What is Gems?

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GEMS is an altcoin of its own which runs on a separate blockchain. It differs because it is backed by the GEMS social messaging app. Furthermore, you do not have to own any gems in order to use the app, you can use bitcoin as well. This makes it a unique altcoin and a unique social messaging app, together combined you get GEMS

$111k raised

Gems, a social network which uses Bitcoin, recently ended its public sale of tokens at invite-only prices on the 3rd of December 2014. It raised an astounding $111,000 in the two weeks in which the sale was open. This means that roughly 5 Million XGEMS were sold during that time, at the rate of about 17,250 XGEMS per Bitcoin. This was also the first crowd sale to be held at Koinify, the app dev platform which raised about a million dollars. This crowd sale is being dubbed as one of the best responses from the Bitcoin community to launch a feasible crowd funding platform.

Now that the early bird period has ended, which it did at 8:00 BST, the price of the tokens has increased to 15000 per Bitcoin. The crowd sale received a very welcome response as more than 10% of the tokens were sold, and more than 700 Koinify wallets were created. But of course, credit has to be given to both Gems and Koinify, as they did whatever was possible so that customers could have a very smooth, user-friendly experience while both, creating wallets and of course, purchasing tokens. And also, they not only managed the software side well, they also managed to advertise their services, considering they flew all the way to San Francisco and other places so as to do so. Unfortunately, the founder of Dogecoin, Jackson Palmer, took it to himself to promote buyers away from this sale on Twitter. To this, the companies tried to promote their transparency of this event, saying that they have not hidden anything and will not do so anytime.

Considering the reaction to the sale, the interest in this offering is noteworthy, since there has been a decline in the rate of interest of ICOs (Initial Coin Offerings) and this one has received such a huge response nonetheless.

Koinify has recently reported that so far, more than 300 unique users have participated in the sale; unique users signifying unique Bitcoin addresses provided by each customer. Koinify also expected last minute buys to be greater than the current number of the press time. They explained this with an example of the new altcoin type-thing, Ethereum, which uses crypto 2.0 platform: 90% of the buys were last minute buys. Gems lead dev Daniel Peled also said that people want really good offer, and they keep watching for that. Since many of the best offers come around the corner in the last minute, one can always expect the end of the sale to finish with a big boom.

Gems tokens will give incentive to the customers, by enabling them to earn profits by using the said social network. Also, it is worth knowing that a Hangout on the same sale took place on 4:00 BST.

Overall, Gems had a pretty good sale time, getting a good response from the crypto currency group, although the Dogecoin founder rebelling was a minor disturbance. It is safe to say that their crowdsale went well.

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