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Ratings Gems

Decentralized Mechanical Turk

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.

2.5
3 2 expert ratings
Benchy 2.0
KYC
Experts
5.0
5.0
4.4
Review: coming soon PRO
Unknown
Token
GEM
Type
Platform
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Ratings

All ratings published on ICObench serve informational purposes only. ICObench does not provide investment forecast, recommendations or any consulting for that matter. Thus, neither ICObench, nor the experts can be hold responsible for the visitors’ investment decisions. Read more
Pavlos Tzegiannakis

Rated on Jan 23, 2018
5
5
5
7%
This rating's weight is reduced by 50% as there is no review added.
Zaid Mahomedy
CTO @ Blockchain Advisory, Founder @ Immersive Authority
Rated on Feb 5, 2018
5
5
4
9%

Team

The project has an “all-star team” and the reviewer is sure that they will be able to deliver a fully working solution in a few months. The team are developing rapidly and community members are currently participating in pre-alpha testing.

Competition

The whitepaper mentions that their competitors Amazon Mechanical Turk and Crowdflower are at a disadvantage as they charge high fees, have a bad UI and don’t cater for the unbanked. Those disadvantages are not impossible for the existing players to overcome. Stanford’s Crowd Research Collective is currently designing a “self-governed crowdsourcing marketplace” dubbed Daemo at present, and this could be implemented as a competing platform. Another competitor that is not mentioned is AI and Machine Learning. If there is a system that provides financial incentive to workers and verifiers for menial tasks, a clever individual could hack the system and use bots on certain GEMS projects. This system has a verification system built into it, but it is a human-designed system (which is prone to errors), and some tasks are very menial. Machine Learning is advancing at a rapid pace, and is already able to do some of the tasks that this mechanical turk platform expects humans to perform, e.g. completing surveys, transcribing documents, captioning photos, sorting documents, flagging copyright or inappropriate content.

Market

Since there's no business plan, the reviewer did a search to see if there is a market for these types of menial tasks. Various sources indicate that there are at least 500 000 MTurk workers using Amazon’s platform. Most earn less than $5 per hour and are geographically concentrated in US colleges, India, and various Asian countries. These are workers who have access to the internet for hours at a time. The use cases that the project team are looking to tackle sound viable and worth pursuing. See this article on the types of initiatives that the team are considering sponsoring for their beta-testing phase.

Economics

GEMS can be summarised as a gig-economy job board, where an employer can recruit multiple workers to perform menial tasks; verifiers ensure that the work is of high quality; escrow and a staking and review system is built-in to ensure both employers and workers are protected. Due to the decentralised nature and use of an off-chain GEMS payment system (unknown where this physically resides as the technical architecture is unclear) that only persists groups of transactions to the Ethereum blockchain, considerable cost efficiencies are realised.

It’s a platform that connects workers (who can perform menial tasks) to employers (who want to pay minimum wage in the form of GEMS tokens). Once the solution goes-live and the value of a GEMS token is determined (based on lower fees, and pegged in fiat terms relative to what employers’ pay on competitors platforms), there should not be much room for the GEMS token to fluctuate in value. Perhaps GEMS token price inflation in line with minimum wage increases on a global scale?

Conclusion

On the Telegram channel, there are members who explicitly state that this is not a crypto coin for investment. The GEMS project has a high number of Telegram users because people are currently interested in being on the ICO pre-sale whitelist or want to partake in the alpha-test bounty program for tokens. The GEMS project is great because it benefits the community of MTurk workers and reduces costs to the employers.

However, the reviewer only sees this project as being a good social cause.

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Benchy
ICO analyzer bot
2.0
84%

Experts are independently and voluntarily contributing to the community. If no expert has rated the ICO, only ICO analyzer's results are used. Always research before investing as these ratings should not be taken as an investing guide of any kind.

Ratings and ICO analyzer results are being updated (re-calculated) every few hours.

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