A little-known cryptocurrency meant to support content creators everywhere for content generation has seen its price surge by over 450% so far this year after it migrated its native token onto the $BNB Chain.
The cryptocurrency, Gifto ($GFT), has recently moved from its old $GTO token to $GFT on the Binance-backed chain, with old tokens being swapped for new ones at a 1:1 ratio. According to the team behind the cryptocurrency, the new token has an annual inflation rate of 2%, which brings in new features to the protocol.
These include a 1.5% annual allocation of inflation to staking rewards, with the remainder of the annual inflation contributing to charitable causes through Binance Charity, which is described as the “ first-ever blockchain-enabled transparent donation platform, which covers some of the missions we believe they’re most important to our society nowadays: reducing poverty and supporting education.”
The token migration was accompanied by several new products, and was supported by various cryptocurrency exchanges including OKX, Bitget, Gate.io, and leading crypto trading platform Binance.
Gifto, according to Coinbase, is a digital gifting protocol that is “available on various content generation platforms like Facebook, YouTube, Instagram, and so on and quickly adapts to their conventional revenue streams primarily generated from advertising. “
The Gifto protocol, it adds, strives to establish a self-sufficient and self-governing environment for the creation, curation, tracking, and trading of virtual gifts across various content platforms. This protocol features virtual smart gifts, a decentralized digital asset managed by smart contracts on the blockchain.
Unlike traditional contracts that are written on paper, smart contracts are programmed protocols that run on the blockchain. The protocol also includes a gift store where users can buy virtual gifts for their favorite content creators, among other features.
The token is at the time of writing trading at $0.111, down 17% in the last 24-hour period, but up over 450% since the beginning of the year.
The cryptocurrency is still notably down well over 80% from its all-time high seen back in early 2018. Blockchain data shows that the top 10 holders control over 94% of its circulating supply, while the token has over 114,990 addresses.
Image Credit
Featured Image via Unsplash
