Glitzkoin: Incorporation of Blockchain Technology into the Diamond Industry

henrysparks (39)in #cryptocurrency • 6 years ago

Diamond is one of the precious natural resources found on earth. Aside from being a notable component in jewelry due to its glitter and glamour, diamonds are also notable for their remarkable toughness which grants them a lot of application in other industry. According to research, $15 billion worth of rough diamonds are produced every year and a total of $79 billion diamond jewelries are sold every year. Nevertheless, acquiring diamonds remains a herculean task due to the presence of middlemen, high cost and a need for one on one interaction between the parties involved. Issues of trust and verification of the authenticity of the diamonds have hampered the growth of the diamond industry and stopped it from being a tradable asset like other emerging commodities. International dealings and transaction relating to diamonds are also affected by the inability to make swift, borderless transactions due to the deficiency of the banking/ E-commerce industry.

Blockchain technology has gotten a lot of audience in recent times. Blockchain refers to a decentralized, public ledger distributed over a peer to peer network. Blockchain guarantees an impenetrable system of transactions in which transactions are stored on the blockchain and irreversible. Blockchain led to the value system known as cryptocurrency and the implementation of blockchain and cryptocurrency in various industry has proven to be a decisive tool for not just decentralization but also transparency, efficient transactions, security of records and low cost of operation. The diamond industry is definitely in need of a decentralized system and the positives that come with it.

Introducing Glitzkoin

Glitzkoin is a global startup seeking to facelift the diamond industry by the deployment of blockchain technology and smart contracts. Glitzkoin seeks to create a blockchain based industry for the trading of diamonds in a fraud-free, coordinated, cost-effective and transparent platform. The Glitzkoin platform eradicates the need for middlemen hereby reducing costs, and also creates a system where everyone can invest in diamonds with little or no knowledge required.

Key Features of the Glitzkoin platform

1. Glitzkoin exchange: The Glitzkoin decentralized exchange uses machine learning algorithms to ensures the transparency and coherency of the global diamond market. Asides from machine learning, Glitzkoin utilizes blockchain technology and smart contracts to create an interface that closes the gap between the traditional diamond industry and other financial markets by creating a level playing field for everyone to invest in diamonds with little or no knowledge required. The Diamonds listed on the Glitzkoin exchange are authenticated by testing labs before being certified for listing.

2. Blockchain technology: Glitzkoin utilizes the stellar blockchain solution for keeping records of transaction hereby eradicating the orthodox use of paperwork. The Glitzkoin platform seeks to encompass all stakeholders of the diamond industry and the blockchain is tailored to suit the needs of the industry with hybrid features such as encrypted transaction and trade secrets, user-friendliness for easy integration, complete security for members of the supply chain and adaptability for third-party applications.

3. Global Diamond Track and trace: This feature aids the tracking of certified diamonds and keeps records of attributes and history of every diamond hereby preventing theft.

4. Glitzkoin (GLT) as a cryptocurrency: GLT serves as the utility token of the platform and is used to make transactions on the Glitzkoin platform. GLT based on the Glitzkoin diamond blockchain provides faster and trustless transactions between stakeholders and participants in the Glitzkoin ecosystem. By virtue of the GLT token seamless cross-border payment with affordable transactional cost can easily be made.

GLT Allocation and Token Sale Details

In order to raise funds for the actualization of the project, the Glitzkoin team has put up 25 percent of the total supply of GLT token for sale in a four-tier initial coin offering scheduled to end on the 25th of June,2018.