The year of 2017 was hallmarked as a tremendous progression in the cryptocurrency world in the form of ICO booming that leads to a spectacular rise of crypto market valuation at the Q4 of the year until middle January 2018. However, the growth cannot sustain itself and lead to the dramatic fall of the market valuation until now (Q2 2018).
The major correction is caused by several factors, but one of the most noticeable causes is the excessive speculation occurred in the market without widespread implementation of cryptocurrency in real life. Without solid use case and proof of concept in industrial context, it is impossible for cryptocurrency market to be valued at such high price without facing major selling pressure afterwards.
Glitzkoin shed some light in the situation since it could potentially disrupt the diamond industry as we know it, giving the contribution on how cryptocurrency could have a value to the real world and justification on how big the cryptocurrency market could be valued because of its usefulness.
A Short Introduction to Stellar Blockchain
Unlike current most cryptocurrency projects that use Ethereum platform as their host, Glitzkoin opts to use Stellar based blockchain to run its decentralized ecosystem. We will soon know why this is proven to be a very good strategic decision since it serves the purpose perfectly.
Stellar blockchain was a platform of peer-to-peer cryptocurrency originally based on Ripple, founded and developed in early 2014 by Jed McCaleb, who helped start Ripple (XRP). Stellar facilitates near-instant payments between parties and its network includes “anchors,” which are trusted third-parties who help on-board network participants using traditional means like bank accounts and other fiat institutions. For example, partners like Mifos and Moni both work to create banking solutions using Stellar technology.
The mission of the Stellar Development Foundation (SDF) is to promote global financial access, literacy, and inclusion – which is achieved through providing developers with the technology to create financial products and services for their communities. Many established financial/tech corporates such as IBM currently using the technology for its cross border payment transactions, which proves that it could be used reliably in real industrial scale scenario.
Glitzkoin strategically uses the technology to its advantages. Stellar blockchain would be perfectly suited for use in the diamond industry context, since it provides a very fast settlement time (1000 tps per 1 billion users), ultra low cost transaction fees ($0.01 per 600.000 transactions), and reliable network (strong network attack protection and guaranteed immutability) for everybody within the system.
Glitzkoin Blockchain-based Solution : Its Strong Value could Provide
Stellar blockchain, which is already beyond proof of concept;has proven itself as one of the most reliable, affordable to use and robust platforms currently available on the market. While originally intended to be used as a fast cross border solution, it could also be used within different context : the diamond industry supply chain.
Facilitates Convenient Settlement
The current diamond industry already benefiting the progress of information technology, however, the benefit is not significant in making a meaningful value to the industry and rather can be thought as a small increment progress. For example, the current market exchange for diamonds are already digitized.
The digitilzation indeed bring convenience by both and sellers since they do not need to directly engaging contact. However, the benefit stops at that point. The high brokerage price, long settlement time, and the risks of product legitimation are still in question.
Glitzkoin offers a solution which could solve them all by using the disruptive technology, Blockchain. Instant settlement, ease to access marketplace by both buyers and sellers, and legitimacy status of diamonds products are safely guaranteed since the nature of blockhain itself (by the implementation of stellar specifically) are already proven to be beyond proof of concept.
Now every people from every country can enter Glitzkoin diamonds marketplace easily, anytime anywhere 24/7 unlike any diamond exchanges currently available. Guaranteed genuine diamonds can be traded by its native currency (GLT token) instantly which provides a seamless experience in dealing with diamonds matter.
Increase Margins by Reducing Costs
The elimination of middlemen makes it enable to reduce costs and provides trustless based business which could make the diamonds industry goes to another advancement phase. Stakeholders from mining companies to retail customers are met in one decentralized marketplace which could large sums of money in the process.
The diamonds supply chain process is streamlined and made transparent by the logs in the blockchain which is immutable and tamper-proof. The reduced costs would benefit both producers and consumers. Producers would be able to cut the operational costs significantly and make a better growth plan for its company, while costumers would safe his money when buying guaranteed genuine diamonds, providing more incentives for them to incrase their position on diamond industry investment.
Buy Glitzkoin to invest in the future of Blockhain-based Diamond Industry !
Please visit https://www.glitzkoin.com/ to invest now !
Article References :
Glitzkoin Whitepaper (https://www.glitzkoin.com/dist/img/pdf/Glitzkoin-Brochure.pdf)
https://www.lumenauts.com/blog/how-many-transactions-per-second-can-stellar-process
https://blockonomi.com/stellar-lumens-guide/
https://cryptoslate.com/stellar-lumens/
https://cryptobriefing.com/what-is-stellar-introduction-to-xlm/
https://www.thediamondloupe.com/articles/2017-07-28/state-diamond-industry-second-half-2017
Article contributor :
Telegram handle: @richeames
Bitcointalk profile : https://bitcointalk.org/index.php?action=profile;u=1815692
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