Gems is a social messenger application, integrated and powered by next generation Bitcoin technology. Gems come with a built in wallet and Whats app Style mobile platform with private messaging in encrypted format. The gems currency is powered by Counterparty. Automatically the Gem user gets its own wallet which is protected by the passphrase chosen on registration. The social network username is an alias to the gems address, making sending & receiving gems and bitcoins between users as easy as possible. Anyone using the Gems application receives Gems tokens for inviting their friends, utilizing the network, and helping to build the ecosystem. Gems tokens serve as the in-app currency which, for example, is paid directly to the users by advertisers.
Rather than centralized corporations, Gems plans to achieve this revolution by merely distributing advertising revenue to the users. Gems launched its cryptocurrency crowdsale on December 1. During the presale, investors can purchase XGEMs, the native currency of Gems. Half of the 100,000,000 XGEMs will be distributed during the presale (32,000,000 of the remaining coins will be used for an airdrop, and other giveaways and the other 8,000,000 will go to developers). Gems’ developers will burn any presale coins left over at the end of the sale.
Users can send and receive XGEMs from within the Gems app. What sets Gems apart is that advertisers must pay for advertisements using the XGEMs currency. Users who receive sponsored messages from advertisers will earn the XGEMs used to purchase the ad. However, it is not clear what value XGEMs will have aside from the necessity to use them to pay for in-app ads. The most innovative aspect for Gems is achieving a low entrance barrier for crypto and appealing to a large audience.
Gems is expected to take off at the point of being adopted by the first significant autonomous community containing at least 10K daily active members. Producers of Gems have given their best to position this bootstrap community to be the cryptocurrency community by conducting a crowdfund. Since cryptocurrency activists are more attuned to the Gems compensation model, they form the perfect candidates to induce viral growth to the outskirts of this community at first and then to the general population. Once the bitcoin and blockchain technology is populated among people, Gems shall become the mainstream bitcoin, as per the sources.
Gems is a brand new sharing economy model and if it succeeds it will be a game changer in the way social networks currently work.