Gifto to explore NEM blockchain for improved scalability

Gifto, a blockchain-based decentralized application (dApp) ecosystem, has partnered with NEM, a leading blockchain application platform.

Founded in 2017 by Asia Innovations Group (AIG) – a leading global social entertainment group, Gifto is an Ethereum-based dApp for digital content creators, gamers, art collectors, and charities to send and receive customized virtual gifts. In December, the startup successfully closed its token sale, which it claimed was the fastest public sale in Asia.

In August 2018, Gifto announced that the Gifto cryptocurrency wallet, which was launched earlier this year, has reached 1 million wallet holders.

Under the partnership, Gifto will now explore the NEM blockchain for improved scalability and decreased costs for some of its blockchain-based services.

“Gifto is one of the few projects in the blockchain space demonstrating user growth and real utility. 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,” said Andy Tian, CEO, and Founder of Gifto and Asia Innovations Group.

NEM explained that its blockchain platform was designed and coded from the ground up for scale and speed, adding that it “delivers industry-leading transaction rates for international ledgers.” In addition, its consensus mechanism ensures that NEM’s open, public blockchain can grow without compromising throughput or stability, it added.

“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.”