Gems price is $0.00011570
The current price of Gems (GEM) is $ 0.00011570, with a change of -0.60% in the past 24 hours.
Gems is an innovative protocol built on the Ethereum blockchain. It is designed to contract workers to perform micro tasks. These workers stake GEM tokens to confirm the validity of their tasks and, in turn, earn a reusable computed trust score that enhances the network's cost-efficiency. Moreover, this system democratizes access to scalable micro task workers - empowering anyone to leverage the power of scalable micro-task workforces without the need for task verification, trust systems, or the handling of payments.
The Gems protocol is decentralized and open-sourced, hence, it's created by contributors from its intuitive community. The protocol was implemented with clear objectives in mind - to rid the micro-tasking network of significant issues brought about by centralized systems. These problems range from large fees, market inefficiencies, to the requirement of bank accounts, which create socioeconomic barriers. As such, Gems aims to bridge this gap and create a more inclusive digital micro-tasking environment.
The inner workings of the Gems protocol can be broken down into three main components:
First, there is a staking mechanism to guarantee task completion. Workers use the native GEM token to stake on the tasks they wish to undertake. If their task is verified and accepted, they get the reward; if not, they lose their stake.
Second is the trust mechanism, which maintains a record of each worker's integrity by tracking their history of performed tasks. It monitors whether tasks were done accurately and correctly. In the system, a high trust score translates to more and better job offers.
Lastly, the protocol uses its payment system to further reduce transaction fees for all participants.
The GEM token is the lifeblood of the Gems ecosystem and it is multi-functional in nature. One of its primary uses is for staking, where workers stake tokens to prove the validity of their tasks. High-quality work will see workers increasing their holdings, while poor performance results in a loss of tokens.
Moreover, the tokens act as an incentive for the participants in the system, discouraging malicious activities while rewarding honest and quality work.
The circulating supply of the GEM token is at 691.0M and it has a market capitalization of $ 79.9K.
GEM tokens can be purchased on the following exchanges: Gate.io, IDEX. Always ensure you are getting your tokens from trusted sources to protect yourself from scams and fraudulent activities.
The Gems Platform connects requesters (those who need tasks done) and miners (human workers). This platform, powered by the Gems Protocol, dissolves the socioeconomic barriers generated by centralized alternatives. Anyone can build on top of the Gems Platform, creating "modules" that are interfaces for specific human tasks. The first module created by the Gems team targets labeling data for AI.
Since GEM tokens are built on the Ethereum blockchain, they can be stored in any wallet that supports ERC-20 tokens. For optimal security, use hardware wallets or wallets where you have full control of your private keys. Always remember to back up your wallets and keep them free from internet intruders.
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