#1: What is Gifto?
Gifto: The Basics
- Gifto as a network protocol, is a brainchild of Andy Tian, the co-founder and CEO of Asia Innovations Group (AIG). The team at AIG comprises of crypto-technology and blockchain enthusiasts.
- Andy saw potential in designing a decentralized network powered by the Ethereum blockchain to fix the current broken content monetization model with a better model. Most people introduced to the global content industry will identify the following problems with the current model:
- Lack of suitable compensation/revenue from the current content-development model
- Disproportionate division of resources and the market between “top-tier” producers and small budding creators
- Unfair alteration of the content or operations according to the demands and wishes of the sponsor or the advertiser.
- The Gifto network was launched in December 2017 and has been tested along with AIG’s flagship product, Uplive. Uplive is a live streaming mobile application with over 20 million users.
#2: What are the benefits of Gifto?
- Gifto addresses the issues in the current app technology by introducing a self-governing and self-sustaining ‘Universal Gifting Protocol’ for content creators and developers.
- The ecosystem created by Gifto will allow virtual gifts to be created, curated, tracked, purchased, sent and exchanged across any content platform such as YouTube, Instagram, Facebook, and Uplive App. The Gifto token (GTO) or cryptocoin is used to purchase virtual gifts and reward virtual gift creators within the ecosystem.
- It uses fundamentals of blockchain and smart contracts and has the following components:
- Gift, Gifto’s Virtual Smart Gift: These are self-executing virtual assets based on smart contracts that exists and thrive on blockchain.
- Gift Store: Here, a user can purchase a gift for a particular content creator. A fan can access the gift store by clicking on a gifting link for a content creator. This will also list all the gifts customized by this content creator.
- The Gift Inventory stores gifts for a user who can be either a fan or a content creator
- Gifto Tokens: These are ERC20-compliant tokens used to exchange or trade virtual gifts.
- The Gifto Wallet holds Gifto tokens for a user
- Gift Portal: It is a blockchain-powered management system for gifts to be created, curated, and managed by Gifto contributors.
- The Gifto framework is based on the Blockchain technology. Blockchain aids the network in the following ways:
- Creation of an immutable virtual asset that holds value across various platforms
- Designing a workflow with specified rules to determine different roles for the community participants
- Establishing a framework to incentivize participants by sharing revenue or creating personalized virtual gifts
- Creating high-quality virtual gifts of a large variety requires a combined and orchestrated team effort from the community participants in a pre-set workflow. When a viewer of content wants to appreciate a content-creator, he/she can send new ideas of gifts onto the Gifto network. Once the gift creator creates a personalized asset based on the ideas in the gift-idea pool, it is sent to the catalog for review where the gift curator checks for the gift quality and pricing and categorizes it for better sorting. This then goes to the content creator who chooses the gifts and accepts them.
- However, the entire process needs some centralized functions to regularize the workflow. For instance, curators have to manually intervene, test every gift and assess its popularity, monetization value and its quality.
- A revenue-share matrix is calculated internally within the network and ensures that everyone gets their due proportion. The gift creator, reviewer anc content creator all get their share of the value of the virtual gift designed by the fan.
- The blockchain-backed infrastructure coupled with an HTML5-based gifting interface ensures that the content creator gets ~80% of the incentives. While the gift creator and the curator earn 5% and 2% of the incentives respectively, the Gifto protocol gets another 10% for maintenance and operational support of the ecosystem. The last 3% goes to the rewards pool from which the periodic rewards to viewers and fans are funded. This entire flow of revenue intensifies the concept of decentralized sharing and incentivization.
#3: How to Buy & store Gifto?
Where can one buy Gifto coins?
- One can buy Gifto tokens (GTO) on crypto exchanges such as Binance, Bithumb, Bittrex, Bibox, OKEx, Coinnest, among many others. OKEx is one of the leading markets that sells a large chunk of GTOs by volume.
- Since GTO does not support direct transactions using fiat currency, it is best that interested users stack up on cryptocoins like Ethereum and Bitcoin to make the required transactions. One can buy BTC and Ether coins to make the trades.
How to store GTO
Gifto is an ERC20 token, which means all Ethereum wallets should work just fine as a GTO wallet as well. Trezor, MetaMask, MyEtherWallet, Ledger Wallet are a few wallets that support Gifto tokens.
#4: What is the future of Gifto?
Historical trends of Gifto
Since we see that Gifto has shown a fairly stable price and volume trend in the past 2 months, people might see it as a lucrative option for trading and investment.
However, market players and enthusiasts like WalletInvestor predict that the GTO token price can be easily altered and manipulated due to its low market cap and illiquidity. While they deem the token a ‘bad’ investment option for a period of the next-one year, there might be a different trend visible post that, depending on how the market plays for Gifto.
#5: How is Gifto different from other cryptos?
- The fact that Gifto has not only made its mark in Uplive as a gifting protocol but also has potential to be accepted by a number of other large platforms too like Facebook, Instagram, Twitter and YouTube make it a candidate for accelerated growth. The concept as such is a revolutionary concept of applying blockchain technology in the field of art, culture and online creativity.
- What sets the coin apart from other cryptocurrencies is its underlying concept and the potential of rapid growth in the near future.
- The rapid growth of Gifto has made the cryptocoin a public favourite. With the returns increasing in the recent past, people have appreciated the concept and the design of the digital currency. The virtual gifts generate high revenue because:
- Visual expression is an integral part of the fun in a relationship between the fans and the content producers.
- Users have the intent and ability to pay a handsome amount on virtual gifts (for instance, on Uplive the gifts range from $0.1 to $1500)
- Virtual gifts form an important part of a larger gamification framework that is customized, transient and randomly generated, thus attracting attention from users across the board.
#6: Should you invest in Gifto?
- Gifto tokens have a total supply of 1 billion coins, of which 533,786,482 coins are already in circulation. Gifto has seen a stable price trend in the last few months, besides a few fluctuations. The project is a well thought-about and executed one. This only reinforces that it will continue to grow in the long-term once big companies start adopting it in their reward or appreciation protocols.
- An official Gifto report in February 2018, stated that Gifto featured in the top 10 traded cryptocurrencies by volume. The universal blockchain-based virtual gifting protocol has not only bridged the gap between content creators and the audience, but has also introduced a way to acknowledge and reward the content creators. Besides monetizing decentralized content, it has revamped the modern creator-audience relationship.
- It has already received support from a number of large institutional investors including KPCB and Wicklow Capital. This can only be seen a positive for Gifto as it proves that the idea has been scrutinized and accepted by a fairly large number of people. This makes Gifto a good investment option at its current price of $0.17.