Getting quickly back on track after the 2020 pandemic, Glitzkoin scheduled the second pilot run for the DiaEx diamond trading platform. Just to recap, the first pilot run for the platform was conducted in Q4/2019. The Glitzkoin team worked remotely during, the rampant lockdowns and travel restrictions in 2020. This ensured that the issues related to DiaEx, noted during the first pilot run, were resolved within 2020.
We mentioned in the title that, the over 7 million Glitzkoin GTN tokens, were transacted on DiaEx during the second pilot run. Most of you would be aware that, the Glitzkoin GTN token is the sole mode of payment on DiaEx. This would mean that, diamond purchases are paid for using the GTN token.
An explanation is due at this point, we did say that this was the DiaEx pilot run. What is important is that, the diamond dealers helping with the second pilot run, ran REAL transactions on DiaEx. This involved uploading diamonds for sale and, making real purchase transactions. Within the first 4 weeks of the run, purchases worth over 7,000,000 GTN were made and paid for.
So while the first pilot run conducted in 2019 before the pandemic, was performed using simulated data – the second run in 2021 allowed diamond dealers to process real buy/sell transactions. Payments were made using the Glitzkoin GTN token. Our sincere thanks to all the diamond dealers who, helped us conduct the first and second pilot phases. This pilot run is expected to wrap up in a few weeks from now.
Despite millions of GTN tokens being transacted during the pilot run, we at Glitzkoin would not label it as a ‘launch’ or even a ‘partial launch’ of the DiaEx platform. This because only a limited number of diamond traders, were included in the run. A launch of DiaEx would allow diamond dealers, from across the globe to register on the trading platform.
There is some more exciting news related to DiaEx. The Glitzkoin tech team has for a while, been exploring the possibility of, designing platforms similar to DiaEx to be deployed in a number of industries. These platforms would also, implement the GTN token as a mode of payment. These are additional concepts that go beyond, the plan laid out in the original Glitzkoin White Paper. Feedback so far has been encouraging, we hope to have some interesting updates on this in 2022.
The successful second pilot run, brings DiaEx even closer to the scheduled 2022 launch. An exciting time for the diamond industry and GTN investors. The usage of 7 million GTN (so far) to settle payments, on the DiaEx platform during the second pilot phase, gives a glimpse of much bigger things to come.
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.