Even though GEMS is making the headlines left, right and center across various cryptocurrency news outlets, there are certain aspects most people are not paying enough attention to if you ask me. GEMS is bringing some unique feature to the table, which no competitor is currently working on. Yet these features get overlooked quite often, so let’s do a quick recap.
Counterparty Mobile Wallet
A lot of cryptocurrency enthusiasts will have heard of Counterparty by now. But how many of our readers are aware GEMS will be the very first platform with a built-in Counterparty mobile wallet? The XCP mobile wallet will be used for both transfer of value, as well as communications. While this might not seem like a big deal for a lot of digital currency enthusiasts, it will be a major milestone in the history of Gems.
The Counterparty mobile wallet can be used for both Bitcoin and GEMZ in the beginning, but there are plans to expand the wallet functionality based on the preference of the GEMS user base. More details in regards to expanding the list of supported coins will be made available as development progresses.
Counterparty is currently the most advanced “bitcoin 2.0” platform, backed up by a solid team of developers and an ever increasing user growth. On top of that, Overstock.com has recently announced they will make use of the Counterparty platform for asset trading highlights.
GEMS’ Reward & Airdrop System
GEMS is focusing on their use base, and as a result, all GEMS users will be rewarded over time. Incentivizing viral growth will be tied to rewarding users for actively using and promoting the GEMS application to their friends and family.
While the main focus for us is on the cryptocurrency side of GEMS, the team is aiming towards the common user with no prior knowledge about digital currencies. GEMZ are rewarded for network contribution, so anyone who runs the mobile application, whether it is on iOS or Android, will own GEMZ sooner or later.
As we have seen with other existing social networks, their value is tied directly to the number of active users. And in a fair business model, any user bringing value to the social network should be reward in proportion to their contribution. Unfortunately, this is not the case with most of the traditional social networks we are using right now.
GEMS will reward their contributing users through a daily airdrop. Over the course of all airdrops combined, 30% of all GEMZ in existence (which is equal to 30,000,000 tokens) will be distributed. Each and every day, roughly 27,400 GEMZ will be taken from the reserve and sent directly to the users, by using a public and fair algorithm.
You can find more information about GEMS’ airdrop model here :
Advertising Platform With Anti-Spam Filters
Plenty of people are still wondering why a specific GEMZ token was created in association with the GEMS social messaging platform. The top monetization tool for social networks are targeted advertisements. In fact, most social networks rely on ads in order to stay afloat and/or make a profit.
GEMS is offering several different advertising models, ranging from paying to send personal unsolicited messages (which advertisers have to pay for with GEMZ); paying for sending ads through private messages (paid for in GEMZ), priority messages (paid for in GEMZ), commercial campaigns for companies (paid in GEMZ) and sponsored appearances in the users directory, also paid in….GEMZ.
Don’t be mistaken though, as GEMZ will not only go from the advertisers to the platform owners, but they will be sent to the user viewing the advertisements. For example, if you enable viewing advertisements in your GEMS client, you will get paid X amount of GEMZ for viewing each ad.
The main benefit of this business model is the elimination of spam. Personally, I am getting sick and tired of advertisements on current social networks, of which some seems to get past my ad blocker. By putting a price tag on every advertisement you want to drive traffic through, GEMS will be able to eliminate (most of the) spam associated with online advertising.
If you are interested in find out more about the different advertising models :