Last updated on January 2nd, 2018 at 12:00 am
Koinify, a crypto-crowdfunding platform, today is launching its first project: GEMS.
Koinify will focus on projects involving decentralized applications (DApps), smart contracts and crypto infrastructure, all of which will be carefully examined and curated before being allowed on its platform. All funds will be safely stored in multi-signature wallets and co-signed by a well-respected arbitrator and the particular project’s owner. As an added benefit to the purchasers, funds will be released upon reaching previously agreed-upon milestones, and the arbitrators will be used to decide whether these milestones have been reached.
“Other similar platforms may exist that seek to help decentralized startups get off the ground,” said Tom Ding the CEO at Koinify, “but Koinify will be the first that also acts as a gatekeeper, picking those projects we believe best fit with the higher aims of the decentralized and blockchain communities as well as those which we feel have the best chance of success. As well, if the project sells out, makes $6 million and gets all of it in cash or Bitcoin, the people behind it may not have the incentive to deliver a product. Part of our job also will be to help them establish things like multi-sig and create milestone-based vesting to make sure incentives for developers are in line with what’s been promised.”
GEMS will be launching as a free mobile application for iOS smart phones with Android to follow. In addition to coming with a built-in digital wallet and providing fully encrypted, peer-to-peer instant messaging that is indecipherable by GEMS’ own infrastructure, GEMS will give users the power to instantly send and receive its native tokens, XGEMs, and Bitcoin to friends. XGEMs can be earned by participating in the network, inviting friends to join, and via “airdrop” giveaways. The tokens can then be used within the network.
“At the moment, the masses lack a strong incentive to enter the Bitcoin ecosystem,” said Daniel Peled the founder of GEMS. “GEMS solves this problem by ingeniously taking the most adopted form of online communication—mobile social messaging—and introducing a value-reward system built on top of Bitcoin. Users familiar with Bitcoin will enjoy a convenient method to send Bitcoin to their contacts without having to type in long addresses because our system works with the users’ screen names. People new to the space will appreciate GEMS’ interface that is easy to understand and use.”
In addition, advertisers will have to pay into the network while members will always have the power to opt out of any messaging they don’t want. With GEMS, users choose whether to receive promoted content tailored to their interests. If they do, they will earn XGEMs for each sponsored message they view.Crowdsale Interface
The GEMS crowdsale of its native token will begin with a 14-day private pre-sale to select value-added partners in the Bitcoin sector. Its public crowdsale will then begin on Dec. 1 and run for 36 days through Jan. 5, 2015. In all, a total of 50 million XGEM tokens will be offered for sale at a rate of 17,250 per bitcoin until Dec. 3. The rate will then decline by 1,000 XGEMs every five days to a final rate of 10,000 XGEMs per Bitcoin from Dec. 28 until the end of the sale. Any tokens not purchased during this time will be destroyed when the sale ends.
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