Great ICO find - Gems ICO - Decentralized Amazon Mechanical Turk
Gems will soon be doing a pre-ICO, and I think it’s one of the few projects I’ve seen that I’ve felt so bullish on. Wanted to shill this to spread the word, and am also interested to hear other people’s thoughts, especially since we’re in tech. Check out the whitepaper if you find it interesting.
It’s basically a decentralized version of Amazon Mechanical Turk, which is a crowdsourcing platform for people to do small tasks machines can’t do (pick best photograph of a storefront, write product description, etc).
It solves a large number of crowdsourcing problems arising from being centralized: middle man costs, need for task assigners to pay 5-15x for redundant results to ensure accuracy, difficulty for workers to get started due to high onboarding costs, invasive privacy verifications, and lack of bank accounts.
Gems token will be a protocol to incentivize task workers to give accurate results because they have to stake the gem coin. They get the staked coin back if enough other workers approve the result. The people doing the approving are also staking coins, and they will lose it if their assessment is different from that of other verifiers. Sounds familiar? This design basically makes the task workers similar to crypto miners, making it a perfect real life use-case of blockchain technology. There will also be trust scores and some kind of review system for task assigners, to further disincentivize malicious actors on both the task assigners and task workers.
Then they’ll build a Dapp on top of the GEMs protocol for crowdsourcing. Since it’s a protocol, other dapps aside from the crowdsourcing use case can also build on top of the Gem blockchain. Anything that requires trust and verification will be a great use-case for building on top of the GEM protocol.
Team is really strong. 2 Harvard 2-year dropouts who went to start their own company and who won the Thiel Fellowship. What’s more impressive is the adviser has Ben Maurer, who is a very high level, legendary engineer at FB (E9 or E10), and he has said good words about the founders and their project. The other advisors are also extremely strong: Cofounders of twitter, medium, augur, Aragon, stampery, and district0x.
To register for the pre-ICO, go to gems.org and click Secure Spot in Gems Pre-Sale/Token Launch. The deadline is 1/8/17 11:59pm. If you don’t get in, you can go into the ICO which will happen late Jan - early Feb (pre-ICO happens mid Jan)