Social networks

Gems; the new bitcoin social network era

Altcoins, News

Bitcoin and social networks

We have always wondered how would it be possible to mix Bitcoin and the concept of social networks together in order to bring a bigger crowd to the digital currencies platform. There is simply nothing hotter then social networks right now which owns around 75% of all internet users and represent an outstanding 40% of the worldwide population.

While social networks are still growing year after year and not likely to slow down, the Bitcoin industry is getting now closer to becoming part of this endlessly growing concept. On march 2013 a team of developers have decided to take a step forward in the right direction and have created a very unique concept which is called Gems. Gems is a mobile application and will be the first social network application to allow it’s users to be rewarded in Cryptocurrency simply for being active. Gems mobile messenger is working just like WhatsApp or Facebook messenger and will allow you to own your share of what it’s going to be worth. WhatsApp has been sold for a massive net worth of over 20 billions and this is all due to it’s user base which mean the very people who uses the mobile messenger on a daily basis.

We basically gave WhatsApp a way to become rich without them sharing anything with us. This is where Gems steps in and allows us to earn from their revenue with a pretty good revenue model which allow the most active users to earn the most from their work.

Users rewarded via the airdrop

The airdrop is a concept which will reward the active users with a certain % of coins accordingly to the amount of efforts each active users puts in. Let’s say I refer 10 people to the application and they are using it on a daily basis then I will be rewarded according to my contribution to the network.

This model is implemented using the daily airdrop. A percentage of all available gems 30,000,000, or 30% are reserved for distribution in daily airdrops. Every day, ~27,400 gems are taken from the reserve and distributed directly to users according to a public and fair algorithm. The gems are dropped into the users wallets, hence the term ?airdrop.

Fraudulent activity

fraudGems has a very detailed plans on how to avoid fake accounts and fraudulent activities which is aiming to gain more from the airdrop than they deserve.

Usage is restricted to manual human operation only. Users must create an official Gems account in order to participate in the network. Gems accounts are locked to a single specific mobile device, and this mobile device is only allowed to access a single Gems account at a time.

But this is far from enough to keep the system secure from cheaters and this is why Gems has elaborated a specific mechanism with a  trust indicator for each account by having their system analyse each and every of the following factors;

1-The account age

2-User anonymity level ( Gems allows you to stay 100% anonymous but if you were to identify your self you would automatically have a higher trust score)

3-The number of gems available in the account (The more gems you hold, the more the system recognizes you as an active user)

4-Usage frequency patterns and Response to push messages ( these 2 indicators are helping the system to recognize potential Spammers and Bots)

5-Communication network and friends ( the more high trusted users you are talking too the better it becomes for your trust indicator)

6-Reputation within the community ( Users will be able to report spammers and this will give an even lower trust indicator)

These are only a few indicators taken in charge by the system but they explain well enough how to avoid being flagged. Basically stick to one account, do not try to cheat the system or you might simply result in losing everything you hold in any of your multiple accounts which is not tolerated by the system.

Gems the pre-sale

Gems pre-sale is scheduled to happen in November and hosted by Koinify. Precisely when? It has not been specified yet, but the advantages of participating in the Gems pre-sale knowing the potential this application could have once it goes viral is absolutely worth it and here’s why;

As we’ve seen previously, the more active users you refer or the more Gems coins you will hold in your wallet are pretty big factors when it comes to your daily airdrop reward. Each factors is rewarding you proportionally to your level of participation. By participating in the pre-sale you become eligible to a fast start when you think about it.

1-Uninvited users are attributed to random pre-sale participants: Which mean, If someone just goes and download the application directly from Google play and wasn’t referred to do so by someone else, this user becomes an uninvited user and may fall as your direct referral just like that without any work done. Being your direct referral will eventually reward you if this user starts using the app.

2-Daily airdrop contributions are proportional to the total amount of gems held: This part is a very important one knowing, very few people will want to sell their pre-sale coins and instead gather more and more. Not buying a few coins in the pre-sale will make it a hard task finding some cheap ones on the markets.

3-The ability to purchase gems for a special pre-sale price before trading starts: If this concept goes viral, the price on the markets may rise at a fast pace. Knowing Gems rewards more their users who keeps Gems coins in their wallets, traders might reconsider dumping their coins and this will create instantly higher prices due to a constant demand on the markets. Buying at the pre-sale prices may be a good idea if you do not want to pay too much once they hit the markets.

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