Blockchain DApp Ecosystem Gifto Testing NEM To Improve Service Scalability

Blockchain, News | September 26, 2018 By:

Blockchain dApp ecosystem Gifto is working with blockchain firm NEM to improve scalability of its services.

Founded by global social entertainment group AIG, Gifto is a gifting protocol to decentralize global content creation networks on the ethereum blockchain. With Gifto, digital content creators, gamers, and charities can send and receive customized virtual gifts across social media including YouTube, Instagram, and Facebook. The startup recently announced that it has reached half a million transactions on its crypto wallet, which was launched earlier this year.

Over the next several months, Gifto will explore the NEM blockchain for improved scalability and decreased costs for some of its blockchain services, compared to its current ethereum architecture.

“Gifto is one of the few projects in the blockchain space demonstrating user growth and real utility,” said Andy Tian, CEO, and Founder of Gifto and AIG. “In order to maintain a great user experience on our platform, we are constantly evaluating new blockchain technology beyond ethereum, and NEM has promising solutions to some of Gifto’s needs.”

Launched in 2015, NEM is a peer-to-peer cryptocurrency and blockchain platform designed and coded from the ground up for scale and speed. It has introduced new features to blockchain technology such as its proof-of-importance (POI) algorithm, multisignature accounts, encrypted messaging, and an Eigentrust++ reputation system.

“We built the NEM blockchain platform from the ground up to outperform competing services in all facets,” said Steve Li, NEM China Regional Head. “Our partnership with Gifto helps NEM reach a new user base, and we look forward to collaborating with their team.”