Jay Addison reports on GEMS, a Bitcoin App that lets Users Earn Money From Social Messaging. Koinify, the crypto crowdfunding platform, has announced that Gems will be the focus of their first cryptocurrency fundraiser. Gems is a recently announced app that can be described as “messenger meets cryptocurrency,” with a fully encrypted mobile messaging system AND a built-in digital wallet where you collect, store, and spend gems tokens accumulated through your participation as a user.
Transcript
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I'm Jay Addison for Investment Pitch Media and CryptoBiz Magazine. Today we'd like to showcase GEMS. GEMS is a messaging app for the iPhone and Android platform designed to reverse the current social networking business model and turn it into one where users are in control, sharing the success of the social network they help create. By distributing tokens, or GEMS, the network rewards users for active participation.
The tokens can then be traded for different functions on the network or within the app itself or traded for bitcoins on an exchange. Building GEMS with the counterparty system as the foundation was a logical choice, says Pellid, the developer, where an encrypted messaging app can layer on top of a reward system that benefits every user. Big investors are finding their way to bitcoin startups and lately are more focused on the exponential growth of applications that are being developed on top of the bitcoin protocol. The recent announcement by Overstock.com OSTK on the Nasdaq that they will utilize the counterparty platform for asset trading brings the cryptocurrency right to the doorstep of the Bitcoin market.
Bitcoin and other blockchain-related technologies such as the counterparty platform are still taking their first steps to maturity. A seasoned company like Overstock, willing to take a nascent technology and build on it, will have to overcome multiple hurdles, including inevitable changes in banking regulations. On the other hand, like so many companies and projects before them, Overstock and counterparty may be in a position to transform how asset exchanges and perhaps the whole financial sector could work for decades to come. GEMS crowdfunding platform, will begin December 1st, 2014.
For more information, please visit coinify.com with a K or getgems.org. I'm Jay Addison for Investment Pitch Media and Crypto Biz Magazine. For more video news and to view our disclaimer, please visit our website at www.investmentpitch.com and to receive our latest videos, please sign up for our RSS feed. Visit www.cryptobizmagazine.com to learn more about Bitcoin and cryptocurrencies and get a free subscription.
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