Diamonds are forever and they say are a woman's best friend. There would not be a single woman who would not love to own one. They are sheer luxury, opulence and a symbol of magnificence when owned or studded in jewelry. Think of a time if you lost one or bought an artificial one for the price of a real! The thought itself raises eyebrows and questions. Now picture a system where one could track the provenance of the stone, the mine from which it was discovered, the hands through which it was changed, the workshop where it was cut and polished and the chain of retailers as well. The idea seems so appealing, isn't it?
Just as an anticlimax, figure your diamond to be stolen! What could you do except informing the police and wait for some miracle? But comes into the scene the same system that tracked your diamond and its ownership. Even if stolen it could still be tracked and if ever bought into the market, retained back. Such a convenience. All through this conversation, I talked about a system and that ecosystem is finally coming into being through the mix of experience and expertise of the founder Navneet Goenka and his solid team through Glitzkoin.
The diamond market is huge employing ten million people approx around the world. With trades starting from the mines and ending in stores sales, the markets are global, spaced and diverse. There arises a need for an open, transparent and universal platform where trades and transactions at all the points in a diamond's lifecycle can be conducted and coordinated.
Glitzcoin is an ecosystem based on the blockchain, smart contracts, and machine learning to assist in the reduction of frauds for banks and open marketplaces in the diamond industry.
The Appetizers:
The platform works its way by incorporating blockchain into the supply chain of the diamond industry by connecting all the stakeholders from mining companies to retail customers.
It will create a world-class system through which global tracking of the diamonds can be done. Also, a diamond will be embedded in the blockchain through information relating pt its origin, attributes, and history. Tracking and authenticating stones through their journey will help to prevent theft.
It will, through a global marketplace, involve trust fewer transactions allowing single or multiple ownership. It will provide for ancillary services such as shipping and insurance fulfilled by third-party providers.
As such, it will drastically reduce the time for a trade.
The ingredients:
Supply chain on blockchain for the diamond industry combining privacy, accessibility, and security. It uses zk-snarks and bulletproofs to keep transaction data private.
Decentralized exchange and through this they allow traders to liquidate and invest in diamonds like any other financial investment with a secure environment. Through machine learning and dual play of demand and supply Glitzkoin creates a unique benchmark value, rate and smart contract for every stone. It also provides the shared investment option.
Global diamond track and trace through digital certification and authentication using smart contracts. It also maps the environmental conditions and ethics of labor that went into the making. Thus, fulfills s social cause as well.
Open Ecosystem that connects jewelry stores, RapNet and IDEX, mining and polishing companies etc. It contributes to the Stellar community as well. It also consists of GLITZKOIN WALLET, GLITZKOIN API, and GLITZKOIN merit engine.
Through the implementation of the platform global decentralized trade that is paperless, transparent and quick is sought to be obtained. The inefficiencies and other unethical factors involved in the industry are targeted here. Thereby increasing the market reach of the diamond industry. Absence is middlemen, lowering of costs, acceptance of cryptocurrency and the authentication will instill confidence in the markets all around the world. A common ground can therefore be used to solve so many financial, economic and environmental concern as well.
GLITZKOIN and its ICO details :
GLITZKOIN will be an ethereum based utility token on the platform. Payments in the ether, litecoin, Bitcoin, Ripple, and Stellar are accepted for the token purchase. The token will be used for all the internal functions of the platform.
About 245 million tokens will be up for sale in the ICO. The sale will be quartered and the prices will range from $0.12 to $0.20. The bonuses available will range from 0% to 10%. The ICO is in progress and has reached tier 2.
The hard cap and other such info are yet to be announced.
Concluding Remarks:
The platform uses blockchain to open new avenues and increase transparency. The approach though simplistic integrates traditional supply chain management with new machine learning and algorithms.
Investors, insurers, and traders will benefit mutually through investment in the tokens. The people can avail, transact and track their purchases or keep an eye on the transaction. The growth and appreciation of the currency are in sync.
For more information visit this links
Website:https://www.glitzkoin.com/
Whitepaper:https://www.glitzkoin.com/dist/img/pdf/Glitzkoin-Brochure.pdf
Telegram:https://t.me/joinchat/H2lmsxLwenY3S8Fp_CFQBA
Facebook:https://www.facebook.com/GlitzKoin-193241214767377/
Twitter:https://twitter.com/GlitzkoinToken
Reddit:https://www.reddit.com/r/glitzkoin/
Medium:https://medium.com/glitzkoin
Annoucement:https://www.facebook.com/GlitzKoin-193241214767377/
AUTHOR: Vitalino
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