The Gifto Protocol
Global content and social platforms such as YouTube, Instagram, Facebook have allowed anyone to easily create content and build a fanbase. However, these content platforms mostly still rely on advertising to generate revenue.
The key limitation of the advertising model is that it places control of revenue generation with centralized companies, including content platforms, advertising networks, agencies and marketing firms.
Uplive, has demonstrated that it is possible to generate significant, sustainable revenue for content creators via a sophisticated virtual gifting model and the Gifto Protocol will bring that model to the blockchain.
The Gifto 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, etc. Virtual gifts will be immutable, universal and independent of any content platform and will be stored as smart contract assets that fans can send to their hosts.
Gifto Protocol will also build a series of rules and incentives to drive the workflow of virtual gifting: creation, curation, selection, and purchasing. These rules and incentives will also be implemented using blockchain, so anyone can participate in the workflow and be rewarded for it.
Loi Luu, the founder and CEO of KyberNetwork and an advisor on the project said: “Uplive has a fast growing userbase and an amazing ability to monetize via virtual gifts while delivering fun.
I am happy to advise Uplive on meeting challenges of their massive transaction volumes, and Kyber look forward to work more closely with the Uplive team.”
Uplive’s 60,000 broadcasters and 20 million users will be the first adopters and testers of the Alpha version of the Gifto Protocol, which will begin testing by end of 2017. The Beta version will follow and start testing in Q1 2018.
“Asia Innovations Group has proven itself as an innovative leader in the mobile interactive entertainment space,” said Joe Lonsdale, founder of 8VC, Palantir and an early investor in AIG. “The team’s deep background in creating successful mobile social products are key to Uplive’s phenomenal growth, and I believe they will be able to apply new technologies such as blockchain to this exciting market.”
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