Glitzkoin: Blockchain Ecosystem for the Diamond Industry

Diamond is one of the most precious stones which are found in the Earth's crust. They are known for their shine and glitter, and the status symbol associated with it.

If a normal person looks at the diamond industry, he or she would consider it to be one of the most stable businesses due to their constant demand and high price.
However, things are not so glittery in reality.

The diamond industry does face some setbacks.
First up, is the need for person to person contact for making diamond sales and purchases. This results in wastage of valuable resources and time at times.

Next comes the possibility of frauds. Sometimes, the miners replace these valuable stones with some cheap stones and send them to the distributors. The reverse is also true when the distributor does not pay these miners on time. This removes trust and transparency and increases risk in the business.

Along with this, there are several other problems with shipping, processing, and selling as well, which needs to be taken care of for the industry to grow at a faster pace.

Introducing Glitzkoin, a project that overcomes these challenges and fasts forwards the diamond industry to the future.

What is Glitzkoin?

Glitzkoin is a global startup that uses blockchain, smart contracts, artificial intelligence, and machine learning to assist in reducing the risk and fraud for banks, insurers and open marketplaces in the diamond industry. The Glitzkoin platform will provide an open ecosystem for the diamond industry and will provide various services such as supply chain solution, to tracking and certification of diamonds, along with a decentralized exchange for trading diamond and other related services.

Another hassle faced by the businessmen in the industry is the payments and the hassles associated with it.
Glitzkoin will take care of these, thereby reducing the market risks and frauds, and ensure a much simpler and smoother payment experience. This will also save some valuable time for the businessmen, who can focus on the finer aspects of their business utilizing this time.

Summing it up, Glitzkoin truly changes the diamond industry to a great extent.

How does it work?

When your mother gives you a shopping list, you might have to hop from one end of the city to another to get all the items. However, if you decide to visit a supermarket instead, you will get them all under a single roof.
So which one would you prefer? Of course, a supermarket, because it is much more convenient and timesaving.
The same applies for Glitzkoin, a global platform for the diamond industry. One can buy and sell diamonds, and even get ancillary services such as shipping and process on a single platform. This will solve the age-old problem of person to person contact needed for diamond sales, thereby resulting in an increased sale for the businesses.

Next up, is the involvement of middlemen. We buy items at MRP from the store, but we can get these same items at a much cheaper rate from the eCommerce sites.
How is that possible? Because they buy directly from the source.

The same applies to the diamond industry too. If the need for middlemen can be eliminated, then it will result in a drastic fall in diamond prices which will result in an increased sale because more people will be able to afford them.

Next, is the problem of theft and loss on the way. With the tracking feature using blockchain, even these will be brought down to very nominal percentages, thereby increasing the safety of the businesses.

Combining all this, Glitzkoin becomes a game changer in this industry.

About ICO

The Glitzkoin or the GLT token is the altcoin for the Glitzkoin ecosystem.
A total of 245 million GLT tokens will be sold during the ICO sale, which will conclude on 25th June 2018.

The project is currently priced at 1 GLT = $0.20, accepting ETH, BTC, and XLM.
The project is hard capped at $40,000,000 and soft capped at $10,000,000.
The maximum bonus that can be availed during the ICO sale is 10%.

Verdict

Diamond is one of the rare precious stones that is wanted by all and owned by few. Apparently, it may seem that the diamond industry is one of the smoothest sailing ships in the sea, but it is not truly so.
Frauds, payments getting delayed, resources being counterfeited, and a lot of time being wasted on the sales are some of the many hassles faced by the industry.
Identifying these challenges, Glitzkoin came up with a wonderful platform where all the services including payments will be integrated into a single platform. This will make the market much more trustworthy and transparent, and make payment hassle free.

The platform will also have its own marketplace for buying and selling diamonds and other related services, thereby reducing the need for manpower and resources.

In this manner, Glitzkoin will overhaul the diamond industry completely.

Website: https://www.glitzkoin.com/
Whitepaper: https://www.glitzkoin.com/dist/img/pdf/Glitzkoin-Brochure.pdf

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