Glitzkoin ICO is a blockbuster 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.
Development team
Work on the Estonian project Glitzkoin began in 2017. By the end of last year, its authors had already published the White Paper and drafted a plan for implementing the concept of changing the precious minerals extraction segment and introducing a block chain into the diamond trade. This project attracted the attention of millions of people who saw in it a really worthwhile and promising idea.
The group of developers and advisers includes 12 people, including:
Goenka (Executive Director, born into a family closely connected with the world diamond industry, has 20 years of experience in this field, and played an important role in identifying the critical shortcomings that lead to stagnation in the industry).
Lila Hussein (Business Development Manager, has 23 years of experience in financial, strategic and operational management, previously held more than 14 years as general manager of the largest airshow in Southeast Asia Lima Airshow, is a member of the board of various human rights organizations and women- entrepreneurs).
Shashank Agarwal (Technical Director, graduated from Imperial College London has an MBA, a blockbuster with more than 10 years of experience in the technology industry, is well versed in cloud and web applications, previously worked for various companies in the UK, UAE and India).
Nilesh Agarwal (head of product development department, has extensive experience in the most famous high-tech companies such as Microsoft, Amazon and Samsung, specializes in creating intuitive and user-friendly user interfaces).
Olga Rosina , a diamond specialist, has a master's degree in management and informatics, a veteran of the diamond industry with more than 20 years of experience, previously worked in such companies as Alrosa and Gokhran, and in the 1990s became the winner of the beauty contest in Russia).
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 the unreasonable increase in prices, despite the fact that the cost of precious stones is just a combination of costs for operations such as mining, processing and creating jewelry. 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. In addition, a lot of time and paper work, 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 is 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.
Chain of jewelry supplies
How can Glitzkoin make a difference?
Integration of blocking technology into the diamond supply chain will ensure equal conditions for all participants. The future platform will bring together all the stakeholders involved in the diamond trade - from the extraction process to the sale. This will significantly improve the efficiency of the entire sector.
The introduction of block chains in the diamond manufacturing sector to provide the union as the private and public registers distributed to create a hybrid model with increased transparency compared with traditional structures. Other advantages blokcheyn platform include privacy, usability, immutability and compatibility with third party applications.
During use, modular technology, all members of the diamond industry will be used to coordinate the actions of people who are interested in the development of 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.
Features and Features Overview
The architecture of the block system that regulates all actions within the global diamond market will include several key components.
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 ensure transparency and security during transactions.
A noteworthy fact is that all transactions on the platform will be checked using smart contracts based on Stellar's blockbuster . This will facilitate the processing of a large number 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 access to verify the authenticity of the asset and the history of its origin.
Open ecosystem
The Glitzkoin system is a set of services that work as a whole to provide ample opportunities for participants in the diamond mining and processing industry. It also provides the basis for developing relevant applications.
The list of ecosystem components includes:
Glitzkoin Wallet. A system by which users manage their crypto-currency assets and check transactions.
Glitzkoin API. Third-party applications can integrate system services into their platforms using an API project.
Glitzkoin Merit Engine. After the completion of the sale of tokens, developers will launch a reward system for loyalty, based on certain estimates for merits in the development of the platform.
Mechanism of the Glitzkoin Diamond Exchange
The network will unite the entire chain of the diamond market, including end users, retailers, large mining companies and stone processing specialists. All data on each diamond will be provided in a block chain.
The diamond exchange will consist of three elements:
Gem composite.
Parallel composite (indicator of diamond rarity).
Indices composite (information for traders concerning the diamond industry).
The trading platform includes technology of neural networks on the basis of all data on diamonds. A user who wants to sell a stone can use a smart contract. Then the stone will be delivered to the custodian, who will test it for compliance with established certification standards in the industry.
After approval, the smart contract will ensure that the required amount of funds is deposited in the buyer's wallet, and the stone will be held by the custodian. Then the smart contract can be put on the stock exchange or sold directly to the buyer.
The same process applies to the owners of a stake in diamond baskets sold to traders. The buyer of the smart contract will be able to request the delivery of the actual diamond, and the smart contract will be considered after that completed.
Sellers will be able to sell the diamond with the help of one "smart" contract or create several intellectual contracts for one stone, allowing several buyers to buy a stake in it. This innovation will for the first time give private investors the opportunity to invest in expensive stones to take advantage of their speculative and volatile market positions.
This approach is, in fact, a vast inventory of each diamond registered on the platform, demonstrating its authenticity and ownership rights from the time of extraction and before being put up for sale.
Road map
Terms and Conditions of the Glitzkoin ICO
Official website: https://glitzkoin.com
The sale of the GLT token began on March 16, 2018 and will continue until June 25, 2018.
Terms of the crowdsdale:
the total number of GLT tokens is 1 billion;
the number of GLT tokens for sale is 245 million;
soft cap - $ 4.2 million;
hard cap - $ 41.8 million;
rate - 1 GLT = from $ 0.12 to $ 0.2 (increases with the sale of tokens);
accepted currencies - BTC, ETH, XLM;
The minimum investment is $ 100 ($ 10,000 when you buy via bank transfer).
Bonus system (bounty) when buying:
from 500 000 and more - 10%;
from 200 000 to 500 000 - 8%;
from 10 000 to 50 000 - 5%.
Token distribution:
sale - 25%;
market-making - 20%;
community development - 20%;
the company - 35%.
Distribution of funds:
platform development - 40%;
marketing - 30%;
operating expenses - 20%;
legal aid - 10%.
Conclusion
This is a great idea and the case where blockchain technology can provide a solution to real problems. Everyone knows that the diamond industry is mired in contradictions, which are among the biggest problems of the industry, including the problem of counterfeiting, non-standard diamonds and fraud.
Translating all processes to a block chain can help solve many of these problems and ensure transparency and legitimacy throughout the process - from mining to selling stones.
This project will appeal to those people who want to invest in precious stones, but can not afford it for one reason or another.
Website Project: https://www.glitzkoin.com/
White paper: https://www.glitzkoin.com/dist/img/pdf/Glitzkoin-Brochure.pdf
Twitter: https://twitter.com/GlitzkoinToken
Facebook: https://www.facebook.com/GlitzKoin-193241214767377/
ANN: https://bitcointalk.org/index.php?topic=3355944.0
Telegram: https://t.me/joinchat/H2lmsxLwenY3S8Fp_CFQBA