A bunch of laws to prevent the misuse of financial transactions as a funding source for illegal activities, have been implemented in recent years. With most nations being signatories to these laws, the focus is on eliminating issues like terror funding and money laundering. Measures have also been put in place to deal with nations that, do not strictly implement the recommended measures. This is a positive move and needs to be supported. Cutting these evils at the root is far more efficient than, dealing with their after effects.
Talk is now on about enforcing these laws on crypto exchanges – this is another effort that needs to be fully supported. Glitzkoin experts feel that, there is another equally pressing problem related to crypto exchanges and trade that, needs immediate attention. This relates to the weak measures adopted by, exchanges when it comes to crypto scams and crypto exchange hacks. The crypto industry is unable to trace, track and apprehend crypto criminals. Unfortunately it is not only the exchanges that suffer losses from crypto crime, innocent investors have seen substantial financial losses when exchanges get hacked.
What we need is a law that makes it mandatory for crypto exchanges to maintain, specified levels of security. Another tougher thing to implement would be to make, the exchange responsible for investor losses – this when investors lose the cryptocurrency (during exchange hacks) that they have stored in exchange wallets. Crypto exchanges are often set up with little or no financial capital and try to handle, enormous volumes of crypto trade. This makes it impossible for them to take financial responsibility, when investors lose money because of an exchange hack.
We do know that cryptocurrency and blockchain are based on the foundation of anonymity. This makes it extremely tough to link a crypto crime to a human being. At the end of the day, it is these characteristics of the technology that, emboldens cyber criminals. Crypto exchanges to a certain extent, absolve themselves of investor losses by referring to the way the technology is structured.
So what we do need and need soon, are crypto security laws that allows criminals to be tracked and punished. This would quite obviously involve a degree of comprise in the hardcore principles of anonymity that govern the technology – but really no options. The ball will start rolling once crypto exchanges are made responsible for investor losses brought about by, security breaches unleashed on their exchanges.
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]