Gifto (GTO) is the newest blockchain cryptocurrency in town. It was introduced in December 2017 and seems it is already taking the market by storm with just two months in the market. Its release has greatly revolutionized the social media and broadcasting market.
Since the invention of broadcasting and social media, much of the revenue is generated through advertising. However, the platforms used are tend to get the mega share of the profits with those who create the content being sidelined despite their hard work of coming up with the content.
Gifto (GTO) came up with a blockchain technology that is set to decentralize the whole system of content creation, advertising and revenue generation. By decentralizing, it has solved the problem where a large amount of high quality content having to be sidelined since the type of content aired to the audience was fully controlled by the advertisers.
How does Gifto work
Gifto (GTO) is a Gifting Protocol. It was designed to allow content creators to produce, stock and sell their content in the form of virtual gift tokens through any social platform or any other online content platform like YouTube and the like.
In so doing, it is decentralizing the whole ecosystem and making it a peer to peer kind of transaction among the content creators and the audience. The global content platforms will therefore be acting as a place of exchange.
Since blockchain technology provides a means of creating virtual assets which can be held across various platforms, Gifto (GTO) aims to make use of this to create a decentralized community where users can customize virtual gifts for rewarding those who create online content.
The Gifto incorporates smart contract technology so as to enable it to be customizable.
Apart from using smart contracts, the tokens are characterised as ERC-20 tokens thus based on the Ethereum technology.
In a nutshell the Gifto ecosystem is designed to enable the audience to buy the virtual gifts using gifto tokens that are already generated in the Gifto system in order to use the virtual gifts to reward content creators through platforms like YouTube.
Components and features of Gifto (GTO) Ecosystem
- Virtual gifts
These are gifts built on smart contracts which are created for use by audience to reward those who create content.
- Gift store
When a fan or audience wants to purchase a gift so that they can reward the creator of the content, he/she will have to go to the gift store to buy a virtual gift there.
- Gift inventory
After purchasing the gift from the gift store, the gifts are held in the Gift inventory so that the audience can then use them later when they want to send to the content creator.
Also, the content creator may opt to store the gifts he/she receives in the Gift inventory instead of converting them into GIFTO tokens.
- GIFTO Tokens
These are the kind of tokens used to buy virtual gift from the gift store.
- GIFTO wallet
This is where the user (both the audience and content creator) holds his/her GIFTO Tokens. For a content creator, once he/she receives gifts from his/her audience, the content creator normally converts the gift into GIFTO tokens.
For the Audience he/she purchases the GIFTO Tokens in order to buy gifts from the Gift store.
- Gift creator
This is the person who creates the gifts.
- Gift curator
This is the overseer of the creation of the gifts
- Content creator
This is the person who has created the online content and posted in online for the audience to view.
- The fan/audience
The person viewing the content of the content creator and sends gifts to the content creator
- Gift portal
This is the platform where all the members (Gift creator, Gift curator, Content Creator and Audience) of the Gift ecosystem interact.
It acts as the management structure for managing the contributors who engage in generating, curating and circulating the gifts as well as the tokens.
Gifto (GTO) roadmap
The rollout of Gifto cryptocurrency was set into stages with the first phase being divided into two. The first one, the Alpha version, which was a test version and it was released in December 2017 aimed at testing whether the GIFTO protocol works on the existing content platforms. Then, the second part of the first stage, the Beta version, was rolled out in the first quarter of 2018. Beta version release aimed at decentralizing the GIFTO protocol to enable the blockchain to be applicable in real life situations.
The second stage/phase, which will be release in the second quarter of 2018 is the release of the Commercial version 1.
During the third quarter of 2018, the developers have set to be doing expansions and iterations of the system.
Gifto (GTO) price
Since its release in December, 2017, Gifto (GTO) prices have performed relatively well. At the moment a GIFTO Token is going for $0.397604 USD, which is just about 39% increase from its first listing price of about $0.3 USD per token.
At the moment, the market capitalization of GTO stands at $62,766,295 USD with an average 24 hour volume of $129,088,000 USD and a circulating supply of 157,861,327 GTO.
There is no mining of GTO coins since all the coins are already generated and they total to 1,000,000,000 GTO. Therefore, the only way to acquire Gifto (GTO) coins is by first buying a popular cryptocurrency like Ethereum and exchanging it for GTO coins.
Exchanges that list GTO include Coinbase, Bitfinex, Cex.io and Coinmama among several others.
To date Gifto (GTO) has attracted quite a number of investors like PANFERA, MSA, SIGNUM CAPITAL and INDEX VENTURES. It has also partnered with a number of companies like Binance, ORICHAL, Kyber Network and Asia Model Festival Awards. This shows that it is just a matter of time before this cryptocurrency becomes a globally accepted crpyo.