Gems, founded by Rory O’ Reilly and Kieran O’Reilly, is an online marketplace where requestors (those who have work to be done) can crowdsource miners (human workers) to perform micro-tasks for a price. The platform is decentralized, open-source, and built on Ethereum blockchain technology.
How Gems Works
The protocol has a staking mechanism that guarantees the completion of tasks, a trust mechanism that ensures workers’ integrity is guaranteed and a payment system that reduces transaction costs. The protocol is fueled by the GEM token, which enforces the behavior of the participants by eliminating malicious actors who might want to claim a reward even after submitting incorrect work, or those who misunderstood instructions and still want to be paid for tasks that have not been done satisfactorily. To participate in the platform as a requester or a miner, one needs to have bought tokens from the site in order to stake them. The Gems platform is based on three levels:
- Gems protocol, which looks at the validity of the work and trust issues of the network of participants.
- Gems platform, which pairs the miners and requestors, allowing requestors to post micro tasks, and workers to access them at no cost.
- Modules that allow others to build reusable open task interfaces, at a fee set by the owner.
The Solution of the Centralized Marketplace
Today’s centralized marketplaces such as MTurk – owned by Amazon, and Crowdflower, have many challenges. Some of the most pertinent include the high fees charged by its owners, difficulty in verifying the accuracy of results, lack of supply interface for performing specific tasks, workers’ inability to access the marketplaces, problems with worker payment, and nebulous and privacy-invasive signup and approval processes. Gem was set up to provide a solution to most of these problems. Some of the ways it will do this are:
- Reducing consensus by redundancy
- Providing higher pay for the miners
- Low fees for requestors
- Allowing the creation of efficient interfaces
- Allowing the creation of DApps by others
- Allows computer literate miners to work on tasks whether they have a bank account or not.
GEMS Token Sale
The token sale is aimed at allowing those who want to be part of the platform either as requestors or miners. The sale was opened on 30th January 2018. It was designed with fairness, efficiency and equality in mind. The total GEMS tokens that are open for sale is 2,000,000,000. The tokens can only be purchased using ETH. They are set to be distributed to recipients after the verification purchasing process is complete, so that those who wish to use them on the platform can do so.
Those who have contributed to the Gems ecosystem, are whitelisted, or those who have submitted an application detailing how they will use the GEM tokens, are the only ones eligible to be part of the token sale. The participants are divided into three tiers. Sapphire contributors are participants who are eligible to receive a 20% bonus, emerald contributors will receive a 15% bonus, and Ruby contributors will receive a 10% bonus.
What do you think about Gems? Do you think it is the solution to MTurk and other crowdsourcing Internet marketplaces? Kindly leave us your comments or views below.