Gather Project Review
In another edition of our project reviews, we decided to have a look at Gather.
So what is the deal with Gather? In this review, we will dig deep into this project and give you all the answers. We took an in-depth look by examining the project, its team, tokenomics, and community.
If you wish to skip to the summary to see the SWOT analysis, matrix score, and rating, click here.
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* Note: Gather is not currently trading on an exchange at the time of this review, so we have omitted the Technical Analysis section from the scoring on this review.
Developed from late 2017, Gather 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 & in-app application usage utilising their native Gather blockchain, offering incentives to website & application owners, new and existing blockchain projects and web surfers.
Advertising revenue is significant to the Internet sector and generates the vast majority of revenue in the search and social media portions of the Internet industry.
The team has identified the current problems faced by the current monetisation of web/app traffic alongside the development of a processing power marketplace based blockchain platform.
With Gather Online (Layer 0), the aim is to provide a solution which is more flexible, secure, scalable and user-friendly than any currently available.
By utilising idle resources coming from publishers and applications, the team also targets to address problems linked with cloud computing and Proof of Work blockchains; Cost of computing is increasing exponentially and building a mining community is not an easy task for Proof of Work blockchain developers. With Gather Cloud (Layer 2), the aim is to provide a solution where the cost of processing power is economical for enterprises while giving developers the benefits of Proof Of Work grade security without the effort of sourcing miners.
As mentioned above, digital adverts provide significant revenue for website and application owners, with some websites relying on digital advertising for their primary revenue stream.
As the market keeps growing, the cost of computing is increasing as there are very few select companies providing these services; compute tasks & data are controlled and dependent on these centralised entities, creating a single point of failure while millions of machines have idle resources waiting to be utilised.
Cryptocurrency Mining + In-Browser/In-App Mining
With the growth of the blockchain sector comes innovation, and we have seen the development of in-browser mining as an alternative method for users who wished to mine cryptocurrency.
According to the Gather 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 CryptoKnight 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.
- 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 processing power 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.
The team at Gather has looked at the current issues listed above and aim to address them with an alternative solution to those that currently exist in the sector.
Three layers build the backbone of the Gather Ecosystem:
Layer 0: Gather Online – The hardware layer, where processing power is collected from publishers.
Layer 1: Gather Network – The protocol layer, a hybrid proof of work and proof of stake blockchain, where stakeholders are incentivised to maintain transparency and security.
Layer 2: Gather Cloud – The application layer, where processing power is redistributed to enterprises at lower costs and to blockchain developers to secure their networks without sourcing miners.
The scope for adoption for the Gather project is potentially a gigantic one with around 2.5 billion live websites globally.
Currently, there is a beta working product tested with 200 users, with the mainnet due for launch in Q1 2021. However, this number does not include partnerships that the team has with Luxcore, Godrej Industries, ASAP Industries, Hashr8, Metalyfe and other parties that they are not able to disclose currently.
Gather just conducted their private sale in August 2020, 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.
The team at Gather 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 2019 due to the hard fork on the Monero chain.
- Gather aims to introduce a new level of transparency and compliance for web/app mining compared to the earlier models.
- There is no other model, creating a marketplace based platform where the processing power generated from publishers is aimed to be used both in favour of enterprises and of blockchain developers.
The core features and products of the Gather project are as follows:
GATHER ONLINE – LAYER 0 (Beta Testing Complete)
Gather has an MVP tested for Gather Online with 200 publishers for one year, and it is currently offline for further development.
Loyalty Programme (Active)
- Gather allows publishers to share their mining revenues with their users and at a rate they determine
- Can potentially encourage user adoption for opting into in-browser/in-app mining when visiting a website or app.
GATHER NETWORK – LAYER 1 (MAINNET)
Gather Network is the underlying protocol layer of the marketplace based platform where publishers meet with enterprises and developers, aiming to bring the usage of blockchain to the mainstream by bridging the gap between websites and typical users, promoting transparency, security and rewarding all participants.
Masternodes and Lite nodes (Go-live with mainnet)
- Gather will use a web lite chain where a compressed web-lite blockchain node that is locally stored on the browser for particular 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 primary purpose is to establish consensus quickly to prove user accounts’ balances and send transactions into the network.
Web/Mobile Wallet Based Staking (Go-live with mainnet)
- Gather 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.
Smart Contracts (Go-live with mainnet)
- Gather will introduce Smart Contract capability that will enable the unification of blockchains through Gather and private masternode networks.
- Every auxiliary chain that forks/clones of Gather will inherit Gather’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 Gather ecosystem.
GATHER CLOUD – LAYER 2 (Proof of Concept Ongoing)
A unique solution offered by Gather platform to take advantage of the processing power gained from publishers and applications to the benefit of businesses by reducing the costs of processing data both on-premise and in the Cloud and to the benefit of crypto networks by allowing Proof of Work blockchains seamlessly integrate with Gather chain without the need to find a new community of miners.
Gather Cloud provides an alternate mechanism/source of processing power obtained at a significantly lower cost and higher flexibility in use, coming from Gather’s network of publishers. This will essentially lower operational costs incurred by enterprises from processing said data and allow Proof of Work blockchain developers to initiate their chains without the miners.
Enterprises (Proof of concept ongoing)
- For Compute Power as a Service (CPaaS) solution, Gather is partnered with Godrej Industries (Revenue: $4 Billion+) and ASAP Industries
- Proof of Concept is ongoing
Blockchain Developers (Merged mining proof of concept complete)
- Giving lesser-known cryptocurrencies the chance to have their coins merge mined with the Gather blockchain will help secure the newer and less popular blockchain. It’s about making things easier and more rewarding for miners by increasing their chances of gaining a reward for their work without much-added cost.
- Merged mining (the mining of two coins simultaneously from a similar algorithm) allows other blockchains to secure their network by attaching to the parent Gather blockchain but also allows new blockchain projects to launch an auxiliary chain.
- LUX has signed up for merged mining on the Gather blockchain.
- Merged mining also increases the revenue for publishers.
GATHER ENTERPRISE (Active)
- Gather 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.
Gather aims to launch their mainnet in Q1 in 2021 following their token sale. Once the mainnet is live, all of the above features will be active.
|✅ POSITIVE||⛔ WEAKNESS||📝 IMPROVEMENT|
|Innovative project||Mainnet still in development||Launch mainnet|
|Huge market for adoption||Adoption linked to GTH tokenomics|
|✅ POSITIVE||⛔ WEAKNESS||📝 IMPROVEMENT|
|Strong Network||Prone to network congestion on ETH||Migrate to more scalable blockchain|
|Team and Foundation tokens vested||Less than 20% of supply available for public sale||Improve public distribution|
|Sub $1m public fundraise|
- The team is listed on the website and consists of 12 members, all with LinkedIn profiles.
- There are also several development team members not listed on the website.
- The project is co-founded by Reggie Jerath (CEO), 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 Gather.
- Other notable team members include the Ashesh Koul (CTO), Ayhan Gungor (CMO) and Steven Young (Legal Counsel).
Company and Funding
- The Gather project is a registered company, Gather 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 listing.
- The use of funds is shown below [ref: Gather.network/technology.html]
- There are six listed advisors on the project all providing their skills in different areas such as strategy, finance, community, development and marketing.
- John Kim, Charles Read and Bradley Townsend head up the strategic advisory team. Charles and Bradley have experiences 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.
- Gather advises that they currently have many partnerships in place and are actively developing more behind the scenes.
- To testbed the Gather Cloud, Gather is currently partnered with Godrej Industries ($4Bn+), one of India’s largest and oldest conglomerates.
- They are currently working with Luxcore to add them as an Auxiliary chain for the launch of the Gather mainnet, adding to their basket of merged mining coins.
- Gather also has an exciting partnership with Metalyfe, who are a decentralised browser and aim to implement in-browser mining via their browser.
- Potentially this opens up a vast 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.
- The concept for the Gather project came around in 2017. Since then the team has been formed along with development for the Gather blockchain and features.
- As stated earlier, Gather invited 200 publishers for Beta testing on the website/application and are currently working towards the launch of their mainnet in Q1 of 2021.
- During the beta test period, the in-browser/in-app miner was mining Monero, but the team is actively working for the launch of the mainnet to mine GTH and merge miner other auxiliary chains.
|✅ POSITIVE||⛔ WEAKNESS||📝 IMPROVEMENT|
|Public team and company||Long development period||Increase revenue streams|
|Experienced and skilled team|
- For this review, we did not conduct a code review on the project.
- Gather 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.
|✅ POSITIVE||⛔ WEAKNESS||📝 IMPROVEMENT|
The majority of the Gather 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 promptly, often responding immediately.
Announcements are made in the Telegram channel along with publications on Medium and Gather’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.
As mentioned above in the team section, there is a Gather foundation which will allow for a governance model.
|✅ POSITIVE||⛔ WEAKNESS||📝 IMPROVEMENT|
|Active engagement with community||Sub 5000 follower base||Increase social media following|
|Regular AMA with team||No Discord channel||Add Discord for better 2 way comms|
As the coin is not currently trading on exchanges, we have decided to omit this section from the review.
In summary, the Gather project scored a highly impressive 56/80 based on our scoring matrix, and we rate the project at an A- rating.
As the project is still in its early stages, there are a few areas for improvement which we have relayed back to the team.
We will re-review in several months once their token is trading on exchanges to re-assess their score and rating.
- This is a sponsored review on behalf of the Gather team.
- This review is intended for educational purposes only and SHOULD NOT be considered by you as financial advice.
- Before investing in any project, we recommend you do your research + consult a registered financial adviser.
- All information listed is accurate at the time of publishing in September 2020.
- We used a combined rating score out of 80 for this review, covering all the listed metrics for project reviews.
- Each section is rated out of 20 and comprises of 5 metrics we analyse
- Each metric is rated out of 4, including a potential bonus point in every metric.
- Our rating and grading framework is available here.