If you have been paying any kind of attention to the world of cryptocurrency, then you have probably reached a point where you feel that everything has already been done before. Well, the people behind GlitzKoin are appearing to claim that they may have something slightly different, and if they do then you can see how it could improve their chances of making their project turn into a raging success.
So, let’s check it out in a bit more detail to see if they can indeed come up with something new or if we are just looking at the same old thing packaged in a different way.
The diamond trading industry has been kind of stuck in old-fashioned ways for some time now, so the idea of moving things across to the blockchain is certainly going to be a rather creative approach. As well as creating a trading platform, they are also going to operate their own cryptocurrency that will be used for the transactions. They state that this will make the financial side of things run more smoothly than before, and with it using the blockchain there is also the sense of complete transparency as well.
From the technical perspective, then there is nothing too special about what they plan on doing as it is more a case of them using a different trading commodity rather than trying to change the design of the wheel.
However, what is clear is that they will allow buyers and sellers of diamonds to come together on their platform. Not only is all of their information stored on the blockchain, which means it is secure, there is also the option of operating on the platform and using the security of smart contracts to make sure that the trade does indeed go as smoothly as possible.
Also, people trade with one another, so the middleman idea is then eliminated cutting costs in the process. This alone is a big difference, and it should make the trading aspect substantially easier than before.
The way in which it operates is easy to follow. A seller has diamonds available at a set price, the buyer knows what they want to pay, so searches for the seller on the platform. Both parties agree the price with the smart contract being created offering security and complete transparency. The buyer uses the cryptocurrency to complete the transaction with both parties then being quite content with their side of the deal.
In other words, there really is nothing different about this platform.
There are several clear advantages for anybody that is looking at using the new platform. First, by removing the middleman, along with using the cryptocurrency, it does remove so many fees and means it is easier to keep the costs down and get a better deal.
Next, the security that surrounds using blockchain technology and smart contracts is also going to be a big advantage when you think about what is being traded on the platform. The complete transparency just allows both parties to know where they stand making it easier to trust one another from the outset.
With the financial side of things, along with the ICO, they are able to accept several different cryptocurrencies as way of payment. This includes BTC, ETH and XLM. Also, there is a minimum investment figure that has been set at $100, so you need to take that into consideration if you are planning on getting involved in this project.
They are also going to be releasing a total of 245 million tokens during the ICO which only represents 25% of what has been created for the project. The rest will be split between management, the community and also for marketing purposes with everything being pretty well laid out in their whitepaper.
The price of the tokens is also going to increase as more are sold. Starting off at $0.12 per token, it climbs to $0.20 with a hard cap in place of $41,800,000 if all 245 million tokens are sold during this period. There are also bonuses available which are tied in with the number of tokens you purchase. However, you need to purchase more than $50,000 of tokens to even get their 5% bonus, so this is certainly not going to be something that applies to most people.
There is no doubt that a diamond trading platform operating via the blockchain is a good idea, and the fact that they are not making any changes to the actual technology is also rather useful. By removing the need for the middleman, along with transaction fees thanks to the cryptocurrency for the platform, it does make things more affordable for both parties.
All GlitzKoin is seeking to do is to match up both sides of this trade using a transparent and secure method that is beneficial to everyone involved. Apart from that, there’s nothing too fancy or elaborate to worry about.
So, should you invest in the ICO? Well, just keep in mind that there is that minimum investment figure, but apart from that, you can see why this could prove to be a rather cool project to back simply because of what it will be focusing on when it comes to the trading platform. You are talking about things that can cost a lot of money, so holding some of that cryptocurrency could prove to be useful in the long-term simply because of the very real possibility of its value being pushed upwards in a short period of time.
https://www.glitzkoin.com
