GlitzKoin: decentralizing diamond industry

Who doesn't like buying jewelry (especially my mom)? The sheer shine of gold and sparkling diamonds excites ladies. I remember going to the various jewelry shop and staring at diamonds and wondering why they shine so much. It's only in the ninth grade that I found the reason behind that sparkle.

I did some research on the diamond industry and found out some interesting facts. Do you know that diamonds are one of the most valuable natural resources? An estimate of $15 billion USD worth of diamonds is produced every year. In terms of employment, the diamond industry employs more than 10 million people (directly or indirectly). Also, currently diamond jewelry worth more than $80 billion USD.

But, ordinary people find it very difficult to know about the diamond industry or how the entire process works. This is because of lack of transparency and centralized nature of the whole system. The current system needs a platform where various parties (mining companies, polishers, certification authorities, sellers and end users or consumers) involved in the supply chain can share a transparent, authentic and efficient data.

In the search for the same solution, I found out that GlitzKoinis offering all the solutions that we could need.

GlitzKoin platform

GlitzKoin is a blockchain based decentralized platform which aims at revolutionizing the diamond industry by using machine learning and smart contracts.

GlitzKoinwants to build a platform to bring all the stakeholders in the diamond industry on a common platform. The use of blockchain technology will offer better transparency in the entire process (by using a hybrid model combining private and public blockchain). It will also improve privacy, efficiency, usability, and compatibility with third-party applications.

The use cryptocurrency for the platform will allow investors to liquidate their diamonds but with more transparency and security. GlitzKoin uses smart contract for processing all transaction and imposes only minimal transaction fees. The platform will also maintain a record book for all the physical and digital assets on the blockchain which will allow suppliers to prove their reliability to the buyers. Also, all the transaction data, trade secrets are stored in encrypted format.

The platform will provide three main service -

• GlitzKoin API for easy integration of GlitzKoinservices in any third party applications
• GlitzKoin wallet for managing and validating transactions
• GlitzKoin will launch a loyalty based reward system based on merit scores.

ICO and Team

GlitzKoin uses ERC20 token which is created on Ethereum blockchain. The company has released 999,000,000 GLT tokens. Out of the total tokens, only 25% will be available for the ICO sale. The company started its ICO sale from 16th March 2018 and will continue till 25th June 2018. You can use Bitcoin, Ether, Litecoin, Stellar and Ripple as a mode of payment for purchasing GlitzKointokens. The tokens are being sold at a rate of 1 GLT token =$0.2 USD.

Conclusion

GlitzKoinwill deploy its decentralized exchange platform, global diamond track and trace platform by the end of this year. The company also wishes to add various other tools to the platform from next year onwards.

You will be surprised to know that the team behind GlitzKoinconsists of experts from both the field i.e. diamond industry and blockchain technology. So, it's not like some developers have decided to develop a product for a completely unknown sector.

I believe that GlitzKoin will increase the market reach of diamond industry. Another feature which caught my attention was the transparency in the whole process. Today, I have no information about how trustworthy the seller is which could be dangerous as he can fool me (as I have less knowledge about diamonds). So, transparency is kind of big deal for naive users (especially me).

This platform has potential to change the diamond industry once for all and if you want to be a part of change then you should invest in the company.

Website - https://www.glitzkoin.com/

Whitepaper - https://www.glitzkoin.com/dist/img/pdf/Glitzkoin-Brochure.pdf

Telegram - https://t.me/joinchat/H2lmsxLwenY3S8Fp_CFQBA

ANN - https://bitcointalk.org/index.php?topic=3355944.0

Published by - prince0200

Profile - https://bitcointalk.org/index.php?action=profile;u=1807689