in value. We introduce a second token, the Gifto stablecoin, which will be used for payments, reward tracking, and issuance purposes. Gifto stablecoin will be an on-chain Gifto Chain asset and we have no plans to list it on exchanges at this time; instead users will be able to convert it to other tokens or stablecoin upon withdrawal from the Gifto Wallet, or use it within the Gifto ecosystem for purchases. We will explore this design in more detail in the token economics section later.
Features: Rewarding for users
Gifto Chain will feature rewards such as the below for social mining and staking in order to grow the ecosystem sustainably and create compelling use cases for the Gifto (GTO) variable-value token.
Social mining rewards:
- Earned by sharing, gifting, and bringing friends into the Gifto network who then deposit and gift tokens. Note, these can be non-GTO tokens, such as BTC, BNB, ETH, altcoins, stablecoins, etc.
- Earned by creating Gifto Chain token gifts which are then bought or used by others.
Staking Gifto (GTO) rewards:
- Used to increase the reward tier of social mining rewards.
- Used for becoming a supernode (process blocks, earn fees).
We will adapt rewards based on real-world usage data and community feedback.
Features: Social From the Start, with Privacy Options
Users can create Gifto Chain wallets with one-click using their social media login; for example, by simply adding the Gifto Bot on Telegram. Tokens and accounts can be publicly signed by the users’ social media ID, while also allowing users to make certain gift transactions or virtual gift tokens private. Combined with the Gifto Wallet, this enables anyone to instantly get a wallet, create gifts or deposit tokens of value, and send them to a friend on social media, while also balancing some users need for privacy of their token creation and gifting transactions.
At the initial stages we will follow the design of social apps, like Uplive, where such interactions are open — and even prominently featured in leaderboards. However, we will be following our community’s feedback closely and adapt privacy settings accordingly.
You will notice that we do not require a complicated passphrase or mnemonic, or fingerprint to access the Wallet. After operating over a million Gifto Wallets over the past year, we realized that as long as we keep transaction amounts relatively small, we can safely provide a wallet experience much more suited to gaining mass adoption. Gifto Wallet is not meant to be a vault for all of your most valuable tokens, instead, it is meant to be a simple “coin purse”, or a common cash charge card from Apple, that you can use it quickly to buy, create, and send virtual gifts.
Gifto Chain will be able to provide simple APIs for third-party developers seeking to integrate with the Universal Gifting Platform and enable their users who have logged-in via social media to use their Gifto chain virtual gift tokens in their third-party apps. This will work similarly to how developers already integrate social login on their apps, and opens the Gifto ecosystem to a broad range of app developers and strategic partners with minimal work required of them and no knowledge of blockchain needed.
While the Gifto wallet supports gifting crypto such as BTC, BNB, stablecoin etc., the heart of the universal gifting vision lies in that users can create their own blockchain gift tokens for gifting as well. Through Gifto apps and the Gifto Chain, anyone will be able to create their own blockchain-based virtual gifts with no programming required. This includes but isn’t limited to memes, e-cards, loyalty badges, prizes for communities, tokenized art, or even special edition branded virtual goods.
Video: GIFTO decentralized Universal Gifting Protocol:
Gifto’s crypto gifts exhibit four core features enabled by the Gifto Chain and Gifto Wallet:
- Network efficient
- Transparent & Traceable
- Ease of use
Users can unleash their creativity on the blockchain by creating gifts to their needs, including memes, e-cards, loyalty badges, prizes for communities, tokenized art, or even special-edition branded virtual goods. Gifto Chain supports gifts which are 2D, 3D, animated, AR, interactive, and more. Users of the Gifto wallet simply upload an asset, for example, a picture, and set token properties such as name, supply, sale price, or even usage price.
Features: Network efficient
Gifto Chain will use token issuance templates and NOT a smart contract, thus they don’t require audits every time they are created. New token definitions, such as an e-card or AR token, can be defined by the Gifto Project and strategic partners and implemented without a full chain upgrade as that information is stored off-chain while validated on-chain via hashes. Crypto gifts residing as a native token on the Gifto Chain are created through tested
Also, they are not dependent on variable transaction cost such as free-floating gas fees. Through our dual-token structure, we can charge low fees which are more suited to a consumer experience.
Features: Transparent & Traceable
The Gifto Chain is being designed to log all crypto gift creation and transaction events. It can track popular gifts with high transaction volume rewarding gift creators for “each mile” their crypto gifts make, making it even more rewarding to create Gifto Chain gifts.
Features: Easy of use
Creating a Gifto crypto gift can be as simple as uploading a media file and inputting some text; no need to handle cryptic keys and calculating gas fees. Users can simply access the Gifto Gift Creator through the Gifto Wallet on web or messaging platforms, starting with the Gifto Telegram bot. By design, it’s fun and easy-to-understand for mainstream users.
6. New GTO Token economics
The new architecture of the Universal Gifting Platform expands the utility of GTO tokens beyond payment and gifting to include staking for privileges and rewards, such as for gift send and creation limits, lower gift sending fees, lower gift creation fees, and for supernode privileges including earning a share of transaction fees.
This model has been widely validated by current exchanges, like Binance’s BNB and public chains. Thus GTO remains as the core token at the center of the Gifto ecosystem.
Stable tokens are more suited for purchases, exchange, and rewards, and we have seen this validated in the successful emergence of dual-token ecosystems by other projects. We will use Gifto Chain stablecoin for fee and reward payout, and enable users to withdraw/ exchange these for other major tokens through Gifto apps.
Fees and Liquidity
For all gift transactions, a small transaction fee will be collected for rewarding social miners (gifters and gift-creators) and supernodes. Tokens collected for such fees will be liquidated in the market and their value issued to miners in Gifto stablecoin, a Gifto Chain native token. This stablecoin will not be listed on any exchanges, but users can convert it to other tokens in the Gifto app or use it for payments directly instantly thanks to the Gifto Wallet’s multi-chain support and liquidity through partner exchanges.
Note that exact fees and reward structure and implementing will require testing and community feedback, and will evolve over time.
The team is exploring using a percent of fees collected to automatically buy back GTO from the market for supply management, but this exact number will be determined with community feedback.
Such ecosystem design parameters are subject to change based on real-world usage, and feedback from our users and community. We are very much looking forward to working with the community on this and eventually making these mechanisms transparent through on-chain implementations.
7. Immediate use cases
Gifto has always been about bringing the simple but powerful act of gifting to the digital world. We have identified three user groups that we will focus on driving usage of the new universal gifting platform with in the immediate future:
- Crypto communities
- KOLs and their fans
- Family and friends
Airdrops are a mainstay of the crypto world. In an airdrop, crypto projects reward their community members with free tokens for contributions, such as marketing and referrals, and special occasions. While there are a number of solutions that facilitate a simple gifting of a project token to a member of their community, the experience is not frictionless; new community members often have to do KYC first and open a supported wallet. Much of the experience happens in forms. And most importantly, they airdrop is just project tokens.
Being incubated by a leading global livestreaming platform we understand the power of amplifying a transaction from one user to another user through a virtual gifts. By adding a personal touch, it creates a special experience and is a big part of Uplive’s success. Through the new universal gifting platform of Gifto other crypto projects will be able to leverage the social engagement power of virtual gifts by sending their community crypto gifts themed by and denominated in their own project token. Extraordinary community members can be rewarded with virtual trophies that convey a stronger social signal to their peers than just an airdrop, thus fostering community engagement and growth.
Projects will be able to create and share crypto gifts with their communities through the Gifto Gift Creator, which will be available on the web, in apps, and as a bot for many social media and IM platforms, starting with Telegram.
KOLs and Fans
Thanks to the Gifto Blockchain, content creators including in the Uplive ecosystem will be able to easily create their own crypto gifts, digital artwork and memorabilia that represent their brand, and share it to their community without being bottlenecked by having or not having crypto.
Fans will be able to own digital collectibles signed by their favorite content creators’ social media accounts, such as digital music instruments or favorite fashion accessories.
It is important to note here that through these innovations we will bridge the crypto and non-crypto worlds by enabling anyone to create or buy Gifto Chain gifts with fiat, the Gifto Chain would use any fiat purchase of virtual gifts to pay chain fees and rewards.
Family and friends
Gifting starts with family and friends. On Gifto’s universal gifting platform, users can create personalized crypto gifts to dear ones that represent their relationship, such as tokenizing personal photos or videos, or e-cards to commemorate special occasions. As they reside on the blockchain, they are immutable and timeless, like an engraving of friendship. Through the Gifto Gift Creator users can also tokenize holiday and occasion cards in seconds and gift them together with some BTC or ETH to delight their loved ones.
We can’t wait to see what creative crypto gifts users will come up with!
8. Future applications
Going forward we envision the universal gifting platform to become the world’s largest collection of meaningful, timeless, and valuable virtual gifts. Based on the token and platform-agnostic infrastructure we have built through the Gifto Wallet and Gifto Chain, in the future, any asset can be exchanged in any token.
In the next stage, we are excited to push the virtual gifting platform even further:
Virtual gifts in the real world
As Augmented Reality (AR) becomes more and more popular, Gifto Chain will release AR gift-creation and usage SDKs, enabling users to bring their gifts into any physical space, to pose, take video, or simply just to experience them.
Virtual gifts will stay true to their creator
Currently, when an artist creates a piece of art they usually can only share or sell each piece or edition once time. As their artwork changes hands in the market and increases in value the artist is already out of the loop — although their creation continues to delight and convey value to people. Through the Gifto Chain, the creator is not only enshrined as such in the token itself, but the blockchain can also reward the creator with a fee on every future transaction or use case, making sure that creators get rewarded for each mile their art travels.
Virtual gifts will be multi-media
Gifto Chain token definitions can be upgraded without changing core chain technology due to our implementation of on-chain hashes. Thus tokens can include things such as videos, songs, etc., and, as per our fee-for-usage option, token creators can effectively “license” the usage of their media through Gifto Chain.