Gifto is a universal gifting protocol for content creators on social media platforms that enable them to receive virtual gifts or rewards from their fans. The Gifto protocol is an attempt to reduce the dependency to monetize content by individual content creators worldwide through conventional revenue sources that are primarily derived from advertising. Virtual gifts not only help content creators to drive up the revenue share but also helps to enhance relationship and interaction with fans and followers.
The evolution of social media mainly Youtube, Facebook, Instagram has allowed many talented individuals to share and upload content very easily and build a fan base. But in order to monetize or build a revenue source from the content shares, users have to heavily depend on advertisement revenue which are provided by the platforms or third party advertiser which are largely centralized. And often keeps with themselves a large chunk of revenue as commissions.
And, the existing incentive scheme is disproportionately biased towards those 1 percent content producers who commands a huge follower or subscriber base thus leaving the small content producers in limbo.
Gifto is built of Ethereum is a self-governing and self-sustaining ecosystem for virtual gifts that allows users to send/exchange virtual gifts across social media channels including Facebook, Instagram, Youtube, Uplive. Furthermore, the Gifto protocol also provides analytics access to content creators to understand which type of content drives the users and get better monetization. The Gifto protocol consists of the following components:
Key Participants in the Virtual Gifting ecosystem
Here, the virtual gift creator is usually a visual artist who creates an image, animation as a virtual gift and gift creator cannot be the content creator as well. Curator plays an important role in maintaining the balance in the gifting ecosystem, and with strong curation framework that greatly increases the quality of content offerings. Curator checks on the content, category and pricing of the virtual gifts.
Gifto protocol framework allows the content creator to keep the major part of the incentive as compared to the existing advertisement revenue model.
When a user purchases a GIFTO Token and sends it to a content creator, following incentive structure is followed so that everyone is compensated adequately in following structure.
Phase 1: Alpha version (Jan 2018): This version will be made available to Uplive content creators to use outside Uplive like Youtube, Facebook, Instagram.
Phase 2: Beta version (Q1, 2018): The Beta version of decentralized GIFTO protocol will be deployed on Blockchain that will be made available for external users outside Uplive
Phase 3: Commercial Version (Q3, 2018): Fully enabled ecosystem with commercial grade fast blockchain server that will enhance the reach of content creators worldwide.