AMA Recap: Gem Chasers & Gather
Tags: Cryptocurrency, Defi, Altcoins, Staking, Bitcoin

Gem Radar ✪:

Ok @gemchasers, we have Gather Network here with us today for our AMA series. Warm welcome to @RJerath the founder of Gather. How are you doing ? 🙂

Reggie — Gather Founder:

Hey @radargem I am doing well! Thank you for hosting us, looking forward to a great AMA!

Gem Radar ✪:

We do too :). Ok so let’s start with you Reggie. Could you please introduce yourself and your past experiences related to cryptocurrency? What is your past work experience and how does it relate to Gather etc..

Reggie — Gather Founder:

For sure, I’ll start with history and what led to Gather and my first exposure to crypto

Gem Radar ✪:

Perfect

Reggie — Gather Founder:

Started my career in Oil and Gas managing a couple bases in and out of Iraq managing about 200 or so people, was there for about two years or so, Post evacuating the staff. I decided I wanted to shift industries. — I ended up working in advertising for a bit — with different agencies — the first being MSLgroup ( Where I met our Marketing Advisor Naren ). Post this I had my first exposure to entrepreneurship. It was a startup similar to what Deliveroo is — provides the technology and riders, making deliveries for banks, supermarkets etc. Post this — I was hired as a consultant to help a website to help them figure out how to monetize. — That is where everything started. As for my first exposure to crypto. — Back when I was at university me and a former founder were room mates, and someone told us about Bitcoin. Being typical college kids, we were broke, so we bought LTC lol. This was when BTC was around 600 or so

Gem Radar ✪:

Reggie, so far I have never seen such an interesting background in an AMA yet, haha! wow this is so cool. So how did Gather start then?

Reggie — Gather Founder:

Hah, thanks

Well while trying to figure out ways to monetise the site, I discovered something called coinhive — for those not Familiar — it was one of the first JS based XMR miners. — Pirate bay was using it for quite some time. So that idea itself, — trading processing power for revenue — very powerful. But since I had worked in advertising, I knew major publishers would not accept it. So that is when we got the initial team together. — I’ll share some images here of them.

The idea back then in 2018 was to build a really simple multi miner but with the features that publishers would need, — IE it would mine the most profitable crypto at the time, and payout in BTC/ETH/GTH or Fiat and a few other features

Gem Radar ✪:

That’s awesome, and thanks for sending over the Core Team and Advisory board, so just to be clear here. Gather started before the #DeFi trend. So where is Gather heading to now? Is your plan still the same or will you join the trend?

Reggie — Gather Founder:

Oh yea, we started in 2018 hah, we raised about 350k then, planned to do an ICO, but the bear hit. So we self funded with life savings essentially. Then went through a pivot to what you see as Gather now, and closed the private sale this year. There is a good tweet thread that sums this up really well one sec

Well

There are allot of Defi projects out there

and we started Gather with a clear problem to solve, I mean if we wanted to pivot to Defi, it would be before we had listed etc

Out expertise as a team, and company lies in the problems we are solving. So it really does not make sense to add another feature, just for the sake of being branded as Defi

https://twitter.com/chatwithcharles/status/1311042919311253505?s=20

However, we can monetise Defi apps etc, we Partnered with CHR for this express purpose, along with FRM

but we are not a “defi” based company

Gem Radar ✪:

Definitely agree, teams persistence throughout the bear has been amazing. (I’ve been following Gather for a while, even hold some myself I know). I love the fact how Gather is not a #DeFi based company however they are utilizing the trend and can build on it such as monetisation etc.

For the people who don’t know Gather Network, what is the best way to explain to someone, in your own words of what is the use case of it? I mean.. Why should people use Gather? What are the sole benefits of Gather.

Reggie — Gather Founder:

In as few words as possible

Gather is a platform that provides publishers/apps an alternate form of monetization, without having to rely on ads, and enterprises and developers a cheaper form of distributed cloud computing

Here is an image that depicts the network- a multi layer marketplace platform

Gem Radar ✪:

So how is that possible? how does a company, publisher or app get monetisation without having to rely on ads?

Reggie — Gather Founder:

Really simple honestly — for websites you sign up, and then get access to the admin panel, you generate a small script and put it on the backend of your website, and that’s it! Your users will then see a disclaimer ( which you can customise ) — Check out this thread — we did a UI demo a few weeks ago. — For apps, it would be via a SDK. A wordpress plugin is planned. Once the users provides consent ( we are all about privacy and consent, we do not collect data ) a very small portion of processing power is used to secure the Gather network. It would the same amount of processing power needed to view an ad

https://twitter.com/Reggi3J/status/1322606917081071616

Gem Radar ✪:

Seems really interesting and useful tbh. Gather’s product is really flexible that’s what I like about. Ok how about smaller scale people? Maybe an influencer that has a website, or a small online business that doesn’t have any relation to crypto. Can they still use it?

Reggie — Gather Founder:

100% literally my grandma and her baking site can use Gather to monetise. — We identified that for publishers and applications — our whole narrative needs to focus not on crypto. Really leave crypto out of it. Because for them — they are just earning revenue here, but when the go to get their revenue. That is when they have their first ever exposure to crypto — get paid in Fiat or BTC/GTH/DIA/FRM/GIV/CHR and I am sure I missing a few

but yes, very small sites ( less than 10k sessions with 120 seconds, wont stand to make allot, still make something but not allot )

my point is that, Gather’s users — most of them would have their first experience with crypto by using the platform

Gem Radar ✪:

This is where things get interesting for Gather in my opinion. The ability that you also cater for non-crypto services as well. Also it is good for crypto as a whole since Gather helps to introduce new adoption to the crypto market. So this leads me to ask you the question of your Gathers tokenomics. Briefly what is the tokenomics of Gather and why have you chosen to do it in such way?

Reggie — Gather Founder:

For sure, so which parts hah — the token sale metrics? Inflation rate? deflation mechanisms?

I’ll paste a few images as well

Gem Radar ✪:

So basically i think what will be interesting to know is the inflation and deflation mechanisms

Reggie — Gather Founder:

https://gather.network/docs/Gather_Token_Economy.pdf — this is pretty in-depth here, but let me summarize a bit

Gem Radar ✪:

Ok for sure if it’s possible 🙂

Reggie — Gather Founder:

So in terms of inflation — the majority comes from block rewards — which after about 10 years — is essentially 0 — via Halfing/halving ( depending on how you like to spell it ) at this point we are looking at a circular economy based on TX fees

In terms of deflation, — allot of it is derived from buy back and burns using USD generated from operations ( payments from cloud customers )

Gem Radar ✪:

Perfect that sums it up pretty well actually!

Reggie — Gather Founder:

So on revenues of 1.681M you are looking at buyback and burn of 336K — roughly numbers might be a bit off — we just introduced that all Masternode holders would also earn 6% of gross profits from cloud revenues paid in USDT ( apart from the GTH APY )

in terms of traction: this is where we are so far

Gem Radar ✪:

So what about the benefits of holding $GTH ? Just think of an ordinary person looking for an investment, will $GTH be an option for them to invest in? What sort of incentives can they expect?

Reggie — Gather Founder:

That is a question.. I cannot directly answer hah

But I can speak of the utility of $GTH

Gem Radar ✪:

I understand price talk may not be allowed on your behalf and we respect that here, but yes overall the utility of $GTH in regards to someone wanting to just buy some $GTH and hold it.

Reggie — Gather Founder:

GTH’s value is derived from being as a medium of exchange within the ecosystem along with providing holders the opportunity to vote on the future of Gather. The specific features that use $GTH as a medium of exchange include:

1) Gas Fees and network interactions charges, settlement and processing power related charges for the Gather Cloud, and Settlement of Gather Online Rewards.

2) Providing a financial incentive to nodes to act honestly.

3) Entitling Staking holders with the right to participate in the governance and future of the Gather ecosystem

Speaking of nodes as well:

- We currently have opened reservations for masternodes. When the main net goes live — we are looking at 80 masternodes — of which 16 ( 4m GTH ) were reserved in a FCFS manner in 4 minutes hah — we only planned 10 ( just to test out demand ) but decided to let everyone reserve, for those that had applied. We have opened interest batch 2 — and as of now there is about 7M tokens to be sent to reserve 20 additional master nodes. This would equate to 20% of supply locked in nodes. The 2nd batch should open next week

Gem Radar ✪:

What security measures has $GTH taken so far? Has the contract been externally audited? has any other implementations been taken place for clients who actually use the Gather Network Script in there dapp or website?

Reggie — Gather Founder:

For sure, you can find our Erc-20 audit here:

https://gather.network/docs/Cryptonics_Gather_Audit.pdf

and for specific security precautions, best practises are always used — we have a good dev team ( rotate password and pem files every so often, user based access etc )

Gem Radar ✪:

Great, thanks for that Reggie. What about developments, partnership deals or any major updates in general. What can we expect from the near future for $GTH?

Reggie — Gather Founder:

Can’t speculate about exchange, but here our list of partners and investors. I think I can tease one non crypto partnership

Reggie — Gather Founder:

Can’t speculate about exchange, but here our list of partners and investors. I think I can tease one non crypto partnership

Gem Radar ✪:

Oh how we love a tease 😉

Reggie — Gather Founder:

And for the tease, we have been negotiating with a very large streaming platform, to use Gather when we go live. I don’t want to delve into too many details hah otherwise the cat is out of the bag

Gem Radar ✪:

That is were i’d like to see Gather heading. Partnerships with streaming platforms! Ok so we have preselected 3 questions for $GTH please let me know when you are ready to answer them 😄

Reggie — Gather Founder:

Slowly but surely!

Good to go

Gem Radar ✪:

@ajibang1 asks, What is your relationship to $DIA(Oracle Project)? Why partner with them?

Reggie — Gather Founder:

We will use DIA’s oracle services for price feeds and we have added $DIA as a payout currency within Gather. There is also on-going conversations about the potential use of oracles in relation to firewalls

Gem Radar ✪:

@CryptoBoooming asks, Can you please explain the concept of Masternodes and their purpose in Gather ecosystem?

Reggie — Gather Founder:

For sure, Mastenodes provide the back bone of the whole ecosystem they have two major functions 1) They help produce and validate blocks 2) They are provide the infra for the decentralized cloud ( compute + storage )

Gem Radar ✪:

@SayaSiapa999 asks, Do the token holders have the right to participate in the governance of the project? What kind of decisions can they vote on about the project?

Reggie — Gather Founder:

Yes they do !

Gem Radar ✪:

Ok would it be possible to elaborate on what kind of decisions they can vote on as an example?

Reggie — Gather Founder

they can propose whatever they would like essentially, but as with any governance system it needs a consensys and a final approval from the Gather foundation. I mean you could make a proposal to change the Name of the foundation to BoatyMcBoatFace if you wanted. Here is a doc that goes a little more in-depth about how governance would work : https://gather.network/governance.html

Reggie — Gather Founder:

There is no cap at all, any one can come and propose whatever they want. It just needs to be passed by everyone

Gem Radar ✪:

Perfect Reggie thank you so much for all of the information you have provided to us today, this concludes our AMA this time around. It was lovely to have a chat about you and your project. We wish the best for Gather!