1 Level
11 Review
3 Karma
Review on Gifto by Efughi Lucky
Gifting is a very underrated way of appreciating other’s work. Some may…
Gifting is a very underrated way of appreciating other’s work. Some may protest and say that people aren’t just going to give out of the goodness of their hearts, but the UpLive project has shown that this is not the case. Receiving virtual gifts instead of displaying ads has shown to be very lucrative and successful.
The GIFTO project allows this to now be taken outside of the UpLive platform and onto other major social networks such as YouTube, Facebook, Twitter and Instagram. And this is what is potentially very revolutionary.
Using this method to reward good content creators is a very new idea. The fact that the GIFTO ICO project already has a successful product in doing this is exciting and reassuring.
Additionally, by embracing the current content creation platforms like YouTube, instead of creating their own content creation platform gives this project the added advantage of a large user base. This will also help blockchain technology gain a more mainstream attraction.
However, currently, until we see further development, one may wonder, is Gifto a scam designed to simply get money from unsuspecting buyers of the GTO token? Only time will tell.
Pros
- Using the Ethereuem blockchain, Uplive has enabled this virtual gifting process to be able to occur on all sorts of social media platforms, such as YouTube, Facebook, Twitter and Instagram. The GIFTO project is a way for content creators to generate income directly from their viewers. The AIG team already have a centralized project (Uplive) which has proven that this idea can be very successful. Due to the drawbacks of their centralized platform however, the team has now shifted their focus towards blockchain technology and the perks of decentralization. The GIFTO protocol makes use of the decentralized Ethereum blockchain to establish its goals. Due to the drawbacks of the current Ethereum chain such as slow speeds and high transaction charges, the project makes use of a hybrid two-chain solution. The main players on the platform are: Content creators : These are the people who create content for the world to see, such as the people who create videos and write blog posts. Viewers/Fans : They view the content created by the content creators. If they wish to, they can send virtual gifts to the content creators as a sign of appreciation. Gift creators : These are the people who create the various virtual gifts on the platform. Gift curators: The gifts created by the gift creators are verified by the gift curators. The viewers make use of the GIFTO token (symbol: GTO) to purchase the virtual gifts that they send to the content creators. The content creators then have the option to convert these gifts into the ERC20 GIFTO token, trade them or just let the gift sit in their inventory. The GIFTO tokens have a monetary value. Users can buy and sell the tokens on major exchanges like Binance , Bithumb, Upbit and OKEX. The GIFTO ICO token sale was highly successful with over 20 million users holding the GIFTO token.
Cons
- Still a new idea and untested outside the UpLive app
