Startups

Gifto: The Decentralized Gifting Protocol

You know how the saying goes, “Do what you love and you’ll never have to work a single day of your life”? To which, you probably rolled your eyes and thought, what I love doesn’t really pay. Because in spite of you being super talented and creative, online content creation doesn’t do wonders to ones bank account. Unless you’ve been blessed by lady luck like the handful of Youtubers who have managed to survive and thrive. But you don’t see that happening to yourself, hence you are now stuck in a 9 to 5 job, which you’re not thrilled about in the least.

Well, blockchain tech just might be your ticket out of the dreary world of 9 to 5’s; Gifto is a decentralized platform that aims to help Internet content creators in monetizing their work.

The Need For Gifto

Gifto was created as a potential to fix the current content monetization system that is broken. Some of the widespread issues of that system are:

  1. The absence of an appropriate compensation/revenue model.
  2. The lopsided division of resources for the “top-tier” producers against the small budding creators.
  3. The biased modification of the content according to the demands of the sponsor or the advertiser.

In exchange for a better, more decentralized and a rewarding system. In order to achieve this goal, the team behind Gifto has designed a decentralized network powered by the Ethereum blockchain. Their decentralized virtual gifting protocol can be used on different content publishing platforms that are already popular on the Internet, such as YouTube, Instagram, and Facebook. The company aims to construct an eco-system that is self-sustaining for three key participants.

  1. Content creators, who create music, art or video for the fans.
  2. Virtual gift creators, contributors who create the virtual gift assets, from images to animations (these can also be content creators themselves).
  3. Curators, the panel that reviews and curates virtual gifts for quality, categorization, and pricing.

How Gifto Works?

First of, the content creators select gifts that are a good fit in accordance with their work type. Then a web link is created for the content creator in order to show the selected gifts to their fan base. The content creators can also post the link on their Instagram, Facebook or LinkedIn channel and the fans can open the link, to the customized Gift Store.

The Gifto Token

The Gifto tokens (GTO) are ERC20 compliant tokens, which can be used in the trading and exchanging of virtual gifts. The customized gift store also uses GTO in order to purchase and send a gift.

How to Store the Gifto Token

Since it is an ERC20 tokens, all Ethereum based wallets should work just fine as a GTO wallet as well. Trezor, MetaMask, MyEtherWallet, Ledger Wallet are a few wallets that support Gifto tokens.

The Gifto Team

You can read the whitepaper here.

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Abeer Anwaar

Abeer holds a Bachelors degree in Media studies and covers blockchain startups for BlockPublisher. An optimist, excels in the art of the written word and swears by the joy of all things sweet. Email: abeer@blockpublisher.com or contact the editor at editor.startups@blockpublisher.com

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