There was a time not so long ago when, the terms blockchain, cryptocurrency and BITCOIN – were used synonymously. Life was much simpler then, you never really had to worry about tracking a whole battalion of digital currencies.
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Things have changed now and it is a virtual jungle out there. Hundreds of blockchain projects, dozens of cryptocurrencies – each promising to be better than the rest. In this scenario GLITZKOIN comes on like a breath of fresh air. The project is geared to improve efficiency and market reach in the 90 billion dollar diamond industry.
This happens to be the only diamond blockchain to be headed by a diamond expert. Coming from a family that has been professionally involved with the glittering industry for the past 50 years, CEO Navneet Goenka is a second generation diamond veteran.
Harnessing his expertise in every aspect of the multibillion dollar industry, the CEO has clearly pinpointed the functional areas in the industry that need to be overhauled. Prolonged discussions with close acquaintances in the Stanford University revealed that, blockchain had the ability to address some of the major inefficiencies in the diamond industry.
The GLITZKOIN project will include the implementation of a blockchain based diamond trading platform. Certified diamonds from across the world can be listed on the blockchain. The huge virtual ledger of authentic and certified diamonds, can be accessed by buyers from any point of the world. The important thing is that, buyers can directly connect with diamonds listed by sellers without, having to pass through middlemen and brokers. You might be surprised to know that, conventional trade in diamonds is literally dominated by brokers. This situation leads to price inflation, buyers end up paying more getting no added value in return.
The crypto currency that is an integral part of the project plan is not there, merely to interest crypto world enthusiasts. It serves a much broader purpose and helps relieve, one of the major challenges faced by the diamond industry. The banking mechanism is known to impose, cumbersome procedures and significant processing fees when it comes to big dollar transactions. And diamonds being one of the most highly prized creations of nature, are extravagantly priced.
By using the GLITZKOIN crypto currency to settle transactions conducted on the blockchain trading platform, the role of the banking system is drastically curtailed. The physical location of buyers and sellers becomes irrelevant and so does the issue of, multiple currencies and currency conversion.
While all the wonderful things that the GLITZKOIN blockchain can do for the diamond industry are well understood, one question remains unanswered. How would investors benefit from the project.
CEO Navneet Goenka is aware that crypto world participants, would be looking for an appreciation in token price. This would be possible only when the demand for the GLITZKOIN token is high. He is confident that, substantial demand would be generated for the token even with, very conservative estimates.
He targets a very modest 5% of the 90 billion dollar diamond trade. This would generate a massive demand for GLITZKOIN tokens worth around, 4.5 billion dollars. He strongly believes that the diamond community, would prefer to hold their tokens to fund transactions. It would be quite right to presume that, diamond sellers would not indulge in token price speculation.
So what you end up with is a huge demand for the tokens to pay for diamond transactions. This would be set against a big portion of token owners, who do not wish to sell their tokens. The pressure exerted by demand would face a constricted supply – the token would respond with a price rise.
As is evident from this report, the GLITZKOIN project takes the interest of all stakeholders into consideration. The project has earned the respect and appreciation of industry stalwarts. Knowledgeable crypto space participants, see this project as a blueprint for the future of the blockchain and crypto world.
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