Focusing on analytics and leaving aside those flamboyant predictions while, discussing whether 2021 will be a landmark year for cryptocurrency. We will not get into the usual saga about Bitcoin reaching for the moon that, has never been our cup of tea. On the issue of BTC we do feel that 2021 should be the year when, crypto pundits encourage a much broader range of cryptocurrencies to define markets.
The COVID-19 pandemic has no doubt pulled down global economies, it has brought industrial activity to a trickle. But the same pandemic, has brought some very positive happenings for cryptocurrency. While realizing the drawbacks of conventional money, governments have recognized the benefits of cryptocurrency. It is true that, emphasis is being given to studying the concept of CBDC (Central Bank Digital Currency) – the fact however remains that the benefits of crypto have been observed and reviewed from, the existing and operational private crypto industry.
Interest in cryptocurrency has surged during the months of the pandemic. This is best gauged by the increase in number of new accounts reported by many cryptocurrency exchanges. Knowledge about cryptocurrency is on the rise, people are curious to learn about this financial innovation.
Changes are also happening in the real financial world, the term ‘real’ is being used to differentiate it, from the network being built by cryptocurrency and various innovative crypto products. We see conventional banks seeking permission to provide crypto related services. Reputed companies providing professional financial investment advice, have started introducing their clients to the basics of cryptocurrency. On a broader framework, these are happenings that work to increase cryptocurrency knowledge.
So without much ado it is fair to say that, cryptocurrency does seem to have a better future in 2021 and beyond. However nothing can be taken for granted, the crypto industry and the governments have much to do to sustain the development and progress of cryptocurrency. Crypto laws and regulations that, streamline industry operations and make for a safer trading environment are absolutely necessary.
Much work remains to be done for all stakeholders. Worth the effort as it is something that Glitzkoin has been pushing for all along. We need to work for crypto space that has a wider participation, this should include both techies and non techies.
GLITZKOIN: A quick recap of the Glitzkoin project and the GTN crypto token. The project was launched to improve the demand for natural diamonds and to enhance, the efficiency and productivity of the multibillion dollar industry.
The DiaEx diamond trading platform was developed using Stellar blockchain resources. The GTN token was launched as part of the project and is designated, as the mode of payment on DiaEx. Promoted by second generation diamond veteran Navneet Goenka, Glitzkoin assigned a multifaceted role to the GTN token.
The trading platform was completed in 2019 and was put through rigorous testing in early 2020. A team of diamond dealers subsequently did a pilot run on DiaEx with, actual transactions made on the platform. This process was largely successful and revealed a few areas for improvement. The Glitzkoin tech team was handling the minor adjustment when, the pandemic and subsequent lockdowns slowed down the process. The management will reschedule the full launch of DiaEx once the health crisis eases.
Talking about the multifaceted nature of the GTN token, the project is also focused on further increasing usage for the crypto – this aside from crypto exchange trade and the payment usage on the DiaEx platform. The concept is to have operators of various businesses, accept the GTN token as a mode of payment in their operations. Moving this idea forward Glitzkoin has confirmed a partnership with online ticketing giant Myticket.asia, wherein clients of the ticketing portal could use the GTN token as a mode of payment. Technical requirements for the integration of systems on both sides is at an advanced stage, nearing completion. Reviewing the challenges that the entertainment industry has been going through during the COVID pandemic, both managements have decided to set a launch schedule when the situation starts to normalize. The arrangement setup between Glitzkoin and Myticket.asia will form the blueprint, for similar deals to be negotiated with other business operators.
Related Resources: [Project Updates]