Glitzkoin ICO — project based on the blockchain, which the authors intend to revolutionize the diamond industry using smart contracts technology and machine learning. The development team includes several experts in the field of diamond production and specialists of blockchain technology.
The Project Glitzkoin
The team
Work on Estonian Glitzkoin project began in 2017. By the end of last year, its authors have published a White paper and made a plan of implementation of the concept of segment and the extraction of precious minerals and implementation of the block chain in the process of diamond trading. This project has attracted the attention of millions of people who saw it as a really worthwhile and promising idea.
A team of developers and advisors consists of 12 people, including:
Will navneet Goenka (Executive Director, was born in a family closely associated with the global diamond industry, has twenty years of experience in this field and has played an important role in revealing the fatal flaws that lead to industry stagnation).
Lila Hussain (head of business development Department, has twenty-three experience in financial, strategic and operational leadership, informed more than 14 years held the post of General Manager of the largest Airshow in South-East Asia Lima Airshow, is on the Board of various organizations for human rights and women entrepreneurs).
Shashank Agarwal (technical Director, graduated from Imperial College London has an MBA, an expert on blockchain with more than 10 years of experience in the technology industry, well versed in web and cloud applications that previously worked in various companies in UK, UAE and India).
Nilesh Agarwal (head of product development, has extensive experience in the most famous high-tech companies such as Microsoft, Amazon and Samsung, specializiruetsya on creating intuitive and user-friendly interface).
Olga Rosina (specialist in diamonds, has a master's degree in management and Informatics, a veteran of the diamond industry with over twenty years experience, previously worked in companies such as Alrosa and Gokhran, in the 1990-ies repeatedly became the winner of the beauty contest in Russia).
Problems of the modern diamond market
Currently, the diamond market faces several challenges due to old-fashioned centralization. The first is that neither the manufacturer nor the client do not know each other. The current working system agents supports the risk of concealing any information.
Another problem is the unreasonable price increases, despite the fact that the cost of gems is just a set of costs of operations such as mining, processing and jewelry making. The cost of the agents and brokers are not disclosed, although the end-customer and pays for their services.
As a result, the market stagnates and needs a global transformation. In addition, a lot of the time it takes and the paperwork, as all the products accompanying documentation should be held through intermediaries. Thus, there are loopholes to deceive the consumer.
It is also worth noting that traditionally, the diamond trade is carried out through personal contacts. According to industry representatives, not all of the dealers in this areas can be trusted, so Glitzkoin goal is to introduce transparency in this uncertain market.
Currently, the market for rough diamonds is about $15 billion per year, and for jewelry with diamonds — about $79 billion.
Supply chain jewelry
As Glitzkoin can change the situation?
The integration of blockchain technology in the supply chain of diamonds will ensure equal conditions to all participants. The future platform will bring together all stakeholders involved in the diamond trade — from the process of production to sales. This will significantly increase the efficiency of the whole sector.
The implementation of the block chain in the diamond production sector will provide the Union as a private or public distributed registers to create a hybrid model with increased transparency in comparison with traditional structures. Other benefits of blockchain platforms include privacy, ease of use, resistance, and compatibility with third-party applications.
In use the block will involve all participants of the diamond industry to coordinate people interested in the development of the global diamond market.
Each gem represented its owner will receive the full description from the experts. This information and the price will be available for free viewing. This platform will include stock exchange with the possibility of sale and purchase of diamonds. Currency exchange will be the token GLT. It will be used as a means of payment in the framework of smart contracts.
Overview of the features and components
Architecture modular system to govern all actions within the world diamond market, will include several key components.
A decentralized market
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 go with their diamonds, as with any other financial asset. However, unlike other assets, the exchange will provide the transparency and security during transactions.
The notable fact is that all transactions on the platform are validated using smart contracts, blockchain-backed Stellar. This will facilitate the processing of a large number of requests.
Storing information about the diamond market
The platform will keep a record of all physical and digital assets in a patented block chains. As for diamonds, the platform will provide data about their characteristics, history and belonging. These data will be stored in digital form in a distributed workbook that anyone can obtain access to verify the authenticity of the asset and the history of its origin.
An open ecosystem
System Glitzkoin is a set of services that work as a whole to provide opportunities for participants of the segment of diamond mining and processing industry. It also provides a basis for developing appropriate applications.
The list of ecosystem components include:
Glitzkoin Wallet. The system enables users to manage their cryptocurrency funds and check transactions.
Glitzkoin API. Third-party applications can integrate services into their platforms using API project.
Glitzkoin Merit Engine. After the completion of the sale of tokens, the developers will launch a reward system for loyalty based on certain estimates for merits in development of the platform.
The mechanism of the device of the exchange of diamonds Glitzkoin
The network will bring together the entire chain in the diamond market, including end users, retailers, large mining companies and specialists in the processing of stones. All the data about each diamond will be provided in the block chain.
The diamond exchange will consist of three elements:
Gem composite index (an indicator of the quality of the gemstone).
Parallel composite index (indicator of the rarity of the diamond).
Composite Indices (information for traders regarding the diamond industry).
Trading platform includes the technology of neural networks based on all data about the diamonds. A user wishing to sell a stone, you'll be able to use a smart contract. Then the stone will be delivered to the custodian, who will check it for compliance with established certification standards in the industry.
After approval of the smart contract will provide for the Deposit of the required amount of funds in the wallet of the buyer, and the stone will be the custodian. Then the smart contract can be placed on the market or sold directly to the buyer.
The same process applies to the owners of shares in diamond baskets are sold to traders. The buyer of the smart contract can request delivery of the actual diamond, a smart contract will be considered after this completed.
The sellers can sell the diamond with one "smart" of a contract or to create multiple mining contracts for one stone, allowing multiple buyers to purchase a share in it. This innovation will first provide private investors the opportunity to invest in precious stones to take advantage of their speculative and unstable market positions.
This approach is, in fact, an extensive inventory of each diamond registered with the platform, demonstrating its authenticity and ownership rights from the moment of production and to be placed on sale.
Road map
Sale token GLT began on 16 March 2018 and will continue until 25 June 2018.
The terms of kraudsale:
the total number of tokens GLT — 1 billion;
number of tokens GLT for sale — 245 million;
soft cap — $4.2 million;
hard cap — $41.8 million;
course — 1 GLT = from $0.12 to $0,2 (increasing sales token);
accepted currencies — BTC, ETH, XLM;
the minimum investment is $100 ($10,000 for the purchase through Bank transfer).
Conclusion
It's a great idea and the case when the blockchain technology can provide a solution to real problems. We all know that the diamond industry is mired in controversy, which are among the biggest problems in the industry, including the problem of counterfeiting, custom diamonds and fraud.
Translation of all processes on the block chain can help solve many of these problems and to ensure the transparency and legitimacy throughout the whole process — from production to sale of the stones.
Official site — https://www.glitzkoin.com/
Whitepaper — https://www.glitzkoin.com/dist/img/pdf/Glitzkoin-Brochure.pdf
TELEGRAM — https://t.me/joinchat/H2lmsxLwenY3S8Fp_CFQBA