A little-known cryptocurrency designed to assist content creators worldwide with content development has seen its price increase by almost 450% this year after migrating its native token onto the $BNB Chain.
Gifto ($GFT) has just transitioned from its previous $GTO token to $GFT on the Binance-backed chain, with old tokens being exchanged for new ones at a 1:1 ratio. According to the cryptocurrency team, the new coin has an annual inflation rate of 2% and adds new functionality to the system.
These include a 1.5% annual allocation of inflation to staking rewards, with the remainder going to charitable causes via Binance Charity, which is described as the “first-ever blockchain-enabled transparent donation platform, covering some of the missions we believe are most important to our society nowadays: reducing poverty and supporting education.”
The token migration was accompanied by the release of numerous new products, and it was backed by a number of cryptocurrency exchanges, including OKX, Bitget, Gate.io, and Binance, the top crypto trading platform.
Gifto is a digital giving protocol that, according to Coinbase, is “accessible on numerous content generating platforms like as Facebook, YouTube, Instagram, and so on and swiftly adapts to their conventional income streams mostly generated by advertising.”
It goes on to say that the Gifto protocol aims to create a self-sufficient and self-governing ecosystem for the production, curation, monitoring, and trade of virtual presents across multiple content platforms. This protocol includes virtual smart gifts, a decentralized digital asset governed by blockchain smart contracts.
Smart contracts, as opposed to traditional paper contracts, are coded protocols that execute on the blockchain. Among other features, the protocol offers a gift store where users may purchase virtual presents for their favorite content providers.
The token is now trading at $0.111, down 17% in the last 24 hours but up over 450% since the beginning of the year.
The cryptocurrency is still down more than 80% from its all-time high, which was set in early 2018. According to blockchain statistics, the top ten holders control over 94% of the token’s circulating supply, and the token has over 114,990 addresses.
