Review on Gifto by francis fernandez
Gifto: an economic blockchain system for the creation and exchange of virtual gifts on social networks!
Gifto is a digital currency launched on the market at the end of December 2017 under the base Ethereum technology.
This cryptocurrency works through its own decentralized platform that was created in order to serve as a digital bridge for the issuance and exchange of virtual gifts, using blockchain technology and smart contracts.
The Gifto platform serves as a fully decentralized digital economic model that allows the interaction of consumers and users of social networks to send and receive personalized digital goods.
Gifto has three main functions related to the authors of its platform:
1-Content generator: The person who designs the item to give away.
2-Virtual gift creator: Whoever executes the action on the good that is going to give away in his social network.
3-Curator of gifts: Equivalent to the notary who validates that the content does not go against intellectual property.
What particular characteristics does this blockchain present?
* It is a decentralized blockchain, that is, there is no political or structural intermediation in its operating protocol.
* It is a pioneer in the implementation of this economic model of blockchain technology.
* The Gifto protocol employs Ethereum-based smart contract technology for the transfer of digital gifts, also for pricing, generating and searching virtual goods.
* This platform has the advantage that it is compatible with all social networks, especially the most popular ones such as: YouTube, Instagram and Faceboock.
* The platform makes a distribution scheme of the profits obtained in the purchase of a digital asset, according to the performance of each participant in the economic system; where the highest percentage (80%) is obtained by the content creator and in a decreasing way the creators, curators, Gifto protocol and the reserve fund for future gratifications or prizes.
Pros
- It allows creating a decentralized economic system.
- It grants autonomy to its users to create virtual content and gifts.
- It has a notary system that validates virtual gifts to protect copyrights
- Has an equitable and fair distribution of the profit obtained from the sale of the gifts among the business participants.
Cons
- The maximum amount of coins in circulation will be only 1 billion tokens.
