Review on Gifto by Azad Aliyev

What is Gifto (GTO)?

Gifto was launched as the Universal Gifting Protocol, but later evolved into an open blockchain-based platform for 'truly universal crypto gifting'.

Gifto Uplive now plans to be agnostic in terms of the token and social media app used instead of limiting donations to GTO.

Gifto uses a delegated Proof of Stake blockchain with a dual-token model to "ensure performance and transparency." Next to Blockchain, Gifto Wallet is another pillar of the new Universal Gifto Platform and was initially made available to Uplive users.

The dual-token model consists of GTO that can be accumulated for "ecosystem privileges" and Gifto Stable, along with a proportional distribution of network fees when hoarders run a node. Gifto Stable is a stablecoin intended to be mined on the Gifto mainnet.

Gifto was the first project launched on Binance Launchpad.

Gifto Technology

Gifto addresses issues in current app technology by offering a self-managed and self-sustaining "Universal Gifting Protocol" for creators and developers.

The ecosystem created by Gifto will allow virtual gifts to be created, selected, watched, purchased, sent and exchanged on any content platform such as YouTube, Instagram, Facebook and Uplive App.

The Gifto token (GTO) or cryptocurrency is used to purchase virtual gifts and reward virtual gift creators within the ecosystem.

It uses the foundations 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 exist and evolve on the blockchain.

Gift Shop: Here, a user can purchase a gift for a specific creator. A fan can access the gift shop by clicking on a creator's gift link. This will also list all gifts customized by this creator.

Gift Inventory stores gifts for a user who can be a fan or creator

Gifto tokens: These are ERC20 compatible tokens used to trade or exchange virtual gifts.

Gift Portal: A blockchain-powered management system for gifts to be created, organized and managed by Gifto contributors.

The Gifto framework is based on Blockchain technology. Blockchain helps the network in the following ways:

Designing a workflow with specified rules to identify different roles for community participants

Creating a framework to incentivize participants by sharing revenue or creating personalized virtual gifts

Creating a wide variety of high-quality virtual gifts requires unified and planned teamwork from community participants in a predetermined workflow. When a content viewer wants to appreciate a creator, they can post new gift ideas to the Gifto network. After the gift creator creates a personalized asset based on the ideas in the gift-idea pool, it is submitted to the catalog for review, where the gift curator checks the gift quality and pricing and categorizes them for better ranking. This then goes to the creator who chooses and accepts the gifts.

However, the whole process needs some central functionality to streamline the workflow. For example, curators must intervene manually, testing each gift and evaluating its popularity, monetization value and quality.

A revenue sharing matrix is ​​calculated internally within the network, ensuring everyone gets their required rate. The gift creator, reviewer, and content creator get their fair share of the value of the fan-designed virtual gift.