Gems Protocol - Decentralised Mechanical Truck

satish143 (36)in #ethereum • 7 years ago (edited)

Hello Everyone,

This is Satish from India

Today I would like to write a small review of Gems Protocol - Decentralised Merchantile Turk on Ethereum Platform.

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2017 is a stunning year for cryptocurrency market, It reaches mainstream news and institutional investors and will continue further exponentially. The developers and well-known people from various industries are looking to explore the opportunities available with decentralization Blockchain technology to start new projects with the main view to remove the existing centralization in every industry.

The Problem in existing Mechanical Turk business

Out of all with recent penetration on the internet, the use of the internet by no of people increased dramatically. And most of the tasks can be completed with computer faster than manual but At the same time need for human labor arises for completing micro tasks which cannot be performed by the computers like for enriching AI. This is where few large companies are cashing from the sweat of labor. Initially, Amazon started "Amazon Mechanical Turk" an online marketplace in 2005 where requesters (who want work to be done) can crowdsource data collection by paying workers to perform micro-tasks online. But for onboarding tasks, the requesters are paying around $ 3000 and 20% of any amount paid to workers to the Amazon Marketplace and to provide best workers based on rating an additional 5% will be charged. Furthermore, tasks with 10 or more assignments are charged an additional 20% and totaling up to 40 - 45%.

Due to centralization, Amazon only getting benefitted mostly from the MTurk business. The requesters are ended up paying huge fees and workers getting paid less for their job per hour. Additionally, manually verifying the accuracy of results from workers is difficult. To ensure quality results, requesters currently rely on redundancy, oftentimes having 5-15 workers perform the same task to form a consensus. This is undoubtedly wasteful. Requesters pay 5-15x as much per project, and workers lose out on a potential increase in payment. Apart from this most of the labor not able to access the marketplace due to stringent identify verifications and nonavailability of bank accounts.

Gems Solution

To completely remove the *40-45 % fees charged by centralized marketplaces like Amazon, Crowdfollower, Gems introducing Gems Protocol - Decentralised Mechanical Turk built on top of Ethereum blockchain. Through introduction of Gems Protocol, it benefits a lot to requestors and "miners"(who want to work for microtasks)and verifiers (who verifies the microtask accuracy)

The following problems are going address by Gems Network :

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

Gems are going to use multiple innovative approaches to provide most possible convenience to Gems Network users. Which are Gems stacking mechanism, Gems Trust score and off chain payment solution, Verifiers.

Gems Stacking Mechanism

In this mechanism miners, requestors, verifiers are required to deposit a certain amount of tokens in stacking smart contract to reduce the malicious actors within the network by anyone.

Gems Trust Score

In this case, the trust score will be linked to Etherium address. With the improving trust score mechanism, miners can become verifier.

Verifiers

Verifiers verify the accuracy of the tasks completed by miners. If verifier identifies any task done by the miner as wrong then miner get one chance to redo it. Even after this process if miner fails to perform the task correctly then the miner will lose the number of tokens is held in stack smart contract.

Off-chain payment solution

To decrease the transaction fee(gas) as every time, Gems partnering with off chain payment solutions which completely eliminates the frequent transactions between users and later it will settle on the blockchain.

In summary differences between Gems and other existing players

The Team and Advisors

The team and advisors are the huge plus point for this project. Team members are from Harvard University and some of the advisors are Co-founder of Twitter and Pantera capital and many others

To know more about project visit https://gems.org