Great ICO find - Gems ICO - Decentralized Amazon Mechanical Turk

Facebook / Eng Socrates
Jan 7, 2018 19 Comments

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)

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TOP 19 Comments
  • Microsoft RandyMarsh
    Sold! How do I buy in for the ICO OP?
    Jan 7, 2018 1
    • Deloitte / Eng qEUu00
      How do we buy? Link us up.
      Jan 7, 2018
  • Lyft insomniac
    What's the legal status of ico for us citizens? I thought was illegal
    Jan 8, 2018 0
  • Intuit DpWN46
    Gems seems to be a cryptocurrency based on more than just verifying transactions. Take my money!
    Jan 8, 2018 0
  • Microsoft
    yMcg47

    Microsoft

    BIO
    Amicitiae nostrae memoriam spero sempiternam fore
    yMcg47more
    What? None of the problems you listed are real problems

    “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.”

    Lack of a bank account???? Difficulty to get started??
    Jan 8, 2018 6
    • Microsoft
      yMcg47

      Microsoft

      BIO
      Amicitiae nostrae memoriam spero sempiternam fore
      yMcg47more
      That is a boa problem. You can probably do it on xoom or remitly for free
      Jan 8, 2018
    • Intel MaxZzz
      You pay fees in Remitly/Xoom
      Jan 8, 2018
    • Microsoft
      yMcg47

      Microsoft

      BIO
      Amicitiae nostrae memoriam spero sempiternam fore
      yMcg47more
      For $20? I thought it’s free under 1000 or something like that
      Jan 8, 2018
    • Intel MaxZzz
      I remember paying $2.99 fees for $500
      Jan 8, 2018
    • Facebook Yesdote
      As someone who's used mechanical Turk, I pay upwards of 20% of middle man costs for most of my assignments. This could save a lot of $$$
      Jan 8, 2018
  • Facebook / Eng Socrates
    OP
    Updated the post. You need to register for their pre-ICO sale, the deadline is 1/8/17 11:59pm PST.

    Go to gems.org and click the ‘Secure Spot in Gems Pre-Sale/Token Launch’. They have a lot of demand so they’re asking people to help contribute to the community if possible.

    If you don’t get in, you can go into the ICO which will happen late Jan - early Feb (pre-ICO happens mid Jan)
    Jan 7, 2018 2
    • Microsoft RandyMarsh
      Hmm that's taking me to their medium page. So community support is a precursor to getting in on it?
      Jan 8, 2018
    • Facebook / Eng Socrates
      OP
      It seems that way though I am not 100% sure how they will choose. They basically have too much demand for the pre-ICO and want to make sure people investing care about the project. I would imagine the ICO would lift this community support precursor.

      On the medium page, there’s a link in the 3rd step for filling out a form.
      Jan 8, 2018
  • Facebook Yesdote
    Wow this is great! When will the product be live?
    Jan 8, 2018 0
  • Uber / Eng
    Rqwx5o

    Uber Eng

    PRE
    Google
    Rqwx5omore
    What a pile of bullshit! Bring back the crypto ice tea
    Jan 8, 2018 0
  • Google propmaster
    Those who invested in gems ico private sale.. How are you feeling now? Gems are down 95% and I know quite a few Facebook and Google employee invested in this and Rory (one of the founders say only 12 people got gems..which is a complete lie.
    Aug 11, 2018 1
    • Amazon !RightALot
      Seems like it was a total scam. Weak.
      Sep 15, 2018
  • Apple / Eng
    DEADBEEF🍻

    Apple Eng

    PRE
    Microsoft
    DEADBEEF🍻more
    Shut up and take my money!
    Jan 15, 2018 0