GIFTO Weekly Update — 13 March 2018
A Message from Andy Tian, CEO and co-founder of Uplive
Welcome everyone to our weekly update!
Last week, we opened a Q&A segment, AAA (Ask Andy Anything). We are very happy to receive so much excellent feedback and we would like to thank everyone for your enthusiastic participation. We hope everyone will continue to send us more interesting questions and suggestions and we will address them accordingly.
GIFTO Wallet
We are currently at the internal testing stage for our GIFTO wallet and the public launch will take place by the end of March. If you are interested in participating in our test phase, please sign up here: https://goo.gl/forms/cyOIk8YbFBOteV533. Once you successfully register, we will select some users to be a part of the testing and detailed directions will be sent to your email.
For the next version, we will develop the following features:
- GTO gifts supported within the wallet, where users can share GTO gifts with friends or broadcasters.
- Improved H5 GTO gifting ecosystem in Uplive
When the GIFTO wallet is officially launched, we will be organising some corresponding activities. Our goal is to increase the total number of GTO holders, allowing us to have a token that is widely used.
Ask Andy Anything(AAA)
In this week’s AAA we dig into GIFTO token economics. Andy answered some really good questions about the roadmap for token supply, the GIFTO wallet, introducing blockchain to the masses, how the migration from Udiamond to GIFTO will work and our growing token user base.
1. What is the road map for token supply? How many tokens are being circulated now?
With regards to the circulation of tokens, we have been releasing them as planned. Currently, about a quarter of the tokens are in circulation. As of May 2018, all the private placement tokens, which we have locked down will be issued. The remaining will be catered to investors, consultants, company reserves and the establishment of the GIFTO ecosystem.
2. Why does a ordinary user or broadcaster on Uplive have to change their Udiamond to GTO and not able to cash out Udiamond directly?
Once our GIFTO wallet is officially launched, Uplive will be the first commercial application to use tokens. Even though Udiamond and GTO will coexist on the same commercial application, I believe that GTO will attract the attention of the Uplive broadcasters. I think the reason why a broadcaster would hold GTO may be because of the liquidity of the GTO asset and there is a possibility of its value increasing, while the value of Udiamond is constant. Since this will be the first application platform for GTO, we are looking forward to what will happen next. Moreover, compared to Udiamond, GTOs are real-time tokens and the broadcasters can exchange them for cash instantly. This is also why we are very cautious about introducing GTOs.
3. Once GIFTO is available for us in Uplive, does it encourage content creators to hold tokens?
GIFTO will encourage Uplive’s broadcasters to convert Udiamond into GTO through a series of activities. We expect to reach our goal of transferring 30% of all Udiamonds by the end of the year. At the same time, GIFTO is also planning a number of training sessions to help our Uplive users understand cryptocurrencies, thereby encouraging them to understand the real uses of GIFTO.
I think the first step in getting the public to know about cryptocurrencies is to own it. You are likely to be keener about GTO when you own it. As the first token for a commercial application, the purpose of GIFTO is to encourage more Uplive users and members of the public to know more about it. At the same time, we want to also continue developing the market potential of GIFTO. GIFTO is not just a currency but a true evangelist that wants to spread the knowledge of blockchain to more people.
4. Where is the source of the GTO which will be exchanged with Udiamond on Uplive?
Many people are worried that more GTO will be released in circulation for those who wish to convert from Udiamond, thus diluting its value. In fact, once the GIFTO wallet is launched, Udiamond will be purchased from 30% of the community reserves, and only a small portion will be purchased.
Numerous exchanges are now expressing interest in our GIFTO wallet, and they hope that users will use the wallet to purchase GTOs on these platforms. These GTOs are already circulating in the market, which means we will not be releasing additional GTOs. We will allow users to purchase GTOs from 30% of the communities reserved for them instead of selecting exchanges in order to be able to test-drive the whole process faster. Therefore, the GTOs purchased in Uplive will be of small amounts and 30% of the community will be reserved. Some of these will be circulated in our ecosystem, but the process will grow with the amount of users and this may take one to two years.
5. What is the motivation for token holders and virtual gifts creators?
GIFTO will reward those who participate in the community. Each time a virtual gift creator shares a gift on the platform, he or she will receive a partial return on the value of the gift.
6. What if other competing live broadcasters develop and use their own tokens?
We encourage others to create their own tokens. This will help us build an ecosystem that rewards content creators. At the same time, we also encourage more people to participate in content creation and we are willing to establish a cooperative relationship with them.
We would like to thank the participants who took part in AAA. You may catch the full interview this Wednesday, on our official GIFTO Youtube channel. We welcome everyone to follow us on Youtube for AAA and the latest news from GIFTO.
AAA is a great opportunity for you to ask us any questions that you may have and to hear the latest news from GIFTO headquarters. We will be filming our next AAA on Friday, 16 March. Please submit any questions you have through our Reddit channel or the google form below. The 5 most upvoted comments will be selected for our next AAA.
To participate, please share your questions with us here: https://goo.gl/forms/FJ4fw9Nb74EFDuyg2
Cryptocurrency Exchange
As of 9 March 2018, GIFTO (GTO) is now listed on Cobinhood. Cobinhood is a cryptocurrency service platform for the modern blockchain era.
We look forward to seeing you guys next week!
Andy and the GIFTO Team
Uplive, Gifto, and our partners in the news
1) Uplive Fashion Girl: Fashion Evolution — A Lady’s Transformation into a Flower Girl
Last week, Uplive and international fashion magazine “Marie Claire” launched the “Uplive Fashion: Transformation into Flower Girl “, an online contest to download the Uplive application and become a broadcaster of Uplive. The top 6 winners participated in a photoshoot with Marie Claire.
2) Binance offers $250,000 Bounty For Arrest of Hackers
Binance stresses the importance of an concerted effort to address crime and unethical behavior in the crypto community and is offering a $250,000 equivalent bounty on the arrest of the hackers involved in the March 7 incident. In addition to the current bounty, Binance has allotted $10 mln in crypto reserves for future bounty awards against any hacking attempts on Binance.
GIFTO Korea
1) GIFTO Angels Meeting
The second session of the Gifto Angels Meeting was held on 7th March at Fast Five, Seonlleung. During the session, an in-depth discussion was held regarding Gifto wallet, which has been undergoing testing this March. The session promotes participation and feedbacks on internal tests, introduce open beta tests were shared. Advice and thoughts on the future of GIFTO have also made the session more meaningful. We appreciate all Angels who joined us and we hope to get back to you with more topics and news for the next session!
2) GIFTO Global Blockchain Social Contribution Project
At the press conference held in Seoul on February 23rd, GIFTO announced the “Global Blockchain Alliance for Non-Profit Initiative” and the cooperation of Giving Ledger, a donation platform, through encryption technology. Giving and Leisure is working with the Korean Charity Association to promote donations through passwords. GIFTO will launch a second charity project in South Korea in April to promote social contribution activities in the blockchain industry. This is initiated by “The Forever Rose” Project, through discussions of partnerships with companies in the blockchain industry and charity organizations.

