Glitzkoin; Internal and External Factors

toluene(47)

Published in

#crypto

Words

590

Reading

3 min

Listen

Play

Glitzkoin is a decentralized platform that seeks to revolutionize the diamond industry by utilizing the Blockchain technology to provide efficiency, innovation and solution to the problems of the industry. it decentralizes the whole industry by creating a open source platform that will remove the hurdle to entry in the industry.

In this article I will be making use of the SWOT analysis to scrutinize the factors (both internal and external) that may have a positive or adverse effect on the progress of this project.

Strength

The strength of Glitzkoin can be identified in the team of the project. The function of a team in the progression of a project cannot be overstated as it is the drive that directs the project into success.

The Glitzkoin team is a skilled and experienced team filled with experts in different fields. After the critical evaluation of the team members’ profile, I have been able to verify their previous experience in their respective fields working with different organizations.

Considering the level of experience and influence the Glitzkoin team has in the diamond industry, they will be able to easily penetrate and integrate Glitzkoin into the whole industry. Being aware of exactly how things are done in the industry, they will be able to design and deliver project specifically to meet the demands of the industry, and will also be able to reduce cost incurred in the process.

Weakness

The Blockchain is unique for it transparency, decentralization, efficiency and innovative nature which gives it the center stage in this decade. Industries are adopting the Blockchain in order to develop and innovate the industry, and Glitzkoin is the Blockchain innovation for the diamond industry. Though Glitzkoin is a really promising project, it is not without its weaknesses.

Considering that crypto is still striving for more adoption globally, as some countries and their governments are still against it, and also the present nature of the cryptocurrency market (Bear market), the Hardcap of this project (which is $41.8 million) may be too high and difficult to reach, as the whole crypto market is dropping and the market cap is also shrinking.

Opportunity

There is an estimate that over $15 billion worth of diamonds are produced in the diamond industry yearly, and the whole industry is rated to currently worth over $79 billion every year, with a massive increase potential considering it growth rate in recent times ( increased three-fold in the past 25 years). This shows a huge network of commercial activities going on in the whole industry yearly.

Considering the shortcomings and inefficiency in the market, there is a large opportunity left to be exploited. Glitzkoin takes this opportunity with both hands by utilizing the Blockchain to provide the necessary solution and innovation in the market. Glitzkoin is aware that they can obtain a portion of the large amount of revenue generated in the whole industry by revolutionizing the industry, thus increasing the value of the project.

Threat

Glitzkoin is confronted with threats parallel to that of any project, which is the possibility of the emergence of a competitor. Putting into consideration how valuable the whole industry is and also the fact that the Blockchain offers a welcoming hand to any project, the possibility of imitators emerging cannot be written off.

The advantage that Glitzkoin have over potential competitors is the opportunity of being the pacesetter in the market, which means Glitzkoin will have stamped it authority in the industry before the emergence of a competitor.