CryptoThrust X GS Token AMA
Brief Intro about GST Team
I would like to start with the introduction to the GST team first; we are a small team of three people handling everything in-house — Tech Development, Strategy, Partnership collaborations, Marketing, community support, etc. with each of them having an expertise in Tech, Business Strategy and Marketing respectively.
We treat this like a fledgling startup where everyone handles a bit of everything; this is based on the Knife theory of startups — When you first start a company, you need Swiss Army knife people who can do a little bit of everything and once your company gets big, you need a bunch of kitchen knife people who do one thing very, very well.
This has been our core philosophy in terms of roles and responsibilities amongst the team; divided into major and minor ones. As we grow bigger we aim to hire more specialists looking at specific roles.
Segment 1- Project Introduction
Q1) Can you briefly explain Gemstone Project to our community? What it is about?
Gemstone is a digital collectibles marketplace and a task based NFT’s platform with the penultimate aim of it to take all the decisions as a DAO (Decentralized Autonomous Organization); making our community play a big role in this project.
We want to lay the foundation for this project and after that all the decisions will be taken by the community.
We also strongly believe in the social causes and to give back to society in whatever way we can; to aid this we will also be tying up with several charities in Q2. We have already started with a few donations to Binance charities.
Q2) Please share your experience on how you got idea of this project and how was the journey till now?
Coming from a tech and a business background and being in crypto since early 2017 we knew that blockchain technology is the next big thing and working on cutting edge technology is something that excites us big time.
There is a funny story on how the idea for the GST came about — one of our friends wanted to buy a ring for his girlfriend but always had a hatred towards the physical assets; given how easily he loses them and he asked us if we could create a digital ring for him?
This along with our ambition to work on blockchain technology led to the inception of Gemstone — digitization of gems/rings/jewellery which can be bought, traded or gifted to your loved ones. A smartphone has become a necessity in the 21st century and is something you carry everywhere with you; hence this project made even more sense.
Another key thing for us was to change the perception of the crypto industry from being a scam market to being genuine; this is another reason we entered into this and are being transparent about everything we do and to build it into a DAO eventually derives from this vision. Also, we have locked our liquidity for one year to further strengthen this fact.
The journey so far has been an impeccable learning experience for everyone involved right from the inception of the idea to creating the tech to laying down the go-to market strategy to seeing how quickly things move here.
A question that we often get is around our token price — to which we always say it’s an output metric and not something you can control directly. Price is just the resultant of the quality of input like the strategy, tech, marketing, awareness, etc. and these are the things which we want to impact.
Q3) Can you explain the tokenomics and use-cases of GST?
GST is an BEP-20 token designed to burn & facilitate decentralized governance over the Gemstone ecosystem.
An initial supply of 15,000,000 GST will be minted, and our contract does not permit for minting after deployment.
These 15 million tokens have been distributed among Ecosystem fund (5 million), Marketing (2.25 million), Liquidity/ Staking / Airdrops (1.5 million), Burn (2.5 million) and Team and future collaborations (3.75 million). The team tokens are locked for six months.
The burn mechanism features in two ways — 1) Transaction based burn — 5% of every transaction is burnt 2) Monthly burn — 150k tokens are burnt every month for 10 months. Total burn will amount to 2.5 million tokens.
The primary use case for GST token is for — 1) Transacting on the NFT platform without gas fees 2) Governance for DAO 3) Buying NFTs on our platform.
Q4) Tell us about the upcoming events at Gemstone.
One thing I have to say is I am amazed at the pace at which this industry operates; the expectations and the turnaround time expectation is like nothing I have seen anywhere else and this has been a huge learning for us.
The next few days/weeks are very exciting and filled with a lot of announcements and updates from us — 1) Coingecko Listing 2) CMC listing 3) Staking functionality integrated with our platform to be launched 4) Start of farming 5) Development of the NFT Platform.
Segment 2- Questions from Twitter
Q1. Security & User Interface are the Most Important Aspect that Users see on a platform. How has #GemStone worked on this? Is Platform suitable for Newbies in the crypto field?
This is a great question. Before I answer this, I want to say one thing — Seeing all the questions asked on Twitter and curiosity around Gemstone makes us work even harder and give our all to make this project big. We hope to answer most of the questions that this amazing community has today.
We take up security and ease of navigation and user accessibility very seriously. The new staking platform being developed will be deployed on the front end using react.js, back end will use node.js and we will be using mongo db for the database.
All these technologies enable future scalability while providing good security for the users. All the front end data will be encrypted when its sent to the back end.
To enable accessibility and easier use of this for the new users entering Crypto or interacting with GST, we will be creating some doodle videos explaining the entire process.
We have received a lot of questions on why the development is taking time; this is exactly that — we don’t want to compromise on security or accessibility by rushing into it.
We are doing extensive qc’s once the development is done and only release them once they pass all our extensive checks. Quality is what differentiates good from great and the latter is what we are aiming for.
Q2. I have seen Roadmap of your project, next month the main reason what you project is about, is going to be executed. What is the main objective of your project? What are the plans for achieving it?
Next few weeks are really crucial and at the same time exciting for us with so many updates coming in We aim Gemstone to be a digital collectibles marketplace and a task based NFT platform. Gemstone NFT platform will provide critical infrastructure to the NFT space in the form of secure, transparent, customizable, and censorship resistant exchange contracts.
Building this into a DAO eventually is also one of our key objectives and this is where GST plays a major role. GST holders will be able to govern the decisions ranging from various strategies and plans to % donations being given back to the society and much more. The launch of the NFT platform will be a big step towards achieving it.
Q3. Hello Sir. NFT is considered to be the next crypto industry trend after DeFi. Can you share your opinion on the NFT? Where do you see the future evolution of NFT’s features and capabilities in the coming years?
I remember my time as a gamer where I used to actively trade my characters, skins and rare cards.
The key for NFT’s imo is Collectability. To the right audience, these items are all desirable for various reasons–and that audience is growing. From thought leaders and innovation seekers like Mark Cuban and Chamath Palihapitiya boasting about their NFT collections, to pop culture icons like Lindsay Lohan and Post Malone creating their own NFTs, it seems pretty clear that the dawn of true digital collecting is upon us.
Like every cycle, NFT’s have just gotten into the mainstream and we expect the NFT industry to boom in 2021 followed by a correction in the next year. This is where the true test of companies occur and we want to be in a good shape when we enter it using quality development and community.
Q4. How can tangible assets such as gems can be converted in digital form and what will be the utilities and real life uses afterwards?
Firstly, this is a really good question. Our NFT’s will be created using either the ERC-721 or ERC-1155 technology.
What differentiates these NFTs from others will be the scarcity of them; these will be pegged to real life benchmarks and the price would also be governed via this.
For example, when you go and buy a solitaire the price is governed by multiple factors like carat weight, colour, clarity, etc. and every unique combination has a limited supply in the real world.
Our NFT’s will reflect this and will be pegged to the real life scarcity and price. The use cases will vary from investment to gifts to collectability. You can use these for astrology as well if you believe in it! There is no end to it.
Q5. Your project also focuses on helping the society. How can your carryout this task of serving humanity with the help of your project? Have you already dedicated something to them?
This is one of our key objectives; to give back to the society and create impact in whatever magnitude.
One of the core beliefs of this team is in Giving and this is where GST and our holders come into picture. We will give back a % of every NFT transaction to a charity; this % will be community governed and decided by our holders creating the true DAO we are vying for.
We will also be donating various amounts to different charities on hitting our milestones; like we recently donated to Binance charity on hitting our first milestone of 1 million tokens
Segment 3- Live Telegram Session
Q1) As we know, By the Token price many people judge a project, What do you have to Say to investors? What’s the plan to increase the Token Demand?
This is so true but also unfair IMO. The price of a project is a derivative of multiple factors and doesn’t take everything into account. The hype as a factor has overtaken the actual goals and development of a crypto project today. For us, we don’t look at the token price to gauge ourselves. We look at parameters like users, holders, average tokens per user, no. of transactions.
Once the NFT platform is launched we will be getting into more such parameters
Q2) On other platforms, users are constantly clamoring for improvements without being heard. How does GST deliver power to the players over the project and development within it?
This is a really good one and we believe making our community integral is one of the ways to tackle this. We are always open to feedback and suggestions from our community. Our penultimate mission is to make this into a DAO and let the community take the decisions. we will get there soon
Q3) Tell us more about Charity !
Definitely. One of our missions is to give back to the society
After the launch of the NFT platform we will be giving a % of the transaction fees (decided by the community) to different charities. We will also be donating to charities on hitting our milestones like we just did when we burnt 1 million tokens
Q4) What is the number #1 priority for GST in the next 6 months?
I will actually divide it into two quarters — first quarter will tackle the development and launch of the various features like staking, farming and the NFT platform. Second quarter would tackle into growing and spreading the awareness around the project and collaborating with a multitude of charities and other partners
Q5) Do you have any Coin Burn / BuyBack systems or any Token Burn plans to increase the CONSIOUS VALUE NETWORK of Token & attract Investors to invest?
We have two types of coin burn making gst a deflationary coin — 1) For every transaction that happens we will be burning 5% of it 2) We will be burning 150k tokens every month for the next 10 months. A total of 2.5 million tokens will be burnt from the supply via this
For More Information about Gemstone Token(GST):