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Proof of Review: Gath3r

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Proof of Review: Gath3r

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Gath3r

Gath3r, Mining, Advertising
Gath3r

*Please note that this is a IEO review of a project pre IEO and pre token/coin distribution. Ratings are based off the metrics we can assess pre IEO and distribution. We will conduct a more detailed review of Gath3r post IEO.

ABOUT

Overview 

Developed from late 2017, Gath3r aims to provide website and application owners an alternate or additional form of non-intrusive monetization aside from the advertising models that currently exist such as premium postings, banner spaces, pop-up and sidebar ads.

They will do this by monetizing in-browser web traffic utilising their native Gath3r blockchain, offering incentives to website owners, new and existing blockchain projects and web surfers.

Use Case

Advertising revenue is extremely important to the Internet sector and generates the vast majority of revenue in the search and social media portions of the Internet industry. 

The team have identified the current problems faced by the current monetization of web traffic alongside the development of in-browser mining. The aim is to provide a solution which is more flexible, secure, scalable and user-friendly than any currently available.

Digital Advertising

As mentioned above, digital adverts provide a significant revenue for website and application owners, with some websites relying on digital advertising for their main revenue stream. 

  • The tech giants Google and Facebook earnt more than 84% and 85% respectively of their 2018 revenue from advertising.
  • Digital advertising spending is expected to grow from $333 billion in 2019 to $517 billion in 2022 [ref]
  • With the growth of digital advertising now accounting for more than 50% of advertising in countries such as the USA, UK and Russia [ref], is is inevitable that website owners aim to grab a share of these revenues by introducing advertising on their websites and apps.
In-Browser Mining

With the growth of the blockchain sector comes innovation and we have seen the growth of in-browser mining as an alternative method for users who wished to mine cryptocurrency.

Cryptocurrency mining at its core, requires a CPU meaning that anyone with a computer can theoretically anyone can start mining. By utilising in-browser mining, the aim was to reduce the barrier required for users to start mining cryptocurrency.

2017 saw a new growth in the sector, which led to the monetisation of in-browser mining for website owners with the launch of projects such as Coinhive.

According to the Gath3r whitepaper, over 50,000 websites are currently utilising in-browser mining such as Unicef and PirateBay.

The coins mined via in-browser mining tend to be Cryptonote coins such as Monero. Due to the growth of cryptojacking, projects such as Monero have been forked to amend their algorithm preventing this type of mining.

User Experience
  • With users being targeted more and more with digital adverts such as banners, pop ups and videos it has led to the detriment of user experience whilst surfing.
  • This has led the user adoption in ad-blockers meaning some websites provide a firewall for users, only allowing them to surf with ad-blockers disabled.
  • Early in-browser mining models were not centred around the user, with many users not asked if they opt in to allow their CPU to mine whilst surfing a particular website.
  • The growth of in-browser mining led to malware bots “cryptojacking” websites and ensuring that all visitors to the site would have their CPU hijacked and mining cryptocurrency for bad actors.
  • As a result, many ad-blockers now prevent in-browser mining as part of their malware blocker to protect users.
  • User experience is improved with ad-blockers but this also means website owners are unable to grow their revenues through either digital advertising or in-browser mining.
Gath3r Solution

The team at Gath3r have looked at the current issues listed above and aim to address them with an alternative solution to those that currently exist in the sector.

  • Website owners can seamlessly integrate Gath3r’s in-browsing mining onto their website and then be filtered to the relevant mining pool to mine GTH based on their web traffic. 
  • Website users are given a choice to opt-in their CPU/GPU computational power
  • Once a block is solved, the mining rewards are distributed to the website/application owner, who in turn can share these rewards with his visitors. 
  • A key feature of the Gath3r blockchain will be the ability to merge mine coins. Existing projects and blockchains can integrate to be mined alongside GTH.
  • New projects will be able to launch their blockchain on the Gath3r network 
  • Mining rewards can be paid to users in either BTC or GTH, with the option for fiat payment depending on location.

Products/Features

The core features and products of the Gath3r project are as follows:

In-Browser Mining (Beta Testing)
  • The sign up process requires some basic information and users are allowed to sign up on app.gath3r.io 
  • To prevent Bot-Net mining, each publisher has to pass a compliance test pre and post signup (*In certain circumstances, applications may be sent for legal review to ensure they comply and all publishers are reviewed weekly).
  • Users are then given the option of how much throttle they wish to use on their site, given a script tag to input into their website and they are ready to start mining GTH.
  • High traffic websites and applications will be filtered to pools with higher hash rates and those with lower traffic would be filtered to a pool with a lower hash rate.
  • A key feature of the in-browser mining with Gath3r, is that publishers display a mandatory opt-in feature for visitors to access their CPU/GPU for mining purposes
  • Payments are made in GTH or BTC, and enhanced by the ability for merged mining.
  • The computational power of the Gath3r network is dependent on the number of users, however it has the potential to access a huge user base amongst website and app publishers.
  • The mining algorithm is not currently listed anywhere and the team advise that they are presently working on this prior to the launch of their mainnet.
Auxiliary Chains (Active)
  • Merged mining (the mining of two coins simultaneously from a similar algorithm ) allows other blockchains to secure their network by attaching to the parent Gath3r blockchain but also allows new blockchain projects to launch an auxiliary chain.
  • Lux has signed up for merged mining on the Gath3r blockchain.
  • Merged mining also increases the revenue for publishers 
Masternodes and Lite nodes (Active)
  • Gath3r will use a web lite chain where a compressed web-lite blockchain node that is locally stored on the browser for very specific purposes only, leaving out much of the heavy data – thus making it feasible. 
  • The rest of the data will be on Masternodes which host the full blockchain – the web lite server syncs with the masternode – Masternodes are mandatory and web-lite chains will not work without them.
  • The main purpose is to establish consensus quickly to prove user accounts’ balances and send transactions into the network.
Web/Mobile Wallet Based Staking (Active)
  • Gath3r will introduce a web based staking wallet. 
  • Any coins that are earned by publishers can be automatically sent to a web based staking wallet, allowing both the publisher and web surfers to earn interest on their stake.
  • The POS annual inflation rate is not currently listed.
Smart Contracts (Active)
  • Gath3r will introduce Smart Contract capability that will enable the unification of blockchains through Gath3r and private masternode networks. 
  • Every auxiliary chain that forks/clones of Gath3r will inherit Gath3r’s in-built smart contracts functionality. 
  • The more auxiliary chains that exist, the more interoperability there will be between different auxiliary chains which are part of the Gath3r ecosystem.
Loyalty Programme (Active)
  • Gath3r allows publishers to share their mining revenues with their users and at a rate they determine
  • Can potentially encourage user adoption for opting in to in-browser mining when visiting a website or app.
Enterprise Sales (Active)
  • Gath3r will integrate a one stop shop for all related crypto issuance needs of companies. 
  • This will give enterprises the option to develop and launch/fork their product/service on the GTH chain payable in USD, 
  • The chain launch, development, and mining (since the coin would be merged mined with GTH, and GTH would be mined by websites and applications) are all covered under the service.

Gath3r aim to launch their mainnet in Q3 in 2019 following their token sale. Once the mainnet is live, all of the above features will be active. 

Adoption

Adoption, Market Size

The scope for adoption for the Gath3r project is potentially a gigantic one with around 2.5 billion live websites globally, as illustrated below.

Currently, there is a beta working product with the team limiting sign up for testing to 200 users, with the mainnet due for launch in Q4 or Q4 2019. However, this number does not include partnerships that the team have with Luxcore + Metalyfe and other parties that they are not able to currently disclose.

Gath3r aim to conduct their IEO sale later this year in Q3 around October, so we are unable to gauge adoption amongst GTH coin holders.

We can gauge adoption sentiment for the project from the partnerships and community engagement later in the review.

Competition

The team at Gath3r have spent time analysing the competition in the same sector and have listed their findings here

  • The market leader in the in-browser mining sector was Coinhive, however they announced that they had to close down their operations in March of this year due to the hard fork on the  Monero chain.
  • The team identify JSEcoin as another competitor [ref] and upon analysis JSEcoin currently has a market cap of $208K USD [ref]
  • Gath3r aim to introduce a new level of transparency and compliance for web mining compared to their current competitors.

COIN METRICS

  • There has been no current distribution of any GTH coins/tokens.
  • The team plan to launch their IEO around Q4 October 2019. However they are currently unable to disclose which Exchange the IEO will be held due to an NDA.
GTH IEO Information
SymbolGTH
NetworkEthereum
TypeERC-20
Contract Address 0xb8736ea3262a5210ee321f7a7389dda243c24acc
IEO Price and ExchangeTBD
Max Circulating Supply at IEO 400,000,000
Initial GTH Distribution
GTH Distribution, Gath3r Supply
  • * Seed tokens are vested, with 20% unlocked at the IEO listing date
  • ** Team tokens are fully locked for 6 months and vested over 2 years
  • *** Advisor tokens are vested 3-6 months
GTH Post IEO Distribution
  • GTH is initially issued as an ERC20 standard for crowdsale purposes.
  • Once the Gath3r blockchain is fully launched to mainnet, the ERC20 tokens will be swapped to the native GTH coin at a ratio of 1:1
Mainnet Coin Information
SymbolGTH
ConsensusPOW/POS/MN
AlgorithmTBD
Block Time120s
Block Reward160 GTH
Max Coin SupplyUnlimited*
Masternode CollateralTo Be Confirmed
  • *The Gath3r blockchain will start with an unlimited supply, but will later on switch to a limited supply model, depending on several factors which are: sustained volume over time, sustained hash rate over time, number of participants/publishers and the number of active forks of a particular chain size.
  • Once the chain moves to limited supply, only 1,314,000 further new blocks will be made, which is approximately an additional 60,000,000 GTH coins which takes about 5 years to mine. There is no way to know the total possible GTH supply until this happens.
GTH Utility

The GTH coin will have the following utility features:

  • Payment for smart contracts
  • Payment for merged mining
  • Payouts for loyalty programs
  • Payment for paywall program
  • Staking and Masternodes will secure the GTH network

TEAM

Company and Funding

  • The Gath3r project is a registered company, Gath3r LTD, registered in the British Virgin Islands
  • Funding for the project has been raised via an initial seed round where 22.4M GTH tokens were sold. 
  • The team advised that the total raised during the seed sale was 500 ETH 
  • As mentioned above 20% of the seed round GTH tokens will be released upon the IEO sale. 
  • Gath3r will conduct an IEO where they will have a hard cap of $2.5M USD, however they are unable to currently disclose a confirmed sale date or which exchange the IEO will be held on.
  • The allocation of funds is shown below [ref]
Gath3r Token Allocation, Funds

Experience

  • The team is listed on the website and consists of 11 members all with LinkedIn profiles bar one team member, with several team members listing bio’s on their skills and experience. There are also several development team members not listed on the website.
  • The project is co- founded by Reggie Jerath (CEO), Gabriel Osiceanu (CMO), Udit Sharma (COO) and Farrukh Sheikh (CFO).
  • The projects CEO, Reggie has a Bachelors in Business Administration along with a Masters in Strategic Project Management, He has previously founded Jaadu In in 2015 and successfully exited in 2017 before starting Gath3r. 
  • Other notable team members include the CTO, Ashoush Koul and the Legal Counsel, Steven Young.

Advisors/Partnerships

  • There are 6 listed advisors on the project all providing their skills in different areas such as strategy, finance, community, development and marketing.
  • Notable listed advisors include Jake Baval known who is the community advisor and has a large social media presence. 
  • John Kim and Charles Read head up the strategic advisory team. Charles has experience in advising DLT projects from concept to launch, whilst John is the Head of Strategy at the Luxcore project.
  • Narendra Nag is the marketing advisor, previously having worked as the Vice President of MSL/Publicis group, who one of France’s largest PR firms generating over $23 billion in annual revenue.
  • Gath3r advise that they currently have 2 partnerships in place and are actively developing more behind the scenes. 
  • They are currently working with Luxcore to add them as an Auxiliary chain for the launch of the Gath3r mainnet, adding to their basket of merged mining coins.
  • Gath3r also have an interesting partnership with Metalyfe, who are a decentralised browser and aim to implement the in-browser mining via their browser. 
  • Potentially this opens up a huge market with one of the benefits that the computational hash rate available on Metalyfe will be used towards the Lux auxiliary chain, securing their network. 

Development 

  • The concept for the Gath3r project came around in 2017. Since then the team has been formed along with development for the Gath3r blockchain and features.
  • There is a road map listed on the whitepaper [ref] which states that mainnet was launched in Q4 2018 and is currently in beta testing.
  • As stated earlier, Gath3r invited 200 projects for Beta testing on the website/application and are currently working towards the launch of their mainnet in Q4 of 2019.
  • Currently the in-browser miner is mining Monero but the team are actively working on this for the launch of the mainnet to mine GTH and merge miner other auxiliary chains.

Project Growth

  • During our interview with Reggie (CEO), he advised that they are actively developing partnerships which will further enhance the user base and adoption of in-browser mining.
  • The CEO advised that there are several team members recruited recently which are not listed on the website, indicating a positive growth in the team 
  • The team are actively marketing and promoting Gath3r as they come closer to the launch of their IEO and mainnet. 
  • It is anticipated that the mainnet, will lead to a new stage in the growth and adoption of the project. 

Revenue

The Gath3r project aims to incorporate several streams of revenue for the project which include:

  • Enterprise charges for launching & developing products
  • Fixed charges for forking new coins
  • Subscription rates
  • Smart Contract and Network Interaction charges
  • Charges for creating new intermediary chains

Governance

The following Governance model will be present in the ecosystem allowing users a voting right

Governance, Masternodes, Aux Chains

COMMUNITY

Users

The Gath3r project has numerous channels of communication which are:

  • Telegram 2398 members
  • Facebook 4826 followers
  • Twitter 942 followers
  • Medium 29 followers
  • Reddit 28 members

Community Engagement

The majority of the Gath3r community involvement and engagement takes place on Telegram which is healthy as it allows for 2-way conversations between the team and community. 

Core team members such as Reggie and Udit are highly active in the chat along and engaged with any questions from the community replying in a timely manner, often replying immediately. 

Announcements are made in the Telegram channel along with publications on Medium and Gath3r’s news partner, The Daily Chain. The team is also providing written weekly updates since June posted on their Medium and Telegram channels.

However, there is no discord channel which could allow for better organisation with channels and communication for non English speaking communities.

Analysis of the Twitter channel shows a rating of 6.17 engagement per tweet according to RivalIq rating. This is 0.8 times lower than the average engagement rate across all industries [ref https://www.rivaliq.com/blog/2019-social-media-benchmark-report/] and one of the lowest engagement rates we have analysed. 

Governance

  • As mentioned above in the team section, there is a Gath3r foundation which will allow for a governance model. 

CODE REVIEW

  • For the purposes of this review, we did not conduct a code review on the project. 
  • Gath3r has had their contract code audited by Cryptonics.io in May 2019 and in summary, the contracts provided for this audit are of good quality. 
  • The full report is available here.

SUMMARY OF GATH3R REVIEW

Following our in-depth review, the Gath3r project receives a B Rating

Conclusion

  • We feel that Gath3r has a valid use case with a potential gigantic global market for its product. 
  • In-browser mining has the potential to alter revenue streams for publishers whilst also changing the user experience, Web surfers have the chance to opt-in for allowing their computational power and publishers can also involve them in a share of the mining revenue
  • By allowing these 2 things, it increases the chances of adoption whilst also developing from previous competitor business models such as Coinhive.
  • Concerns around the adoption relate to the survival of in browser mining if tech giant Google clamp down on it as it could potentially affect their revenue model from digital advertising.
  • The huge scale of the implementation of the product means that this is likely to be a long term project and/or investment.
  • The coin metrics are a little confusing at the current moment, with no listed figure for POS staking rate and Masternode collateral. The max supply is also not definite, its stated there is no fixed max supply, however if certain criteria are met than the max supply will be capped and distributed over the following 5 years.
  • The team have taken careful consideration with their business model and the features for their product. Its seen as a positive that they are actively looking to develop several streams of revenue to grow as a business within the blockchain sector.
  • The team and board of advisors is a solid one, with the co-founders all entrepreneurs and the CEO having experience of founding a project and successfully exiting.
  • Seen as a positive that the team have had their code audited pre launch and pre IEO. We would like to see this become a standard practice amongst all our projects.
  • The community is quite small at the moment, however this is natural for a project pre token distribution or IEO. Its seen as a positive that the Gath3r team are actively promoting their project amongst various media outlets to raise and develop brand awareness.
  • Overall the project has a good foundation for adoption and growth, with a solid team heading up the development and brand awareness. 
  • However, at this stage in its development cycle we are limited how we can assess the Gather project and as with IEO, investors are recommended to do their own due diligence.
  • We will review the Gath3r project again in several months time post IEO.
  • Fundraising during the IEO is capped at a maximum of $2.5 million. Breakdown of expenses is outlined in the Whitepaper, however there is no clear information as to how much runway is required or annual operating costs.

About 

PositivesConcernsRating
-Real-world use case
-Huge global market, with over 50,000 websites currently monetising via in-browser mining
-Incentive for publishers over traditional advertising
-Product is in active development (MVP) and Beta testing amongst 200 users + partners
-Several sources of revenue for Gath3r
-Possibility of business model being throttled by Google
-User experience and perception with in-browser mining (bot-nets etc)
-Time taken for adoption amongst publishers on a large scale 
B

Coin Metrics

PositivesConcernsRating
-Ability for users to mine GTH when mainnet is launched
-POS % annual inflation + Masternode collateral/rewards rate not listed
-Confusion with max supply and possible capping of supply
-Mining algorithm not confirmed 
C+

Team 

PositivesConcerns Rating
-Experienced and well rounded team
-The CEO has experience of developing and exiting a tech startup
-Strong team of advisors with experience of starting blockchain projects
-Developing partnerships in the key areas such as with Metalyfe



B

Code Review

PositivesConcerns Rating
-No security concerns around the Gath3r contract audit.
-The team requested an audit of the contract prior to IEO and mainnet launch.

B+

Community

PositivesConcernsRating
-Small community with limited engagement
-Team are actively promoting the project via various media channels
-Will take time to build a community and brand awareness amongst the public in the absence of a mainnet or coin distributionC

DISCLAIMER

  • This is a sponsored review paid for by the Gath3r team.
  • This review is intended for educational purposes and should not be considered as financial advice. Before investing in any project we recommend you do your own research and consult a registered financial advisor.
  • All information listed is accurate at the time of publishing on 5th August 2019.

METHODOLOGY

We use a combined rating score out of 100 covering all the listed review metrics for all our project reviews. By default, all projects are reviewed at a score of 50, with marks awarded for positives and deducted for negatives. In extreme circumstances we may rate a project less than 50 giving it a default D rating.The grading threshold is listed as below:

50-55 C Rating

55-60 C+ Rating

60-65 B- Rating

65-70 B Rating

70-75 B+ Rating

75-80 A- Rating

80-85 A Rating

85-90 A+ Rating

90-100 A++ Rating

PROJECT INFO AND SOCIALS

Websitehttps://www.gath3r.io
LinkedInhttps://www.linkedin.com/company/gath3r-io/about/
Twitterhttps://twitter.com/Gath3r_io
Telegramhttps://t.me/joinchat/G9LBMU5Q0-owTiN9LWHu8Q
Mediumhttps://medium.com/@Gath3r

For more Proof of Review articles like this Gath3r Review, please click here.

The Daily Chain
Inform. Educate. Succeed.

*Disclaimer – Gath3r are our Media Partners and therefore this content is sponsored by them. The fees paid by this project are used to pay for The Daily Chain salaries, dev work, hosting services, travel expenses etc.. that are required to make this company a success and continue to provide the community with great content on a daily basis.

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