A look at what’s been done and what’s ahead
A message from the team:
In Q4 the team shifted emphasis from the Gifto wallet core technology to real-world use cases tied to the Gifto vision, including deeper integration in Uplive, charity, and the release of the CoinUp crypto-content platform. Our efforts to continue to bear fruit with transactions reaching 2.6 million in Q4, representing an increase from Q3, even though the crypto market contracted significantly. These transactions are real, organic and indicative of the momentum Gifto is building towards mass adoption. Our work validates the industry’s belief that blockchain technology heralds a new era of disintermediated experiences and reinforces our vision of an online entertainment landscape redefined by the Gifto token. Supporting this vision, we extended our fiat-to-GTO onramp by expanding uDiamond-to-GTO conversion to Japan, and implemented highly requested features for Gifto in Uplive such as GTO leaderboards and the ability to earn Giftomon in Uplive.
As proud as we are of our momentum, we acknowledge that the industry remains mired in a “crypto winter,” and that Gifto is not immune to its negative effects. The entire industry has experienced a freefall, and many projects have downsized or shuttered their doors permanently. The days of high-minded whitepaper visions being met with astronomically high speculative valuations are over. The challenge now is for projects to bring value to the industry that is based on real usage, not just potential, and we believe Gifto is well-positioned to drive real industry value through our ecosystem.
We would like to reassure our tokenholders that no matter the state of the industry, we are committed to mass adoption of the Gifto token, and the team is pooling resources across all of AIG in order to develop the Gifto wallet, implement our partnerships, and expand fiat-to-GTO gateways. Our commitment has been codified in our recent announcement to extend the smart contract lockup of Company Reserve tokens until January 2021. Not only does this plan represent a follow-up on our Q3 commitment to implement a new token management framework, but also shows that the Gifto team is all-in on the project’s success.
Reaching our goals will likely take years not months. The regulatory climate still remains a major obstacle for mass adoption, preventing the immediate rollout of fiat-to-GTO gateways in international markets. Despite this the team is working in crypto friendly regions like Taiwan and Japan to expand our presence and access to general users in the market. We will continue to leverage as many opportunities available to make Gifto a success in Q1 and and all of 2019
Where are we on our Q3 Commitments?
In our Q3 review we committed to the following:
- 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
In Q4 we executed on these commitments with the following initiatives:
- uDiamond-to-GTO conversion has been expanded to the Japanese market.
- Our Childfund partnership has been implemented with the Dream campaign raising over $18,000.
- We brought new gifts, the GTO leaderboard, and two events to Uplive in Q4.
- We announced our new framework for token supply management, including a smart contract lockup of team tokens.
Gifto Strategy for Q1:
Key Data for Q4:
- 2.6 million transactions for Q4. Slight increase from Q3.
- $18,000 dollars raised during initial charity use-case.
- 1.5 million wallets.
Key Milestones of Q4:
More Fiat-to-GTO Gateways through uDiamond-to-GTO Expansion
The launch of uDiamond-to-GTO in Taiwan last quarter represented a huge step forward for mass adoption of the Gifto token. The lack of fiat gateways remains a core obstacle to the general market, and being able to provide an easily accessible fiat alternative to purchasing GTO puts Gifto ahead of many projects. In Q4, we were able to further extend our onramp to include users in the Japanese market who can now easily purchase GTO through uDiamond conversion within Uplive. We are now actively surveying other markets for the compliant rollout of uDiamond-to-GTO conversion and will provide updates on our progress in Q1. uDiamond-to-GTO conversion has shown that while the industry continues wait for the regulatory environment to improve, the Gifto team is taking action to creatively meet the need for fiat onramps in the general market.
Gifto in Uplive gets Better with new Social Mechanics and Events
This quarter the team made a focused effort to enrich the Gifto experience in Uplive, and implement long-requested community features. First among these new features was the release of the Gifto Packet in October. Inspired by Chinese gifting culture, Gifto Packets allow broadcasters and viewers to send a packet of GTO during a livestream that anyone can open if they’re fast enough and receive a share of the tokens inside. Gifto Packets have introduced an entirely new social mechanic for Gifto in Uplive, enabling broadcasters to attract new viewers with the promise of GTO, and empowering viewers to enliven broadcasts by creating a mad dash for GTO. Gifto Packets innovate the “airdrop” concept by infusing it with exciting new channels for fun and online interaction.
Following the release of Gifto Packets, the team conducted the Gifto Grand Winner event in Uplive during November. This event saw broadcasters compete to have their viewers send them as many virtual gifts as possible in order to reach the top of the GTO leaderboard and win the largest cut of a Gifto prize pool. This event debuted the GTO leaderboard, a long-requested feature that provided real-time rank-ordered updates on which broadcasters were receiving the most GTO. This event provided valuable insight into the gifting ecosystem within Uplive and will help the team optimize for future events.
The Gifto team bookended Q4 with the Gifto Christmas Lucky Egg event in Uplive to celebrate the holiday season. This event saw the return of a reworked GTO leaderboard and showcased the brand new Lucky Egg virtual gift. When users sent a Lucky Egg broadcasters received a randomized gift from the Gifto dashboard. As with Gifto Packets, the design philosophy of this new gift was to introduce new social mechanics to Gifto in Uplive and further incentivize interaction between broadcasters and viewers. During the event, senders whose Lucky Egg produced a giftomon received an elite-level giftomon to use in-game, while the broadcaster received twice the GTO value of the Lucky Egg. This event took learnings from the Gifto Grand Winner event to reward both broadcasters and viewers for participating, and marks a targeted effort by the team to provide synergy between dApps within our ecosystem and expose Uplive users to Giftomon. Learnings from this approach will be applied to events in Q1.
Gifto proves Crypto-Charity with Kooza Campaign event.
In Q4, the team provided a charity use-case for Gifto with the Dream campaign, ultimately raising over $18,000 in fiat and GTO in order to support over 200 orphans; laying the groundwork for further charity events. The campaign brought Childfund, Cirque Du Soleil, top Uplive broadcasters, and even K-pop celebrity Justin Park together to collectively better the lives of children in need. Throughout the entirety of Q4, partnered broadcasters would stream from the campaign’s official Uplive account, and mobilize their audiences to send as many virtual gifts as possible in support of the orphans. Justin Park contributed his singing talents on-stream, covering popular Korean songs and explaining why the campaign was so important. Viewers could donate GTO directly in-stream or on a dedicated web page created by the team. Using this page, a visitor could simply scan a QR code to donate GTO, representing another step forward in making the technology driving Gifto as user-friendly as possible.
The campaign culminated with a night of unforgettable memories at Cirque Du Soleil, as the children were treated to the circus’ world-class Kooza performance and given hand-delivered gifts from Uplive broadcasters and the Gifto Korea team. Supporters were able to donate directly by joining the livestream of the event and sending virtual gifts. This campaign brought donors closer than ever to the recipients of their generosity through blockchain technology, and added a level of transparency that is often lacking with traditional charities. Many projects are speaking of the potential of crypto-charity, but in Q4, the Gifto team executed on our whitepaper vision of the Gifto token as as enabler of smarter, and more transparent charity.
Gifto Team Proves its Commitment with Smart Contract Lockup and Token Release Schedule
One of our core initiatives for Q4 was bringing a new level of transparency to Gifto’s token management. As the market continues to struggle with uncertainty and some projects resort to selling their ICO ETH, the Gifto team has taken steps to make certain that the community is aware of our dedication to the long-term success of the Gifto project. As announced in our token supply and release schedule update, the Gifto team has decided to to extend the lockup of Company Reserve tokens (250 MM) until January 2021, leaving them inaccessible for a full 3 years after ICO. Starting January 2021, these reserve tokens will be vested over 2 years through a smart contract. In addition, the Powering the Ecosystem allocation (218MM) will be placed on an annual soft cap of 50MM GTO per year for the next five years. With this framework in place, the team’s interests are wholly aligned with the long-term success of Gifto. In Q1 we hope to fully develop our smart contract as well as provide the community with a page to monitor our Company Reserve wallet. Expect more updates to come in Q1.
Andy Tian and Nicholas Ray shape industry thought Leadership
Q4 saw Gifto take advantage of opportunities to shape industry thought leadership. Gifto CEO, Andy Tian, was interviewed by The Times and provided his take on STO’s, industry maturation, and what he believed was the best path forward for the regulators and projects. Being featured in reputable and global media outlets lends credibility and reach to Gifto that strengthens our position both in and outside of blockchain. The blockchain industry is relatively young and volatile, making it imperative that Gifto’s voice is one of the strongest when it comes to industry-shaping discourse.
We continued this effort at the 2018 Beyond Block’s Conference in Bangkok, where Gifto General Manager, Nicholas Ray was a speaker on the “Cryptoreality vs Cryptofuture: The Path to Mass Adoption” panel. Nick’s presence on the panel was an acknowledgement of Gifto’s expertise on mass adoption and the leading role our project plays in bringing blockchain technology to general users.
As we look to Q1, Gifto will continue to push PR and Marketing to further our position as a leading voice in the industry.
We Announced a Strategic Partnership Asia Blockchain Accelerator
One of the most significant announcements we made in Q4 was our strategic partnership with the Asia Blockchain Accelerator (ABA) in Taiwan. This accelerator represents the first government sanctioned blockchain project in Taiwan, receiving subsidies from Taiwan’s Ministry of Economic affairs. This accelerator looks to take companies that are already generating economic value and help them ICO. As a project backed AIG, Gifto provides expertise to companies within the ABA and helps them incubate their projects. This not only benefits Gifto by providing new gateways for GTO implementation in new partnerships, but also helps raise the tide of the entire industry by welcoming projects that are already generating real economic value. In Q1 you can expect to see deeper Gifto integration with projects within the ABA, such as the Poseidon network.
Crypto Girls Reaches new heights with Leek Rap
Crypto Girls, Gifto Taiwan’s incubated crypto show, struck gold with its Leek parody rap. The viral rap features a Taiwanese crypto trader lamenting the freefall of an industry once filled with promises of lambos and 10x returns. The video’s ability to be entertaining while satirizing the state of the industry proved Gifto’s capacity for creativity, while also being a hit with viewers, garnering over 2 million views within 2 weeks of release. More than being just a fun production, the Leek Rap is representative of Gifto’s vision to empower content creators to create their art no matter how outside-the-box it might be, and receive support through the Gifto token. Watch the full video here and see what we come up with in Q1!
We launched CoinUp!
In Q4 we launched CoinUp, our media content platform that brings in experts from all over the industry to talk crypto and share exclusive insights on the market trends, emerging projects, and more. CoinUp has already broken ground conducting on-site interviews at Beyond Blocks 2018 and marketing AGA’s as a service. Our expertise in livestreaming and videosharing has given Gifto the ability to launch CoinUp as a way to provide experts and projects a platform for next-level communication with their audiences, all while featuring the Gifto token as its centerpiece. Moving forward, in Q1 you can expect CoinUp to be a big part of the push to raise awareness of Gifto in the general market.
A Look At What’s Ahead
Q4 represented the anniversary of the Gifto project and in one year we have made substantial progress towards our whitepaper vision of mass adoption of the Gifto token. We’ve built an engaging ecosystem and laid the foundation for driving usage through innovative dApps. As we officially enter Q1 you can expect to see the following from the project:
2019 Q1 commitments:
- Direct Fiat-to-GTO top-up in Taiwan
- Execution of our new token supply framework
- Integration of Gifto token in ABA partnerships
Our vision has not and will not change: mass adoption will always be the end goal of our project. We thank our community for sticking with us, and hope you are as excited as we are for the future of Gifto.