Another year has passed and it’s time for the first update of 2020! In this update, we will be talking about some of the major initiatives on the Gifto roadmap across the Gifto wallet and Gifto Chain as we continue to build the world’s open protocol for virtual gifting.
Two major developments in 2019 for the Gifto project were:
- GTO is now a multi-chain-operable token, making Gifto one of the few projects compatible with both Ethereum and Binance Chain simultaneously as well as being supported on the native Gifto Chain (see below);
- We just launched Gifto Chain testnet, with its own native Gifto Stable token. Gifto platform will be a dual-token system supporting GTO variable token and GTO Stable token for free and reward recordkeeping.
Both of these developments set up Gifto for broader accessibility and exciting partner opportunities.
Below we will share more information on what that means for Gifto to be operable across multiple blockchains, but before we do, it’s important to think about Gifto tokens in the context of our vision to become the world’s open protocol for virtual gift creation, storage and transaction online.
Think for a moment of all the virtual gifts one can gift online now- from birthday cards to AR filters to virtual gifts in all the online video platforms. Today, these assets are siloed within platforms like Twitch and Snapchat, but not connected to digital currencies or wallets, both of which are major emerging trends. Gifto is building the world’s open gifting protocol to power the future of Universal Gifting, where all virtual gift assets can be created, stored, and transacted across all platforms, by all users.
The Gifto token
Current state of GTO token is as below:
- Gifto project is currently holding 40% of total token supply
- We are among the more conservative projects compared to others which launched when we did; most have released far more tokens than us to date (data below).
- We are a multi-chain-operable token, supporting Ethereum, Binance GTO, and Gifto Chain.
- Gifto Chain and Gifto Wallet will be used to further bridge the GTO-ERC20 and GTO-BEP2 tokens and create a common multi-operable use case. We have not and will not increase the total supply.
In the coming days we will prepare the first token release for usage throughout 2020, of approximately 50m tokens. As communicated before , these will be used to grow the Gifto ecosystem. This release would only increase circulating tokens from 60% to 65% of the total supply.
Gifto project currently holding 40% of token supply
As per table below, the Gifto project is proud of our measured usage of Ecosystem tokens to date, and which positions us stronger and with greater flexibility for the coming years.
- As per the above table, the Gifto project is currently holding 40% of the 1,000,000,000 tokens issued in December 2017.
- These are split between “Powering the Ecosystem” (146m GTO) and “Company reserves” (250m GTO)
- “Powering the Ecosystem” tokens will be used to grow Gifto into the world’s biggest open protocol for virtual gifts online, including Gifto Chain and Gifto wallet apps for blockchain-based virtual gifting. Specific use cases for tokens include for user and community rewards, and to execute on key strategic partnerships with partners in the blockchain industry, as well as partners in the real-world retail industry.
- “Company reserve” tokens remain discretionary and will not be used until the earliest 2021.
- As per previous guidance to the community, we plan to release approximately 50m GTO in 2020 to grow the Gifto ecosystem. We will only go above that in the event of an extraordinary opportunity or need.
- Note that just because tokens appear “released” on CoinMarketCap and other circulation monitors, this does not necessarily indicate they are being used immediately. The Gifto project’s standard practice with releasing is to first stage tokens for usage, and the project is highly sensitive to the cadence of token usage to grow the ecosystem.
- In preparation for Gifto Chain, we released 70m GTO in 2019, in-line with our guidance to the community.
Gifto remains among the more conservative projects with regard to token circulation
Gifto is a multi-chain-operable token with fixed total supply
- Gifto is currently a multi-chain-operable token, with 305m GTO-BEP2 (Binance Chain) tokens and 299m GTO-ERC20 (Ethereum) tokens in circulation. See Binance Chain frozen tokens for more information.
- Note that new GTO-BEP2 (Binance Chain) tokens cannot be issued unless the equivalent GTO-ERC20 are burned by the Binance platform.
- Burning is currently executed by sending the GTO-ERC20 tokens to the Gifto Ethereum contract address, which does not have a withdrawal function.
- You can monitor burned GTO-ERC20 tokens by seeing the amount stored at the contract address.
Role of Gifto Chain
- The project plans to use Gifto Chain GTO only to mirror BEP2-GTO and ERC20-GTO which have been stored in the Gifto Wallet.
- This would ensure both ERC20 and BEP2 GTOs have a 1:1 use case in the Gifto ecosystem indefinitely.
- No new GTO will be created beyond the current one billion cap.
Upcoming release of tokens
Gifto project is preparing the next batch of tokens for use to grow the Gifto ecosystem throughout 2020. Specifically, we will grow usage of the Gifto wallet and to power the gifto virtual gifting standard. We are budgeting for 50m tokens. As per our guidance in 2019, we will only exceed 50m if an exceptional opportunity to grow the ecosystem requires it.
Our goal is to become the world’s open protocol for virtual gift creation and storage online. This ambitious goal will be pursued step by step, and the team has chosen to begin with Telegram. Telegram serves as the best proving ground for blockchain gifting due to the concentration of crypto users already using it, and due to its robust bot platform. Bots make it possible for users to create and share gifts quickly without downloading an app. If you haven’t used it yet, try out the Gifto Wallet bot, currently in beta.
Roadmap — In development
- Users can send crypto gifts and airdrop tokens with just a link; no need to type user’s Telegram ID
- Gifto Wallet users can create on-chain virtual gifts (aka, native Gifto Chain tokens)
- Support for upcoming partner tokens and community events
- Add several new languages
Chain Explorer Site
- Displays virtual gift tokens (aka, native Gifto Chain tokens)
- Add several new languages
Roadmap — On deck
- Many more ways to gift to friends on Telegram, including to groups
- Upgrade legacy Gifto wallet infrastructure
- Prepare for mainnet
- Displays Telegram ID of wallet owner
- Displays Telegram ID of Gifto Chain blockchain gift creator
(Below is just a glimpse of our longer-term roadmap plans)
- Gifto becomes the world’s open protocol for virtual gift creation and storage online
- Virtual gift tokens can be created, managed, stored by all major social media platforms
- Major third-party integrations with Gifto Chain by treasured global brands in gifting
- Buy virtual gifts and crypto in Gifto ecosystem directly with fiat
- Ecosystem rewards for top gifters and virtual gift creators, as per the Gifto vision