Why I Chose — GEMS ICO
I just want to start by saying that I know how risky ICOs are and this is actually the first one that I plan on investing in after months of lurking around and just reading up on various ICOs.
Gems Protocol piqued my interest due to these facts:
- The team has done their homework Gems Whitepaper
- Their first use case (Gems Platform) is shaking up an industry that definitely needs a shake up
- Their co-founders have actually already launched a successful product in the past
So what exactly is the Gems and what are they aiming to solve?
The Gems Protocol is actually quite an ambitious project. The long-term goal of it all is to build a tool that allows for others to create their own platform (DApps) involving micro tasks and verifiable work.
The first DApp of Gems Protocol, dubbed Gems Platform, is a platform whose first use case aims to shake up the industry of micro tasks. Micro tasks are often known as tedious tasks that often need to be done in bigger scales but low costs. Currently, this industry has players like Amazon Mechanical Turk and Crowdflower, who act as middlemen in gathering individuals onto their platform to perform said tasks that can’t be performed by computers for its customers. The problem is that the fees in this industry are currently high, there are generally a lot of loopholes that can be exploited and the payouts are often disbursed in ways that are inconvenient or otherwise archaic.
Gems Platform’s solution is to create a decentralized network for contracting workers that does away with the middlemen and brings with it a system that handles verification, trust, and payments laid out by Gems Protocol.
The team has already mentioned that they would like Gems Protocol to be fully open-source.
Who are behind Gems?
The core team consists of 2 brothers, Rory and Kieran O’Reilly. The two brothers are both Thiel Fellows and were on Forbes 30 under 30 list. They left Harvard to pursue gifs.com.
Their team of advisors includes the likes of Biz Stone, Ben Maurer, Joey Krug, Luis Cuende, and Joe Urgo.
Interested?
If you want to know more, I find their blog and telegram group to be quite helpful. The telegram group has risen to 18,000 at the time of writing this post and I’ve seen Rory respond a few times there, which is awesome.
Summary
After having read up on the teams goals and their whitepaper, this project strikes me as something more than just empty promises. This project is very promising and quite ambitious. The team has done their homework and aims to target a marketplace ripe for a change.
Disclaimer: ICOs are risky, so please invest in them at your own risk.