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ICO Alert Quick Facts
- Decentralized universal gifting protocol from the team at Uplive
- ICO has already sold out — hard cap raised in one minute
- $100 million in revenue (2017), with $25,000,000 in virtual gift transactions
- 20,000,000 existing users to use GIFTOs
- Product beta begins testing in Q1 2018
- ICO Price: 1 Ether = 4,300 GIFTO tokens (GIFTOs)
What is Gifto?
Gifto Protocol — The Universal Gifting Protocol is envisioned to be a self-governing and self-sustaining ecosystem for virtual gifts to be created, curated, tracked, bought, sent and exchanged across any content platform such as YouTube, Instagram, Facebook, and Uplive App.
— The Gifto Team
ICO Alert: How does the Gifto token function within the platform and why is it needed?
Gifto: The GIFTO Token (GTO) would be used to purchase virtual gifts and reward virtual gift creators within the ecosystem.
ICO Alert: What is Uplive and how will the success of Uplive impact Gifto?
Gifto: Gifto is by the team behind Uplive (www.up.live), an app with over 20 million users that generates over $10 million per month ($100 million USD in 2017) in revenue from virtual gifting and allows content creators to earn up to $20,000 per month from live streaming. Gifto will create a universal platform from Uplive’s successful business model, making it available to everyone, on every platform in the world.
As a competitive advantage, there will be quick user adoption by 20 million users to get mass adoption of blockchain technology and building out the end to end gifting ecosystem. Too many projects are starting from scratch and building the business at the same time. However, Asia Innovations Group (AIG) is the company behind GIFTO and the main product is the Uplive App: the fastest growing live streaming app. AIG is a Series B company with solid investors and advisors that is currently on track to make $100 million USD evenue in 2017, with 20 million users and 60,000 content creators.
ICO Alert: Is there any inherent real-world value in the Gifto virtual goods? What are the most commonly sent virtual goods?
Gifto: The concept of “tipping” a content creator has been around for a long time, and there are many such services in the West, from Twitch credits, to crypto tips on Reddit. However, we have observed that virtual gifts are much more powerful and evocative than cash. Gifting is a basic, universal human social behavior, built on the psychology of reciprocity.
From the whitepaper:
ICO Alert: How many users exist today and how big do you think the user base can grow with the inclusion of new social media platforms?
Gifto: 20 million users and 60,000 content creators. Platforms such as YouTube, Instagram, Facebook, have made it easy for anyone to create content with their mobile phones and reach theoretically anyone in the world. Youtube has a monthly active user (MAU) count of 1.5 billion users while Instagram has 700 million MAU. Any one of these users can become a content creator. However, as easy as it is to create content, it remains difficult for the vast majority of content providers to make a meaningful living from doing so.
ICO Alert: What prevents Facebook, Twitter or other social media platforms from coming out with a similar virtual goods platform and marketing it to their users?
Gifto: Implementation of GIFTOs would be done in 2018, the other social media platforms would have to play catch up to GIFTO.
ICO Alert: As a non-Gifto question we like to ask for unique predictions for the ICO and cryptocurrency space in the future. Where do you see both in the next 3–5 years?
Gifto: The projects with the most user adoption would ultimately be the winners in this space. ICOs and cryptocurrency would evolve as more regulations come into play.
Pre-ICO Information (if applicable)
There was a private pre-ICO that sold out at a total of 200,000,000 GIFTOs. There was also a whitelist registration process that began on November 16, 2017 and closed on December 12, 2017 that will allow those that registered guaranteed access in the ICO.
The ICO was scheduled to begin on December 14, 2017 at 8 p.m. UTC and end on January 13, 2018, or when the hard cap of 100,000,000 GIFTO tokens is reached. There were a total of 100,000,000 GIFTOs available during the ICO and a minimum contribution amount of 0.3 Ether. The ICO sold out on the first day in under one minute, so any chance of purchasing GIFTOs in the future will be done on exchanges.
In order to participate, contributors had to have had gone through either a basic or enhanced KYC process. Those that participated in the basic KYC process had an individual contribution cap of 2.3 Ether, and those that participated in the enhanced KYC process had an individual contribution cap of 23 Ether. If you did not participate in the registration process you were not able to participate in the ICO.
1 Ether = 4,300 GIFTOs
Token Distribution Information
There are a total of 1,000,000,000 GIFTOs created with 300,000,000 GIFTOs for sale across the pre-ICO and ICO.
30%: Token sale
30%: Power the ecosystem
25%: Company reserve
Use of ICO Proceeds
The team has stated that the proceeds from the ICO will be used for: Product development and engineering; Marketing, market adoption, and user acquisition; and operations.
Collectively, Uplive already reaches 70 million users that will be incentivized to jump start the global virtual gifting ecosystem.
- Uplive’s 60,000 broadcasters have millions of fans OUTSIDE of Uplive on YouTube, Instagram, and Facebook.
- About 10,000 broadcasters have an average of 10,000 fans across these platforms, with a combined 100 million, assuming a large 50% overlap in users, conservatively the reach is 50 million users outside Uplive.
- Uplive’s 20 million users are also users on these global platforms, following other content creators.
Preparation: Seeing GIFTO with Uplive users
Once GIFTO Wallet is available in the Uplive app, the team will allocate GIFTO Tokens gradually to paying users in Uplive, to seed the user base for GIFTO, as these users are already paying for virtual gifts on a regular basis.
Phase 1: Alpha Version: Centralized GIFTO Protocol working in external content platforms
The Alpha version of the GIFTO Protocol will be available to Uplive content creators to use outside of Uplive: YouTube, Instagram, Facebook, etc. This is still hosted on Uplive systems and domain. The goal is to quickly iterate the user experience to enable any content creator to easily use GIFTO to start monetizing their content.
Q1 2018: Beta Version: Decentralized GIFTO Protocol in Blockchain working in external environment
Beta version of decentralized GIFTO Protocol, deployed on blockchain that is available for external users outside Uplive to use. This will be a hybrid on/off chain server solution to support fast transactions; front-end user experience iterated based on Alpha version. In this phase, we will start to work with new global content creators that are not on Uplive to iterate product experience further. Additionally, the first set of Smart Virtual Gifts will be deployed based on blockchain.
Phase 3: Commercial version 1 of GIFTO Protocol launch
Full ecosystem enabled, with commercial-grade fast transaction blockchain server. Will fully push to global content creators worldwide.
Q3 2018 and Ongoing
Ongoing iterations and expansions to the project.
For more information on the roadmap please visit the Gifto website.
Source: ICO Alert