The interesting thing about cryptocurrency is that, it is a relatively new happening. Bitcoin might have hatched a decade ago but, a good understanding of the entire concept came years later. Having said that, current developments in the crypto industry are happening at a rapid pace and on many fronts.
One thing that crypto experts always harp upon is that, cryptocurrency operates on a high degree of anonymity. Simply put this means that, the human face behind a crypto transaction can be kept hidden. This was sometimes touted as being 'good' - almost like being an advantage over fiat currency.
Cryptocurrency has come a long way. It has started to gain appreciation and recognition, from various governmental and international agencies. The World Bank, the International Monetary Fund and even the World Economic forum, have off late had some kind words for crypto.
But the fact remains that, not everything is rosy and sweet about this amazing financial innovation. Much like fiat currency, crypto has real life cases of misuse. We also see an increase in crypto related crime - scams, wallet and exchange hacks, theft, phishing, non-disclosure of income, tax evasion etc. At a much higher level, documented cases of money laundering, using crypto have also been recorded.
It is important to mention that, all the negatives related to cryptocurrency mentioned above, also apply to conventional money. There is however one glaring element in the case of cryptocurrency that, makes it tough for the law to identify, track and punish crypto criminals and fraudsters. This is about the 'anonymity' factor of cryptocurrency, something that we spoke about earlier in this report.
We seem to have reached a critical stage in the development of cryptocurrency. The gap between virtual money and conventional money keeps narrowing down. There is a need for crypto laws and regulations and this is being responded to. Identifying the exact person behind each crypto transaction is a necessity. While hardcore crypto gurus might disagree, the only option is to compromise the anonymity factor. We are seeing this happen at various levels and genuine crypto investors should have little to worry about.
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]