With hundreds of ICO already running in the first quarter of 2018, The task to find another gem which could bring value for both real life application and investors Return of Investment can be compared to find a needle in a haystack.
To find the gem, all we need is to do a little reading on the company’s vision, problems in the real world it tries to solve (whether blockchain solution is needed within the use case), and the team’s capability to deliver the promised vision through systematic and on time roadmap executions. In this opportunity, I would like to introduce one ICO which I consider to be the next gem : Glitzkoin. The problem they try to solve by using blockchain, the team's vision, and the track records of members are perfectly in harmony to bring significant effect into fruition.
Problem Statement : Diamond Industry Inefficiency and its Troublesome Opacity
Diamond industry, as it turns is not as shimmering and as transparent as diamonds are. Many problems plagued the well-established industry, especially with respect to its efficiency and transparency. Currently worth in excess of $79 billion annually, the diamond industry is ripe to be disrupted by the hottest and most hyped technology currently on development, the blockchain technology.
As one of the most valuable natural resources available on earth, diamonds are gone through long and complicated steps (from exploration to retailing phase) before they got into end users. On its journey, problems arise which can be summarized with these points below :
Inefficiency
Diamond Industry, just like any other well established industry, suffers from several issues :
Paper based documentations
inefficiencies come from paper-based documentation for transaction purposes. Paper-based documentations are expensive, unreliable (easily missing or destroyed) and providing slow speed comparing to computerized documentation.
IT infrastructure bottleneck
IT infrastructure that could not catch up with diamond industry scaling. With demands steadily increasing on each day, IT infrastructure to manage need to be easily scalable to meet the industry size. Current IT infrastructure in diamond industry could hamper the growth of diamond industry because of the bottleneck involved in the process.
Unnecessary actors involvement
Too many actors involved in the diamond industry supply chain (especially banks and brokers) which could make unnecessary steps, slow and tedious settlements causing inflated diamonds price before they reach into customers hand. They are proven to be detrimental to the operational margin for both sellers and buyers and the diamond industry sustainability in the long run.
Opaque level of Transparency
Trust is fundamental in diamond industry. From supply chain perspective, It is often that diamonds worthiness and originality are in doubt because so many fraudulent activities (sophisticated forging techniques both in authentication certificates or diamonds material itself) in diamond industries that make the consumers In doubt with the state of diamonds they bought. Also the origin of diamonds are very important because it is estimated that 15% of diamonds In circulation are illegal (i.e: come from conflict country) which ethically questionable and could cause legal problems for diamond holders. The uncertainties remain in big question since there is no proven tamper proof documentation method in the current technology to solve the diamond transparency problem, from exploration to retailing phase.
We will see that Blockchain, as the most hyped technology that is expected to bring revolutionary in plethora aspects of modern industry, could bring significant advancement to the diamond industry. Through stellar ledger implementation, Glitzkoin tries to revolutionize the diamond industry.
Gitzkoin Value
Glitzkoin is not just another hype follower since we already know there are severe problems in the diamond industry that could be solved by using distributed ledger (in this case blockchain).
By utilizing the blockchain technology, Glitzkoin offers full ecosystem in diamond industry which buyers and sellers could transact diamonds in a decentralized exchange almost instantly with negligible fees and minimum amount of risks caused by fraudulent misconducts. Transparency provided by blockhain ledger makes it possible to track every phase of diamonds manufacturing on the supply chain, from extraction to retailing phase with guaranteed immutability and efficiency. The stellar blockchain is selected because of its high transaction speed (>1000 tps with 1 billion users) to ensure instant settlement time and robust performance.
Team Behind Glitzkoin
Based on the team composition, we can see the Glitzkoin provides a strong performer and balanced core of competencies in the company structure. Advisors, core team members, business development, marketing, diamond specialist and technical developers are comprised of experienced person with proven track of records. The new appointed CEO is Navneet Goenka has more than 20 years of experience in the diamond industry, therefore is guaranteed to know about it inside out.
Detailed team profile with their LinkedIn profiles can be viewed here : https://www.glitzkoin.com/team
Partnership Status
(image taken from Glitzkoin whitepaper)
One of the best ways to assess the legitimacy and profitability of an ICO is to see whether they are already in some sort of partnership with other established and reputable companies. Glitzkoin, as one of the few reputable ICOs available today has secured partnerships with several renowned companies in the diamond industry. Those are CERES, Starhill Gallery, and Lot10. The Glitzkoin native currency, GLT will be acceptable as a mean of payment and from multiple sources of information, there will be a lot of exciting projects under development.
Project Roadmap
The project roadmap is well designed and activities are spread proportionally to provide fast implementation and obtain optimum efficiency.
(image taken from Glitzkoin whitepaper)
ICO Details & Token Economics
For the sake of simplicity, Glitzkoin ICO accepts Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Ripple (XRP) and Stellar (XLM) as the mode of payment for Token purchases.
Token structure is well balanced and provides a lucrative bonus for investors for each step of its token sale.
(image taken from Glitzkoin whitepaper)
From this short introduction article, we can consider objectively that Glitzkoin is a safe and solid investment for everybody who interested to become part of the next generation of fully transparent and super efficient 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
Article contributor :
Telegram handle: @richeames
Bitcointalk profile : https://bitcointalk.org/index.php?action=profile;u=1815692
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That is a great review. Way better than most ico reviews. I like the sections and the angle you are taking.
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