Quick links before we start
| Web site | https://gems.org/ |
| Blog | https://blog.gems.org/ |
| FAQ Page | https://gems.org/faq |
| Telegram | https://t.me/gemsorg |
| https://twitter.com/gems | |
| Whitepaper | https://gems.org/whitepaper.pdf |
| Introductory video |
Agenda
We will discuss a bit about the founding technologies and what the project aims to achieve on top of them. Gems is now
one of the most exciting projects in the blockchain crypto world.
Here is what we plan to cover:
- Some technical background for cryptocurrencies and blockchain technology
- The idea behind Gems project
- The Gems team
- Some final thoughts
Tech background
For those of you who are not familiar with the technology and the cryptocurrencies, I will try to summarize the idea behind them briefly, given that the technology behind them is a relatively complex issue, especially for people with no knowledge in computer technology.
Briefly from Wikipedia:
A blockchain, originally blockchain, is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a hash pointer as a link to a previous block, a timestamp and transaction data. By design, blockchains are inherently resistant to modification of the data. The Harvard Business Review describes it as "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way." For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which requires collusion of the network majority.
Blockchains are secure by design and are an example of a distributed computing system with high Byzantine fault tolerance. Decentralized consensus has therefore been achieved with a blockchain. This makes blockchains potentially suitable for the recording of events, medical records, and other records management activities, such as identity management, transaction processing, documenting provenance, food traceability or voting.
The first blockchain was conceptualized in 2008 by an anonymous person or group known as Satoshi Nakamoto and implemented in 2009 as a core component of bitcoin where it serves as the public ledger for all transactions. The invention of the blockchain for bitcoin made it the first digital currency to solve the double spending problem without the need of a trusted authority or central server. The bitcoin design has been the inspiration for other applications.
The idea
In the world of computers and the Internet, there are kinds of work that can not be done by the computers themselves. Under these circumstances, human intervention is needed. And the cases where such activity is required are not very few. These things people have to do instead of computers are called "micro-tasks". Micro-tasks can be of a different nature, such as training artificial intelligence to recognize objects of photos, collecting and providing statistical information from different sources, or browsing images on some website for obscene content. The trend is that there is a growing need for people to do such "micro-tasks" with each passing year.
The idea of platforms that provide "micro-tasks" and guaranteed pay for their implementation is not new. In 2005, Amazon launched Amazon's Mechanical Turk, with the platform being the number one online market for "micro-tasks" in the world.
Main issues
The main problem currently exists is that the platforms that provide "micro-tasks" actually play the role of a dealer or a "middleman" who takes a high percentage of the profit for a completed task, because it connects the bidders and jobseekers. For example, Amazon's Mechanical Turk can safely hold up to 40% of the amount earned.
Another major problem is the difficulty in determining whether a task is being performed. Therefore, sometimes given tasks are done by many people to have a higher percentage of security for the task to be performed correctly. This, in turn, is a waste of resources.
Another problem is that there is still a large percentage of people who can contribute to this industry but do not have bank accounts. This makes it impossible for these people to perform "micro-tasks" on any platform and at the same time receive a reward.
Last but not least, "micro-tasks" platforms are far from good graphical environments, and in most cases, the graphical work environments that people have to use are mostly provided directly by the guarantors. This is a prerequisite for the difficulty of using the graphics environments that guarantors provide.
Gems's Solution
The idea behind Gems is actually very simple and unique - to create a platform for offering "micro-tasks", and the team will use Blockchain to implement it. This will allow for a direct peer to peer connection and a digital contract between a contractor and a "microtask" guarantor, as well as a direct payment in the form of crypto-data. In this way, the absurdly high fees that current platforms impose will be eliminated. All those who do not have bank accounts will be given the opportunity to receive their reward in the form of a cryptocurrency.
As a bonus for eliminating major issues, Gems' team will work to improve the effectiveness of confirming completed tasks. Gems will also aim to provide well-designed, reusable, and beneficial graphical environments with which people once familiarized and trained will have a higher performance rate when they accept "micro-tasks" of a similar nature but different guarantors.
Tech approach
As a blockchain technology, Gems will use Ethereum, with GEMs token based on the ERC20 token standard being used as the payment unit.
The team
The Gems team is perhaps one of the most exciting and powerful parts of this project. The creation of Gems features some incredibly prominent personalities. Some have been involved in the creation of cryptocurrencies and some have been contributors to the creation of Twitter, Medium, reCAPTCHA, and gifs.com.
- Rory O'Reilly, co-founder of gifs.com
- Kieran O'Reilly - co-founder of gifs.com
The creators Rory and Kieran O'Reilly are brothers who have studied at Harvard. Rory studied psychology and economics, and his brother Kieran studied computer science. In 2014, however, they both left Harvard to look for a better future and development for themselves by going to the Silicon Valley, California, where they also managed to create gifs.com.
- Biz Stone – Co-Founder of Twitter and Medium
- Joey Krug – Co-Founder of Augur
- Ben Maurer – Co-Founder of reCAPTCHA
- Luis Cuende – Co-Founder of Aragon and Stampery
- Joe Urgo – Co-Founder of district0x and Founder of Sourcerers
Final thoughts
Gems is really more than a cryptocurrency. Gems is a product of great potential, targeting a niche from the labor market, which has so far overlooked the people involved in it. The goal of Gems is to optimize, improve and refine this process by incorporating technology that is now time to be adopted as the currency exchange standard - the cryptocurrency.
Last but not least, the Gems team is made up of people with outstanding achievements and good experience, which in turn greatly enhances the guarantee of success in implementing this project.