GLITZKOIN aims to build a blockchain-based open ecosystem for the diamond industry, where the entire diamond trade can get conducted and coordinated. GLITZKOIN is a global initiative that uses blockchain, Smart Contracts, and machine learning to help reduce risk and fraud for banks, insurers, and open marketplaces in the diamond and gemstone industry. It provides a complete ecosystem for the diamond industry, from a supply chain solution to tracking and certification of diamonds and finally a decentralized exchange for diamond trading and related services.
What is GlitzKoin (GLT)?
GLITZKOIN is a blockchain-based task waiting to reform the diamond business using Smart Contracts and machine learning. The initiative aims to be run by an expert group from issues and blockchain innovation experts in the diamond mining division.
GLITZKOIN will connect all the necessary partners with the diamond exchange, which is far from the mining procedure to the inevitable agreement.
Also, the coordinated blockchain is for the diamond division. It combines private and publicly circulated records to create a cross-representation that offers more simplicity than typical builds. The distinct advantages of the GLITZKOIN blockchain include protection, ease of use, immutability, and similarity with external applications.
The purpose of GLITZKOIN’s worldwide business is to consolidate the computer currency standards in the current diamond segment. This progressive thinking will enable speculators to exchange their diamonds. In any case, unlike different sources, this trade ensures openness between exchanges security.
Remarkably, all exchanges in the GLITZKOIN stage are validated using contracts, also Bitunivex.
Worldwide diamond tracking
GLITZKOIN will keep track of all physical and computerized resources in restrictive blockchain databases. On that, the stage will learn about its standout features, history, and ownership. This information will get placed in the appropriate beer available to confirm the legitimacy and source of an advantage.
The GLITZKOIN biological community is a community of managements that collaborate with players in the diamond mining and preparation industry to benefit from a consistent ordeal. In addition, it provides a premise for the development of related applications.
- Wallet. This stage is where customers transact with their coins and confirm trades.
- API. Foreign applications can coordinate GLITZKOIN administrations by phase using the enterprise’s API.
- After the Merit Engine. The token deal is complete, and GLITZKOIN sends a stability compensation framework with their legitimacy scores.
GlitzKoin historical price analysis
According to the latest data gathered, the circulating supply of GlitzKoin is 247,499,428 market capitalization of $198,390,372.
GlitzKoin is struggling to connect with other cryptocurrencies. The coin is still showing risky framing segments and may have strong fundamentals, but we do not think it will be a profitable asset in the short term.
A brief review on GlitzKoin
Diamond has been among the most priceless and beautiful gemstones in world history since BC. For this reason, diamond has been a traded stone since the past. There are historical records of the diamond trade in India in the 4th century BC in the past. On the other hand, it has a volume expressed in billions of dollars today. Approximately 15 billion dollars worth of diamond raw materials get produced annually, and almost 10 million people worldwide are directly or indirectly involved in the diamond industry. In this context, the diamond trade is a promising field with its past and current situation.
What are the specifics of the GlitzKoin?
The Glitzkoin Project strives to integrate the latest blockchain technology into the diamond industry supply chain. The platform on the blockchain technology and the scope of this project provide processes that companies and marketers are involved, which are: diamond production to sales, reducing transportation and other related costs in the sales process, providing live viewing of diamonds in the sales process, finishing outdated paperwork, and accessing the diamonds in the selling process.
The project wants to generate an identity hash value for any diamond produced on the blockchain; that includes its characteristics, place of origin, and history (how many hands have changed, etc.). So, the transparency, immutability, and traceability of blockchain technology under insurance. If this project gets targeted by the project, can lead to a complete paradigm shift in the diamond industry. Once the system gets established, only the identities of the diamonds created on the blockchain can get exchanged while the diamonds are in a reliable and insured diamond bank or similar entity.
With the decentralized diamond trading platform that Glitzkoin Project creates, anyone from anywhere in the world might trade diamonds and ship, etc. It will help you in matters such as the realization of delivery and insurance.
Why try to articulate the diamond industry with blockchain technology?
It is a desire to change the diamond trade phase, which is being done by relying on brokers who are the third parties of the diamond industry. On the platform to be established with the project, buyers and sellers of diamonds can exchange without the need for any intermediaries, taking into account their diamond identities. With the ease of Smart Contracts provided by the blockchain, transactions will be carried out automatically, without human intervention. GlitzKoin brought transparency, traceability, immutability, and Smart Contracts into blockchain technology.
Thanks to Glitzkoin, the mining companies, diamond polishers, certificate issuers, retail sellers, and consumers who are the components of the diamond industry can take place as the links of the supply chain, and interact with each other through the platform. Since any process will get recorded in the blockchain network, the past actions of everyone in the supply chain will be the guarantor of their future activities.
Decentralized diamond exchange
Diamond prices are going to be completely transparent and reliable. The fluctuating prices of diamonds are getting determined by artificial intelligence elements according to the algorithms of the first launch. Buying and selling diamonds on the exchanges like Bitunivex will be possible with Glitzkoin.