What is Gifto (GTO)? Here is the Crypto Money GTO Token in All Details

What is Gifto (GTO)?

Gifto was launched as the Universal Gifting Protocol, but later became an open blockchain-based platform for ‘truly universal crypto gifting’.

Gifto plans to be agnostic in terms of token and social media application used instead of limiting donations to GTO in its Uplive app.

Gifto uses a delegated Proof of Stake blockchain with a dual-token model to “provide performance and transparency”. Besides blockchain, Gifto Wallet is another pillar of the new Universal Gifto Platform and was initially made available to Uplive users.

The dual-token model consists of GTO, which can be accumulated for “ecosystem privileges” and Gifto Stable as well as proportionate distribution of network charges when hoarders run a node. Gifto Stable is a stablecoin intended to be mined on the Gifto mainnet.

Gifto was the first project launched on Binance Launchpad.

Gifto Technology

Gifto addresses current application technology issues by offering a self-governing and self-sustaining “Universal Gifting Protocol” for content creators and developers.

The ecosystem created by Gifto will allow virtual gifts to be created, selected, tracked, purchased, sent and modified on any content platform such as YouTube, Instagram, Facebook and the Uplive App.

The Gifto token (GTO) or cryptocurrency is used to buy virtual gifts and reward virtual gift creators within the ecosystem.

It uses the basics of blockchain and smart contracts and has the following components:

Gift is Gifto’s Virtual Smart Gift: These are self-powered virtual assets based on smart contracts that exist and evolve on the blockchain.

Gift Store: Here, a user can purchase a gift for a particular creator. A fan can access the gift shop by clicking a creator’s gift link. This will also list all gifts customized by this creator.

Gift Inventory stores gifts for a user who can be a fan or creator
Gifto tokens: These are ERC20 compliant tokens used to trade or exchange virtual gifts.

Gift Portal: It is a blockchain-powered management system for gifts to be created, organized and managed by Gifto contributors.

The Gifto framework is based on Blockchain technology. Blockchain helps the network in the following ways:

Designing a workflow with specified rules to set different roles for community participants

Creating a framework to encourage participants by sharing revenue or creating personalized virtual gifts

Creating a wide variety of high-quality virtual gifts requires unified and planned teamwork from community participants in a pre-determined workflow. Whenever he wants to appreciate a creator viewing a piece of content, he can post new gift ideas to the Gifto network. After the creator of the gift creates a personalized entity based on the ideas in the gift-idea pool, it is sent to the catalog for review, where the gift curator checks the gift quality and pricing and classifies it for better ranking. This then goes to the creator who chooses and accepts the gifts.

However, the whole process needs some central functions to streamline the workflow. For example, curators must manually intervene, test each gift, and evaluate its popularity, monetization value, and quality.

A revenue-sharing matrix is ​​computed internally within the network, ensuring everyone gets the required rate. The gift creator, reviewer, and content creator get their fair share of the value of the fan-designed virtual gift.

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