Just as the Glitzkoin DiaEx diamond trading platform, gears up for a 2022 launch – we once again hear about Bitcoin having missed a great opportunity. This talk probably refers to the fact that, Glitzkoin chose to retain GTN as the sole mode of payment on DiaEx. We will not comment much on this issue, it has always been clear that the DiaEx platform would designate the Glitzkoin GTN token as the mode of payment. There was never any mention made of Bitcoin or any other crypto.
We then released official statements saying that, future Glitzkoin trading platforms, could implement multiple modes of payment. As the tech team continues to explore, the development of ‘DiaEx-like’ platforms for other industries – we realize the importance of allowing various payment options. Elaborating details on this topic, the Glitzkoin management team clarified that, it would not rule out the possibility of allowing Bitcoin, ETH, GTN and other cryptocurrencies as payment options. This would not apply to DiaEx which would, continue to work with GTN as the sole mode of payment.
Have been receiving queries from a number of crypto fans, most questions relate to when Glitzkoin platforms that support Bitcoin would be ready. While we do understand the excitement that BTC investors feel at this moment, a few things need to be made clear. We begin by explaining why, Bitcoin needs usage cases.
Crypto enthusiasts would be aware that, crypto media gets over active the moment Bitcoin, shows a price rise. Logic and reason are ignored and crypto ‘pundits’ predict huge numbers for future BTC prices! That these voices go silent when Bitcoin drops, is equally glaring. Bitcoin price recovery towards the end of August 2021, saw experts predicting future BTC prices ranging from $100,000 to even $1 million! They implied a time frame of 2 to 5 years, for these amazing price predictions.
While advising BTC fans to do their own evaluation and also, develop an exit strategy – we have repeatedly stated that Bitcoin, needs to develop real value. This could be by virtue of developing dedicated usage cases, or being significantly accepted in conventional financial institutions. While we did initially see few online platforms, restrict crypto payment options to Bitcoin – things have changed in recent times. An increasing number of cryptocurrencies, have now found their place in crypto payment gateways. This means that BTC has gradually lost the exclusivity that it once enjoyed.
Developing usage cases dedicated to a single cryptocurrency, can be extremely challenging. Glitzkoin is not the only project capable of developing, applications that increase usage of a cryptocurrency. There is more than tech work involved and it would be much better, if other Bitcoin players think of doing something on these lines. Developing applications for various industries or businesses, requires negotiations and discussions to be conducted. It would be wrong to presume that, development could happen in isolation and that, businesses would be keen to implement the application at their end.
It is unlikely that big Bitcoin investors would be willing to go through the grind. They would prefer to resort to paid crypto media and irrational predictions – hoping that the average investor would believe them! Glitzkoin on the other hand is interested in delivering platforms that, promote Bitcoin usage. This however is currently not being given priority and could be taken up at a suitable time.
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.