GLITZKOIN | THE DIAMOND INDUSTRY AND BLOCKCHAIN TECHNOLOGY

flintcode (37)in #diamond • 6 years ago (edited)

Diamonds are precious gemstones mined for luxury and used for decorative items, they are very expensive and add to your status as a person. To get your hands on one you have to be a very wealthy person. Transactions carried in the diamond industry are mainly carried on through personal contact. But in spite of that, there can be a lot of misconceptions. This is where Glitzcoin comes into the picture. It has been introduced in order to bring transparency along with simplicity to the entire diamond industry. With the help of Glitzcoin, the conventional diamond industry can be decentralized with internet value system. If this is made possible then assessments and evaluations will no longer be done by guessing.

The main objective of Glitzcoin is to transform the diamond industry by eliminating the barriers, increasing coordination and also by instilling trust in cross-border transactions for the diamond industry.

What is the idea conceived by Glitzcoin?

The main objective or vision of Glitzcoin is to establish a blockchain based open ecosystem for the diamond industry so that all the trade and transactions that are carried on the industry can be conducted and coordinated properly.
Glitzcoin is a global start-up that makes use of the best of the technologies which include smart contracts, blockchain, and machine learning in order to reduce the risk of fraud for banks, open marketplaces and insurers in the diamond industry.

Solutions Offered To the Problems by Glitzcoin

The sole motive of Glitzcoin is to integrate the latest blockchain technology in the diamond industry. This will help Glitzcoin in order to eliminate the main problems that prevail in the industry.

Eliminating the middleman: Glitzcoin seeks to eliminate the need for any middleman and broker by establishing a direct connection between by the buyer and the seller.

Eliminating fraud: There is a lot of fraud business that goes on in the diamond industry. All this can be put to an end with the help of Glitzcoin.

Seamless cross-border transactions: With the help of Glitzcoin there can be seamless cross-border transactions by eliminating currency conversions and the fees charged by the banks.

Decentralisation of the diamond industry: Records can now be stored securely on the blockchain.
Thus, you can see the number of problems that Glitzcoin covers and the solutions it provides to these particular problems.

Main Features of Glitzcoin

The main features of Glitzcoin include the following:

• The Glitzcoin project is mainly implemented on the superior stellar blockchain. This promotes low transaction costs and high speed.

• This particular project is managed and operated by a team of highly skilled professionals including people from both the diamond and the blockchain industry.

• Glitzcoin promotes user-friendliness, ability to build third-party applications, identity and network security and immutable historical records.

• Glitzcoin seeks to make the diamond industry decentralized.

• It wants to establish an open ecosystem.

Token Economics

Token: GLT
Payments Accepted: BTC, ETH, XLM
1 GLT: $0.20
Minimum Investment: $100
Soft cap: $10,000,000
Hard cap: $40,000,000

Thus, from the above discussion, it can be concluded that Glitzcoin aims to transform the diamond industry by coordinating the transactions that are carried on in the industry.

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