Gems the next ICO gem?

bigfloater (37)in #cryptocurrency • 7 years ago

Gems is a protocol for contracting workers to perform micro tasks.
Workers stake tokens in order to prove validity of their tasks and earn a reusable computed trust score, enhancing the cost-efficiency of the network while democratizing access to scalable micro task workers.

Source: whitepaper

The Blockchain

Based on the blockchain technology and the possibilities to use smart contracts given by Ethereum Gems Network wants to solve improve the following for the benefit of the workers and the clients (requesters):

Removing the middleman taking a large fee
Verifying accuracy of results from crowdsourced tasks
Supplying and building reusable interfaces
Removing the need for existing banking infrastructure
Properly incentivizing and disincentivizing miners and requesters

Source: whitepaper

Lower fees better payment

The actual market participants like Amazon charges requesters a high fees of about 20% or more on any amount paid out to workers. That’s a quite a big piece of the cake taken out by the middle man.
Gems will cut out the middle man opening the opportunity to better pay the workers and charge the requesters less. With lots of workers not having access to banking services Gems gives them access to a work without having a bank account.

Increasing efficiency and quality

The risk of malicious actors is reduced by:

Gems Staking Mechanism
A staking token mechanism where miners do the work, verifiers check the work and requesters pay the work performed. All secured by stakes that are contributed by the actors and locked up by smart contracts until a consensus between the actors is achieved.

Gems Trust Score
A Trust Score linked to the Ethereum address of every actor will be influenced by the behavior of the participant. Through the Trust Score Gem wants to ensure the quality of the network, the work and its actors.

For further details, please refer to the whitepaper.

The Team

Founding Team

Rory O'Reilly