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Basically it is an attempt to become a decentralized version of Amazon's Mechanical Turk, where people are paid to perform micro-tasks for literal pennies. At one time, joining Mechanical Turk was a great way to make a few bucks online at home, but compared to what is being offered by the crypto-universe today, it has become a great way to waste one's time. Mechanical Turk is definitely ripe to be replaced by a blockchain-based solution, so the Gems project has the right idea.
There are a couple of other projects attempting to do the same thing (and more) .. for example CanYa Coin, but Gems again, does seem to have the right idea, and looks like it can execute on its plans, however there are problems beginning with the ICO itself.
Dutch Auction - Investment Tiers ..
- 75% of tokens will be held by the team, supposedly used to 'onboard' users to the platform, once it is fully operational - but this has not been properly sketched out for ICO participants.
- Proof-of-care used to decide who can participate and what what "level" (or Tier) - the measurement of this proof-of-care is not defined, which makes people feel that the Tiering of sale participants is somewhat arbitrary .. aka unfair.
- In a Dutch Auction, traditionally, the price falls over time and people are expected to purchase when they feel the price is acceptable - with the obvious risk of waiting too long. But Gems is giving bonuses to those who purchase earlier than others, again based on the above mentioned "Tiers", so the token price is actually made entirely unpredictable.
- The amount that will finally be distributed, because of the auction design is not easily discerned.
- The ICO is designed to inflate the price, so it will most likely be unattractive post-ICO, reducing the potential upside.
Post-ICO this will not be a good token for flipping nor for hodling, and if you check out the Gems Telegram channel, you will be witness to a great deal of animosity being expressed, which does not bode well for the potential userbase for the platform. Bottom-line, I suggest y'all pass on this one - there are better candidates, and more on the way, no doubt.