Gems ICO: Decentralized Mechanical Turk

Join the Gems ICO whitelist now – more details at the end of this post.

What is Gems?

Gems is a decentralized platform for contracting workers to perform micro tasks – typically for companies. It’s a platform competing directly with the likes of Amazon Mechanical Turk and CrowdFlower.

Although both Amazon Mechanical Turk and CrowdFlower have been wildly successful with exponential revenue growth since their inception, they also have some key problems. Firstly, they charge high fees – in some cases up to 40%. Second, they require redundancy of tasks in order to achieve a sufficient level of trust in the completion of micro-tasks. Finally, these are centralized platforms – with all the problems that this entails.

Gems leverages the incentive mechanisms that blockchain technology enables, and in a clever way lets works stake tokens in order to prove validity of their tasks. This is a great example of how blockchain technology can solve the problem of trust between two parties.

The first main area that Gems is focusing on is labeling data for deep learning – a field within machine learning and artificial intelligence which has been hugely successful in advancing solutions for problems such as natural language processing and image recognition.

Gems ICO

Gems ICO

Who’s behind Gems?

Gems’ core team consists of brothers Rory and Kieran O’Reilly. Both are Harvard dropouts – Rory studied psychology and economics, while Kieran studied computer science. After dropping out of Harvard, they went on to found gifs.com – a popular website for making gifs. They’ve both been listed as “30 under 30” for consumer tech by Forbes. Furthermore, the O’Reilly brothers are Thiel Fellows. As you might know, another notable Thiel Fellow in the crypto space is Ethereum founder Vitalik Buterin.

The advisor team has plenty of experience from well-known tech companies, as well as from crypto. Biz Stone brings his experience as co-founder of Twitter and Medium. Ben Maurer is co-founder of the by now ubiquitous reCAPTCHA, and he’s now at Facebook. In addition, Gems has three well-known crypto founders in their advisors team: Joey Krug (Augur; Pantera Capital), Luis Cuende (Aragon; Stampery), and Joe Urgo (district0x; Sourcerers).

What utility does the GEM token have?

According to Gems’ whitepaper, the GEM token has multiple utilities, the two most notable being:

  1. Off-chain micro payments on the platform between micro-task workers and companies
  2. Staking of tokens by workers to ensure trust in quality of micro-task completion

How can I participate in the Gems ICO?

Details for the Gems ICO have not yet been announced, but in this post, Gems’ co-founder Rory O’Reilly explains how you can earn your spot in the Gems pre-sale. The instructions to note are:

  1. Join the Gems Telegram
  2. Help Gems grow, e.g. doing one of the following:
    1. invite people to the Gems Telegram
    2. write a blog post
    3. make a youtube video
    4. drive constructive discussions in the Telegram and beyond
    5. your own innovative idea
  3. Let Gems know how you helped in this form.

This setup is quite similar to Quantstamp‘s “proof-of-care”, which generated a lot of attention for Quantstamp’s ICO.

Gems’ pre-sale metrics have not yet been published, but make sure you follow the above process before January 8th to be able to participate in the Gems pre-sale.

Our Verdict

Gems has received an extreme amount of hype, and with a very solid team (incl. advisors), plus a great use case for a blockchain solution, we tentatively rate Gems as a Stellar ICO. The financial details are yet to be announced, but unless there’s anything out of the ordinary on hard cap and token allocation, we’ll stick to this verdict.

Please follow and like us:
  1. Chris says:

    So excited about your project and can see a great future here

  2. Cameron says:

    Whom may we speak to to have a discussion on working with you guys as a strategic partner/ advisor?

  3. Dmitri says:

    Looking forward to this one, got a good feeling about it!

  4. michelle read says:

    looks revolutionary, freeing innovation from the establishment giving power and freedom to the providers and creative pool. i was just informed of this upcoming platform and current date is 1/8/18 9:32 pm toronto, canada time. would like consideration to be accepted on presale list.

  5. Deepak says:

    Invited a friend.

  6. danas says:

    i would like to participate in GEMS. where and when can i do that ? is pre-sale ended ?

  7. diya rathi says:

    i would like to work for gems. Can you please guide how can i get started.

    Diya

Leave a Comment

Your email address will not be published. Required fields are marked *