GLITZKOIN – diamonds on blockchain Glitzkoin is a blockchain based project whose authors intend to revolutionize the diamond industry using smart contracts and machine learning technology. The development team includes a number of experts in diamond mining and specialists in blockchain technology.
Problems of the modern diamond market.
Currently, the diamond market faces several problems due to the old-fashioned centralization. The first is that neither the manufacturer nor the customer knows each other. The current agent working system supports the risk of hiding any information.
Another problem is an unreasonable price increase, despite the cost of precious stones is only a combination of costs for operations such as mining, processing, and jewelry creating. The cost of the work of agents and intermediaries is not disclosed, although the final buyer pays for their services.
As a result, the market stagnates and needs a global transformation. Moreover, a lot of time takes paperwork, because all documentation accompanying products must pass through intermediaries. Thus, there are loopholes to deceive the consumer.
It is also worth noting that traditionally diamond trade carried out through personal contacts. According to industry representatives, not all dealers in this area can be trusted, so Glitzkoin's goal is to introduce transparency into this unclear market.
Currently, the rough diamond market is about $ 15 billion per year, and for jewelry with diamonds - about $ 79 billion.
How can Glitzkoin change the situation?
Blockchain technology integration into the diamond supply chain will ensure equal conditions for all participants. The future platform will bring together all concerned in the diamond trade parties - from the extraction process to the sale. This will significantly improve the efficiency of the entire sector.
Blockchain introduction into the diamond production sector will make sure the unification of both private and publicly distributed registers to create a hybrid model with increased transparency in comparison with traditional structures. Other advantages of the blockchain-platform include confidentiality, ease of use, unchangeability, and compatibility with third-party applications.
In the process of using block technology, all participants in the diamond industry would be involved for coordination actions of people interested in developing the global diamond market.
Each precious stone presented by its owner will receive a full description from the experts. This information and price will be available for free viewing. For this, the platform will include a stock exchange with the possibility of selling and buying diamonds. The exchange's currency will be the GLT token. It will be used as a means of payment within the framework of a smart contract system.
Decentralized Exchange
The main purpose of the trading platform will be the use of digital currencies in the diamond industry. This revolutionary idea will allow investors to treat their diamonds, as well as with any other financial asset. However, unlike other assets, this exchange will make sure transparency and security during transactions.
A noteworthy fact is that all transactions on the platform would check using smart contracts based on Stellar's blockchain. This will ease the processing of many of requests.
Keeping information about the diamond market
The platform will keep a record of all physical and digital assets in patented block chains. As for diamonds, the platform will provide data on their characteristics, history, and affiliation. These data will be stored digitally in a distributed book, to which anyone can get access to verify the authenticity of the asset and the history of its origin.
Conclusion
Unique features of this project, combining modern technologies and the real sector of the economy, allow making a huge positive change in the diamond industry. The Glitzkoin project, on closer examination, looks rather promising and deserves the attention of both investors and active participants of this business.
Token information:
Token: GLT
Price: 1 GLT = 0.2 USD
Accepting: ETH, XLM, BTC
Minimum investment: 100 USD
Soft cap: 10,000,000 USD
Hard cap: 40,000,000 USD
White list / KYC: KYC and White list
Country: Estonia
For more information, please check the link below:
Official site: https://www.glitzkoin.com/
Whitepaper: https://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