GEMS ICO: An exciting new micro-economy platform

Gems aims to create a marketplace for microtasks, comparable to Amazon Mechanical Turk. People who have tasks which need human judgement and can be performed on the computer without the need for physical explanation or contact can advertise this on the marketplace. Workers can then respond to perform such a task from any location on the world at any time.

What makes Gems such an improvement in the field of microtask marketplaces is that Gems uses a token system combined with trust scores to increase efficiency and drastically reduce the costs (which are now the revenues for companies such as Amazon).

Existing microtask systems have multiple (up to 15) people perform the same task in order to verify the results. They do this because the system does not allow task requesters to fully trust an individual worker, so multiple people perform the same task after which the results of the tasks are compared to each other and the majority of corresponding responses are accepted as the answer. Needless to say this creates an inefficient system, but it is unavoidable with the traditional microtasking systems.

The gems protocol solves this problem by adding a trust system. The microtask workers (miners) can increase their trust score by accurately fulfilling tasks. People who have acquired a high trust score can later on work as verifiers. The verifiers have proven themselves in previous tasks, and are seen as a trusted benchmark to compare the work of the microtask worker to. Using this system drastically decreases the labour needed because one verifier replaces a pool of other workers to serve as a comparison for task verification. This will make that tasks can be completed quicker, but more importantly, no redundant labour is performed.

Besides, all parties (the worker, the verifier and the task requester) stake GEM tokens in the process. This highly increases the incentive for workers to deliver quality work and creates mutual trust among the requester and the working parties. Besides, using tokens as rewards makes banks redundant for payment which makes it a lot easier for people who do not have access to a bank account to participate. With a trust system such as used by Gems, the tasks requested range from just microtasks to any digital tasks that require verification.

You can read the whitepaper and see more use cases at : https://gems.org/