What Is Gifto (GTO)?
Gifto is a digital gifting protocol to compensate and monetize content creators everywhere for content generation. According to the whitepaper, the protocol is available on various content generation platforms like Facebook, YouTube, Instagram, and so on and quickly adapts to their conventional revenue streams primarily generated from advertising.
Content creation platform giants like Facebook, YouTube, and Instagram made creating content popular and seamless, giving people with a mobile moile phone and internet connectivity the opportunity to showcase their talent. The monthly active users on YouTube and Instagram are 1.5 billion and 700 million, respectively. Although making content on these platforms might be easy, making money remains a tough task.
The reliance on advertising revenue across many centralized platforms has created an autocratic incentive system that supports mass markets and top content producers. To give a practical example, YouTube gives content creators $2,000 for every 1 million views, and statistically, only 0.33% of all videos on YouTube get more than 1 million views. This results in mass-market content producers thriving or talented niche content creators.
Also, another difficulty that content creators face on YouTube is from the advertisers. Content creators constantly have to cater to the demands and expectations of the advertisers. If the advertisers find the content irrelevant or dislike it, they stop showing their products next to the content. This affects the earnings of all content creators, including top-, middle-, and bottom-level creators.
The Gifto protocol aims to become a self-regulating and self-sustaining ecosystem that creates virtual gifts curated, tracked, and traded across several content creation platforms. The protocol includes virtual smart gifts, a self-operating virtual asset that lives on the blockchain and is executed by smart contracts. Smart contracts are just like regular contracts; however, instead of being drafted on paper, these contracts run in the form of protocols on the blockchain.
Next, the protocol includes the gift store, where fans get a chance to buy virtual gifts for their favorite content creators. The gift inventory holds gifts for the users. The gift receiver can either be a fan or a content creator. Then comes the gift portal, which is a management system where gifts are created, curated, and managed by the contributors of the Gifto protocol.
Gifto token (GTO) is the native ERC20 token of the Gifto protocol and the primary currency that facilitates transactions on the platform. Users of the platform can use GTO tokens to buy and redeem virtual gifts, and users can also earn GTO tokens by completing specific tasks on the platform.
Gifto has also developed a transactional crypto wallet that handles all Gifto transactions like creating the wallet on Ethereum and transferring, trading, and redeeming the token. The wallet is designed so that users who are new to the concept of cryptocurrency can manage, transfer, or trade GTO tokens through content platforms without facing any complication.
History of Gifto (GTO)
Gifto was launched by the Asia Innovative Group (AIG), a mobile entertainment group that serves more than 100,000,000,000 users worldwide. To make Gifto an excellent service for the users, AIG left no stone unturned and contributed substantial resources and experience in developing, promoting, and managing Gifto protocol and token.
Andy Tian is the group CEO of AIG. Tian has a bachelor’s and master’s degree in computer science from MIT, and before joining Gifto, Tian worked as the general manager of Zynga China. In 2008, he cofounded one of the earliest social media apps he later sold to Zynga. Tian was also a member of Google China in the mobile business department. The rest of the team includes Charles Thach (chief crypto officer) and William H. Nguyen (chief crypto architect).
The whitepaper was published in November 2017. The total supply of GTO tokens in the market is 1,000,000,000 coins.
How Is GTO Staked?
The website states that the GTO token is staked to reduce the fee and unlock gift creation incentives. The token is staked to run a node to support the network, and in return, the token holder receives a share of the transaction fee as a reward.
