Updated: Dec 21, 2019
Gifto is a Universal Gifting Protocol, which is envisioned to be a self-governing and self-sustaining ecosystem. The platform allows virtual gifts to be created, curated, tracked, bought, sent, and exchanged over many content platforms, such as Instagram, YouTube, Facebook, and Uplive. GTO or Gifto Tokens allows fans to reward content creators with virtual gifts (graphics and animations).
This guide will explain what Gifto is designed for, the team behind it, the way it works, and various uses and applications.
What Is Gifto Designed For?
The Gifto team realized the current broken content monetization model and saw potential in designing a decentralized network, which could be powered by the Ethereum blockchain. Lack of suitable compensation or revenue, disproportionate division of resources, and unfair alteration of the content or operations are just a few of the problems that Gifto tries to solve.
Gifto is created to address the issues in the current app technology. The team instilled a self-governing and self-sustaining ‘Universal Gifting Protocol’ for content creators and developers.
Who Is the Team Behind Gifto?
Gifto is the brainchild of Andy Tian, who is also the co-founder and CEO of Asia Innovations Group (AIG). The team at AIG comprises of blockchain enthusiasts and crypto-technology experts. The network was launched in December 2017 and was tested along with AIG’s flagship product, Uplive.
Andy Tian has previously founded three other start-ups. He was also the general manager of Zynga China and worked at Google, where he helped in introducing Android to the Chinese market. Charles Thach is the Chief Crypto Officer and a seasoned banker with 15+ years of experience. He is also an AML/KYC expert.
How Does Gifto Work?
Gifto is a decentralized virtual gifting protocol that is built on Ethereum. It can be used on various existing content publishing platforms on the internet, including the popular social media platforms YouTube, Instagram, and Facebook. Gifto provides a unique alternative revenue stream for content creators on the World Wide Web who struggle to monetize their work.
The first step is for the content creator to select the gifts that are a good fit for their type of work. This publishes a web link where the creator’s fans can see this wish list. The list can also be shared on Instagram, Facebook, and LinkedIn.
Any fan can open this link and select the “chosen” gift that the content curator is interested in. They can purchase it using GTO, ETH, or fiat currency and send the gift to the content curator. The content creator then has the option to redeem the virtual gift for GTO tokens or keep it and send it to others on the Uplive platform.
What are Current and Future Applications of Gifto?
The Gifto token or GTO crypto coin is primarily used to purchase virtual gifts within the ecosystem. GTO can also be used for rewarding virtual gift creators on the platform. There are many use cases for GTO. Some of them are:
Giftomon: This is the first mobile social crypto game where users can collect, battle, mine, and sell rare monsters. GTO and ETH tokens are used as payment mean on this game, which is considered the world’s largest blockchain game on Telegram.
Charity: GTO is accepted in Uplive and Universal Gifting where fans can support content creators with virtual gifts and Gifto tokens. Uplive is the first mass consumer application to accept crypto through Gifto token. Gifto has also partnered with ChildFund Korea to accept crypto donations in GTO.
Exchange: Gifto has partnered with InfiniteX, an Australia-based fiat-to-crypto exchange. GTO is now the platform token for this exchange that operates as a secure and accessible gateway for mainstream global users.
Commerce: Several real-world merchants accept GTO as a mode of payment. This includes the Permanent Revolution of Tea, StyleUp, CACO, NAVY, Wave Shine, Holiday KTV, and Era TV, among many more.
GTO is the first project to have a dual-use case as a utility and exchange platform token. InfiniteX opens up a new model for project-exchange relations that greatly expand use cases for the Gifto token.
Recently, Gifto announced a high-profile partnership with Tron (TRX), which is another major player in the crypto space trying to build a global entertainment ecosystem. This partnership aims to further monetize and make available decentralized content.