Gemz (GEMZ)

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GetGems is a social messaging platform that is built on top of the popular Telegram network. The native currency of this network used for social tipping is GetGems (GEMZ), a token which utilizes the Counterparty protocol on top of the Bitcoin blockchain. The idea is to monetize any advertisements with the help of the GEMS tokens, so that the users of the social network will have a stake in the monetary value of the system. GEMZ was the first token to be sold through the Koinify network – the ICO money was to the team after they met certain goals, and the money raised was held in a multi-signature wallet. GEMZ team raised 2633 Bitcoins in their ICO and launched in April 2015.

GEMZ are the currency token behind GetGems, a decentralized social messaging app with bitcoin integration and GEMZ. The vision behind GetGems is to create a distributed social messaging system that worked as smoothly as Whatsapp, relied on the bitcoin blockchain for stability and integrated payments, and rewarded its users rather than profiting off their data.

Unique Technologies / Attributes

The core business model of most messaging apps is to harvest and sell user data. In contrast, GetGems sells advertising and rewards its users for it. It grows its user base by rewarding participants using GEMZ that can be exchanged for bitcoin or other currencies. Users earn 25 GEMZ for every successful referral, and they earn a portion of a daily distribution of GEMZ according to how many users they have invited to the network. Users can also earn GEMZ through viewing in-app ads, and advertisers pay GEMZ to place ads.

The GEMZ functionality of GetGems runs on Counterparty, a decentralized exchange that allows asset issuance and trading. This let GetGems focus on messaging features for users and not worry about mining, private keys, hashrates, and other complexities of many other cryptocurrencies. The wallet is integrated into the user’s profile, and the app hides the complexity of establishing addresses on the blockchain or even wallets. This also allows users to send GEMZ and bitcoins easily from within the app itself with simple text commands: as easy as sending text message. As a result, GetGems is also growing into a platform for micropayments.

Mining / Minting

There is no set mining or minting of GEMZ. Instead, users are rewarded for different actions that benefit or grow the network. GEMZ can then be exchanged for bitcoin and ultimately sold for fiat dollars.

ICO/Launch

GEMZ (XGEM at the time) launched Nov 2014 with a two-week invite-only presale, following by a public crowdsale. The presales sold XGEM at 17,250 per 1 BTC, the public sale sold at 15,000 per 1 BTC. This method sold 5 million XGEM and raised over $100,000, and eventually over $750,000 in early 2015. It was the first crowdsale on Koinify, a decentralized platform for apps. (In January 2016, Koinify announced it would shut down). Gems also raised $400,000 from Waze Investor, Magma VC.

The messaging platform successfully launched in April 29, 2015, and is currently available as Telegram with GetGems on Android and iOS.

Community / Founders

GetGems was launched by Israeli developer Daniel Peled. In an interview in early 2016, Daniel said the internal founding team owned only 8% of available GEMZ.