Welcome to the recap of our AMA with The Gem Stone!!

Our vibrant and enthusiastic community had a lot of questions to ask. To those who want to know quickly what The Gem Stone is about, we are sure this recap is gonna help you. So without further ado, continue reading

Introduction with The Gem Stone

Keymer:

Q1. Can you provide some details of the founding team of GemStone? @GSTokenAdmin

GemStoneTokenAdmin:

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

Keymer:

Only three people?😳

WAO, a great job you are doing !!!

It really must be backbreaking work, but really amazing!

GemStoneTokenAdmin:

Haha! Yeah. We are expanding the team though! Soon we will have a bigger one 😊

Yes! A lot of sleepless nights and I am on my fourth cup of coffee.

Keymer:

Q2. Can you tell us what issues is GemStone planning to solve ?

GemStoneTokenAdmin:

We are in the middle of digitization; moving rapidly from the physical world to the digital world. To support this and aid a higher adoption and penetration, we incepted The Gemstone. Its unique combination of DEFI-NFT-DAO gives us a key edge over other projects.

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.

Keymer:

Yes, NFTs are really revolutionizing the market, and I’m sure you guys will make the most of it!

Q3. In your pathway to achieve your goals what is the biggest hurdle you faced and what is the most significant milestone you achieved?

GemStoneTokenAdmin:

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.

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.

The biggest challenge that we faced imo is the expectations around the turn around time — we always want to deliver quality and for that we have to put in more work around even the smallest of tasks. But at the same time this has been a beautiful time for us; our community always has the best suggestions and pushes us harder everyday which we are really grateful for

Keymer:

WAO since 2017 ?, I see you have had a lot of time to plan your project well!

GemStoneTokenAdmin

True that

Keymer:

Q4. What is Gem Stone plans for this year?

With that we conclude our session of introductory questions!

GemStoneTokenAdmin

The next few weeks are filled with a lot of announcements and updates from us (also means a lot of sleepless nights for us! haha) but we are really excited about them. We just got listed on Coinmarketcap yesterday which is a big one. In the next few weeks we will see 1) Coingecko listing 2) Revamped website 3) Staking platform deployment. In Q2 we will launch our NFT platform and start our collaboration with a multitude of charities. Exciting times ahead!

Community ask Questions by Twitter

Keymer

Twitter question no 1.

From : @Wormz28

It’s so nice that you are giving back to the society by donating to Charities, not all Crypto Projects are like that and there’s really many Charities that need helps and donations. So tell us more about your Charities and what’s the story behind why that’s your key Objectives?

GemStoneTokenAdmin:

Thank you firstly for going following our project in detail and highlighting this. The Gemstone team is a humble one filled with gratitude; we believe in the theory of giving back as much as we can and that’s the reason we want to address the social causes. It gives us immense happiness to know we can cause a positive impact of whatsoever magnitude. Not everyone is privileged in this world and we want to be reduce this gap to the maximum extent possible

Keymer:

Twitter question no 2.

From : @Yamini500

Typically, investors buy tokens that are likely to increase in price in the future. I saw that, total supply of the token is huge.

So, do you have any plan for burning tokens in the future to reduce the supply of the token and increase its investment attractiveness?

GemStoneTokenAdmin:

We have minted a total of 15 million tokens; no more tokens can be minted now. Out of this 15 million we will be burning 2.5 millions tokens over a period of time making GST a deflationary utility token. The burn happens in two ways — 1) 5% of every transaction gets burnt 2) 150k tokens will be burnt every month

Keymer:

Twitter question no 3.

From : @Cryptolover369

Vast majority of Crypto projects are built just for the sole purpose of amassing wealth for themselves. So, I want to know the value you aim to add to crypto industry that will bring greater abundance to the industry?

GemStoneTokenAdmin:

This is so true; especially right now in the middle of a bull market. I believe converting our platform into a DAO where our community takes all the decisions shows we are not here for ourselves but that we want to build a strong foundation for Crypto. We have been fully transparent with all our ideas and developments and interact with our community a lot; absorbing their feedback and working on it

Keymer

Twitter question no 4.

From : @meml97

I read on your whitepaper that we will have the opportunity to assign a name to our NFT gem, but how will this be possible? And how many times can I, as a NFT gem owner name or rename one? Will this have any cost?

GemStoneTokenAdmin:

Thank you going through our whitepaper and asking this question. This is true; you will have the ability to personalize your Gemstone NFT thereby making every gemstone unique. You can name the gemstone on every buy transaction. There would be no additional cost or gas fees required for this if you make the transactions using #GST

Keymer:

Twitter question no 5.

From : @KevinSalom1

If you intend to create NFTs of gemstones that reflect their value in the physical world, this would imply an increase of the supply in the market, this would cause the depreciation of this asset. What impact do you think these NFTs will have on the real value of the gemstone?

GemStoneTokenAdmin:

Gemstone NFT’s would reflect the scarcity and real world value not the exact suppy but its ratio. 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 supply would be limited based on the real world benchmarks — For e.g. if the supply of ruby is x and solitaire is y in the real world the supply on gemstone for ruby and solitarie will be A and B but the B/A will be the same as Y/X.

Telegram live Questions answered by Oddz Finance

Q1 from The Curious:

I read in your documentation that The Gemstone NFTs will build ecosystem which supports different social causes and charities by contributing to the shelters, catastrophes and other social requirements. Where will the funds for these contributions come from?

GemStoneTokenAdmin:

That’s a good one! We plan to continuously donate to various charities on achieving different milestones like we just did when we burnt 1 million tokens. In the future we will be donating a % of every nft transaction on our platform to our partner charities

Q2 fromLittle princess 🐰👸:

Plz tell us which part of the Gem Stone project are you most focused working right now? Mny thanks!

GemStoneTokenAdmin:

We are developing our staking platform right now. We will be launching it this month and are very excited about it. Next quarter we plan to deploy the NFT platform. Exciting times ahead!

Q3 from August:

If there really are other platforms that provide tools to users to create any type of NFT, then why would I prefer to get an NFT of a gem in GemStone than in other platforms that I use more frequently? Won’t it have the same market value no matter where you create the NFT?

GemStoneTokenAdmin:

Currently a big challenge that every NFT platform is facing is with the fees where the artists have to spend hundreds of dollars for the creation and minting of their NFT. Via Gemstone you won’t have to pay such horrendous fees. And if you use our #GST token all the transactions will be gas free.

Q4 from Vaiijan:

While you build your project, do you take into account community feedback and demands?

GemStoneTokenAdmin:

This is a core aspect of our project — The community. As the saying goes — ‘If you want to go fast go alone but if you want to go far, go together’. This is our mantra and Community is the biggest key to this jigsaw. We want our community to take all the decisions eventually and would build this into a Decentralised autonomous org. Also, we constantly take the feedback from our community right now if you have any suggestions feel free to tell them in our groups :)

Q5 from Vaiijan:

Tell us a little bit about security? Have you done an audit of the platform? Are the smart contracts error-free? What are the test results?

GemStoneTokenAdmin:

User Security is of utmost importance to us. That’s the reason we do multiple tests before deploying our smart contract on the mainnet. Currently, we are in the middle of an security Audit from Solidity finance; we should have the results out in a couple of days and I can tell you one thing everything is super positive so far 💎

🎉Welcome 🎉 We are a community who eats, sleeps and drinks crypto 😉 Contact👇@cryptoTalk01 @UniqueBoyDK for AMA and project promotions♻️ decentralizedclub.net