Glitzkoin: jewelry ICO from the first diamond blockade
What is the most expensive instrument of payment in the world? Oil and gold lose to precious diamonds. This was kept In mind by Navneet Goenka, Olga Rosina and their team. Todays review is dedicated to the Glitzkoin blockchain - perhaps the unique jewelry blockchain in the world.
Being on firm ground
This review should be preceded by a brief description of the market situation: from the beginning of April, crypto coins show bullish trends. The month of May is closed higher than the previous month, it is possible that market participants do it intentionally. Meanwhile the attention of investors is increasingly attracted by stable financial instruments ...
Well, in the 4th quarter of 2017, the Glitzkoin team foresaw this situation. Therefore, their project to create a "diamond crypto coin" has been aimed to ensure fair distribution of diamonds. The project solves the problems of investment and meets the needs of real business by stabilizing the relationship between buyer and seller.
The volume of the diamond industry exceeds $ 79 billions. This indicator has grown 3 times over the past 25 years. But diamond is not just money. It is a symbol of a beautiful and luxurious life.
Diamonds trade forever
Contracts in the diamond industry are made only personally: the buyer evaluates the diamond, the seller evaluates the buyer and vice versa. This process can be delayed, because even an expert evaluation does not give a clear idea. Glitzkoin appeared with the goal of making this industry even cleaner and more transparent.
The connection between the diamond market and the decentralized system of blockchain makes the assessment process independent of subjective opinion. Participants of the system will help erase barriers and increase the confidence of sellers and buyers at the level of global transactions.
The role the Glitzkoin platform plays in this
Connect APIs of jewelry stores, stock exchanges of precious stones, IDEX, Mining & Polishing companies etc. among themselves. At the same time, information about each stone is stored in a paperless form on the securely chips of the blockchain. Like the EOS platform or Ethereum, this technology is turning around its own tokens. Developers assure that the transaction confirmation time will constantly decrease (up to 3 seconds!), even if the network is overloaded. The redistribution of tokens is provided by EME - it's a fair pre-decided mechanism, for which there are no bribes and priorities.
Let's talk about the creators ...
I do not know much “diamond people”. And there is not so much information about the team: they write that the founder and CEO Navneet Goenka is for 20 years already being a “shark” in the ocean of diamonds. That’s his game that means, he is considered a respected expert and quite suitable for the role of the main driving force of the Glytzkoin project.
Another "shark", also having 20 years of experience as an expert in diamonds - Olga Rosina, she used to work with such a giant mining companies like Alrosa and Gokhran, owned by Russian investors. The remaining managers and four advisors are experts in software engineering, marketing and, of course, jewelry production.
... and partners
Among the early investors there are significant companies, the world's largest jewelry company CERES, Starhill Gallery and shopping complex Lot 10 in Malaysia.
Project’s ICO
The abandonment of inefficient paper processes and the collaboration of all participants in the diamond industry, from mining companies to retailers, made the project capitalization very solid. Within the ICO, which will last until June 25, 2018, it is planned to distribute 245 million tokens. The minimum size of purchase is 100 $. The amount of bonuses will be distributed as follows:
| Purchase Amount in USD | Bonus |
|---|---|
| 10,000 - 50,000 | 0% |
| 50,000 - 200,000 | 5% |
| 200,000 - 500,000 | 8% |
| 500,000 & above | 10% |
So it is planned to distribute tokens:
- Token Sale 25%
- Community 20%
- Market Making 20%
- Company 35%
Total: 999 Million Tokens
Soft cap = $10M
Hard cap = $40M
The token distribution will take place once the ICO is over. So, on June 25, the bounty program will be closed in its current format, till then you can join the community. If you are interested in XLM, your reward will be transferred to the XLM wallet that you would give to admins. And remember that your reward will be in GLT tokens. Well, all that glitters is not gold, but this crypto currency inspires trust.
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