SECS/GEM

Examples of micro-tasks are labeling objects and photos that can be used for data science or machine learning. By using the Gems Protocol, anyone can tap into the power of scalable micro task workers without needing to worry about task verification, trust, or payments. A mere 2 billion was planned to be auctioned off at the token sale, with the remaining 6 billion to be kept by the Gems team. With the team having 75% of the tokens, they could easily dump their tokens on the market post-ICO for a quick profit, to the detriment of the ICO investors. Micro-task workers trend more toward the lower-skilled and lower-educated end of the spectrum.

Gems will use a series of off chain payments without gas, which are then grouped on the blockchain at a later date. The ease of payment and reduced verification process creates a gateway for anyone with a computer to enter the cryptocurrency world. Through the creation of a wallet, anyone can begin to complete microtasks and get paid. Gems uses a staking mechanism to increase the accuracy of results. Miners and requesters stake tokens on the validity of their work which effectively disincentivizes incorrect tasks.

Hence, user interfaces on micro-task platforms must, or rather should, be accessible for those without high computer literacy. The Amazon Mechanical Turk interface is notorious for its poor user interface, with requesters often building their own interfaces. These poor user interfaces create inefficiencies and reduce the number of tasks completed over time. According to theWorld Bank, as of 2015, about 2 billion people did not have a bank account. This is a massive segment of the population, a segment that at present is unable to take advantage of current micro-task platforms, amongst other things.

This creates significant economic inefficiencies and deadweight loss in the marketplace. Gems accomplishes this goal through the Gems Protocol, a protocol for assessing the validity of work and trust of network participants. Short Term and Long Term Potentials of ExpandThis is a shame because the Expand project has a good long-term concept. The micro-tasks segment of the gig economy is a sizeable one, and Expand has come up with an excellent way to improve on the current model using blockchain technology. Development also seems to be going well with a test version already released.

Even though the vast majority (75%) of the tokens are held by the team, the breakdown of those tokens are not specified. We only know that they are being used to “subsidize requesters (onboard them to the platform), encourage new workers to the platform, and will be used for long term expenditures”. Micro-tasks can be performed by pretty much anyone without specialized skills.

gems protocol

However, with time the team plans to devolve each component and eventually decentralize the network. Their plan in Q is to launch the RSV token and the launch the Reserve mobile payment app in an economy suffering from Hyper-inflation. By 2020, the team anticipated to launch the RSD and implement the RSR token in the live Reserve protocol.

There are two types of ERC-20 tokens that underpin the Reserve Protocol. First, the Reserve stablecoin (RSV) is a hyper-inflation- proof asset that will be initially pegged one-to-one against the USD before being collateralized with a basket of blockchain assets stored in the Reserve’s vault in later stages. These assets will be diversified and made up of tokenized real-world assets including securities, commodities and currencies. The Gems Protocol, assesses the validity of work and trust of network participants.

There are no centralized fees on the platform, so workers can earn more while requesters pay less. Staking is how Gems proposes to solve a plethora of problems in tradition micro-task platforms. They do this by setting up an Ethereum smart contract to act as escrow during the duration of a micro-task deal. Gems aims to be a platform for micro-task requests and completion for pay.

The average hourly rate for a worker in Amazon’s Mechanical Turk is $1.20 to $5/hour. The requestors pay a minimum premium of 20% on all payouts and additional fees on top if they require workers with a good track record.

Generated on Ethereum, and acting as utility tokens as mentioned before, RSR tokens are vital for Reserve. Depending on the collateralization, the total supply can be raised or tokens burnt. Due to the high number of tasks that turkers must complete in order to earn a minimum wage, the time spent going back through records to investigate why certain tasks haven’t paid out is costly, and in most cases not even worth it. Gems is working to make the world of Crypto, a more thoughtful and less price focused endeavour.

Therefore, even the unbanked in any countries can work on the Gems platform whereas they cannot become a worker on other centralized platforms because they don’t have a way to receive compensation. The Platform is the engine that with drive Gems, where all major activity is performed.

Furthermore, a Gems trust score is formed using the individual’s history of completing tasks efficiently and accurately. The presence of a middleman significantly reduces the wages received by the worker while increasing the cost of microtasks to the requestor.

The Gems Protocol, Gems Platforms, and modules built on top of it are collectively known as the Gems Network. Gems is a decentralized, open-sourced, human task crowdsourcing protocol built on top of the Ethereum blockchain. With Gems protocol, there is no need to worry about task verification, trust or payments.

The Gems Protocol is comprised of a staking mechanism to ensure task completion, a trust mechanism to track worker integrity and a payment system to reduce transaction fees. First application using the Gems Protocol will be the Gems Platform. The Gems Platform connects those who want work done with human workers .

The Gems Token Sale – Cancelled After Red Flags Raised by Community

  • Using the Gems Protocol, anyone can tap into the power of scalable micro task workers without needing to worry about task verification, trust, or payments.
  • In this paper we introduce Gems, a decentralized, open-sourced, human task crowdsourcing protocol built on top of the Ethereum blockchain.

Anyone can build on top of the Gems Platform, creating “modules” that are interfaces for particular human tasks. The first module the Gems team will build focuses on labeling data for AI. In this paper, we describe the Gems Protocol, the GEM token mechanism, the current problem with existing platforms, the Gems Platform, and the reasons we initially focus on AI tasks.

gems protocol

These people may have access to the Internet, but not suitable banking infrastructure. Workers (called miners in Gems’ whitepaper) have to stake a small amount of Expand (XPN) tokens. This should be small enough to balance between discouraging malicious miners and not penalizing honest miners. But the current crowdsourcing model has a few major problems; problems that Expand (Formerly called Gems) believes it can solve using its smart contracts on the Ethereum platform. In the current environment, crowdsourcing platforms connect businesses with the micro-task workers, taking a fee off the top.

In this paper we introduce Gems, a decentralized, open-sourced, human task crowdsourcing protocol built on top of the Ethereum blockchain. Using the Gems Protocol, anyone can tap into the power of scalable micro task workers without needing to worry about task verification, trust, or payments. Gems is designed to disincentivize malicious actors and reward fair players. The Gems Protocol is comprised of a staking mechanism to ensure task completion, a trust mechanism to track worker integrity, and a payment system to reduce transaction fees. Gems uses its token mechanism to enforce the behavior of all participants, instead of being regulated by a single operator.

Crypto OPSEC : Accounts, Cell Phones, 2FA & Security

But unless it can sort out its short-term problems quickly, all that long-term potential may be for naught. Expand VerifiersVerifiers will be paid a reward that is anywhere from 10% to 100% of the miner’s reward, with a minimum amount of $0.20 equivalent in XPN tokens. This verification system helps reduce the problem of redundancy; for instance, some requesters on Amazon Mechanical Turk supposedly have 5 to 15 workers perform the same task to reach consensus. There is no mention of the total supply and RSR distribution in the project’s whitepaper. However, according to coin trackers, there will be 100 billion RSR tokens, all of which are pre-mined.

Expand

We further introduce the first application using the Gems Protocol, aptly named the Gems Platform. The Gems Platform connects those who want work done (henceforth known as “requesters”) and human workers (henceforth known as “miners”). By using the Gems Protocol, the Gems Platform removes socioeconomic barriers that exist in centralized alternatives (e.g. large fees, market inefficiencies, need for bank accountants, etc.).

Introducing Gems: The Protocol for Decentralized Mechanical Turk

By using the Gems Protocol, the Gems Platform removes the pain points like large fees, market inefficiencies, need for bank accountants, etc. Furthermore, anyone can build on top of the Gems Platfrom thus creating specific “modules” for particular human tasks. On top of this, Gems has an absolutely amazing team, so lets meet them.

Gems is not simply a platform for micro tasks, but rather the tool to build any platform that involves verifiable work. Micro tasks are small, simple tasks that require human judgment and can be completed independently over the Internet. Examples of micro tasks include labeling pictures and transcribing audio to text. The Gems payment system will be more efficient that the current marketplace solution.

Where instead with Gems, peoples first experience could be as a micro-task-worker a ‘Turker’, where one would instead of buy their first position into crypto currency, would actually earn it, via a micro task. This mindset, would then change how we think, approach, view and ultimately, how we use the blockchain. requesters will either build their own tools or pay large fees to startups looking to tackle the enterprise market, wasting millions of dollars. The entirety of the labor pool does not have access to current micro task marketplaces. A staggering 38% of the world’s population does not have a bank account, hurting their ability to work in and contribute in current 4 systems.

Team Keeping Majority of Tokens

The two most popular micro-task crowdsourcing platforms today areAmazon Mechanical TurkandCrowdFlower. In 2014, it was estimated that there were over half a million freelancers doing work on Amazon Mechanical Turk. Such a special scenario will force the protocol to automatically mint and subsequently sell RSR token for additional collateralize blockchain assets. This way, the protocol would easily offset the extra capital requirement needed to scale the supply of RSV stablecoin.

The first platform built off of the Gems Protocol is aptly named the Gems Platform, which allows requesters to post micro tasks and workers to discover them, all with no central fee. On the Gems Platform, reusable open-source task interfaces called Modules are built, allowing for anyone to build great task interfaces and charge a fee that they set. Expand is a protocol that allows requesters to build micro tasks and workers to perform them. The Reserve Protocol can be deployed on top of any smart contracting platform. Although initial development will begin in Ethereum, they plan to create a two-way bridge, allowing complete interoperability of Reserve Protocol tokens.

Gems is a decentralized, open source protocol built on the ethereum blockchain that aims to disrupt the crowdsourcing industry. Gems is a protocol for contracting workers to perform micro tasks. Workers stake tokens in order to prove validity of their tasks and earn a reusable computed trust score, enhancing the cost-efficiency of the network while democratizing access to scalable micro task workers.