As of late July 2021 the DiaEx diamond trading platform, goes through a rigorous pilot test run. The Glitzkoin GTN token is the sole mode of payment on DiaEx. Just to recap, the platform supporting B2B and B2C trade in the $90 billion diamond industry, went through the first pilot test in late 2019. The updates and edits highlighted during the first run, were developed and incorporated into the platform – this happened during the 2020 pandemic.
A group of diamond traders drawn from a few nations, have been actively involved in the design and testing of DiaEx. It was decided right at the conceptualization stage that, the platform would settle payments using a cryptocurrency. This was what led to the GTN token being designated, as the mode of payment on DiaEx.
The Glitzkoin project picked pace during 2021 after, the pandemic caused a brief slowdown in 2020. The team kept the development process going all through the lockdowns. Starting in early 2021 the second DiaEx pilot test run, happens to be far more detailed and complex than the first test.
Diamond traders participating in the second test run, process real transactions (both buy and sell diamonds). The data entered consists of complete transactions and this includes, the payment process. While this could be referred to as a partial launch, we at Glitzkoin prefer to classify it as a pilot run. A complete launch would be officially announced in the first quarter of 2022.
Tracking the GTN token on CoinMarketCap, it is clear that daily trade volumes increased sharply from July 2021. One reason for this is the rapid rate at which, the Glitzkoin GTN token is being listed on additional crypto exchanges. This process was scheduled for 2020 but, was shelved due to the health crisis. 2021 would see the GTN token listed on over 10 crypto exchanges.
DiaEx is scheduled to launch in 2022, it is true that users of the platform would, prefer to have a range of exchanges to choose from. This when they need to purchase GTN, to pay for their diamond purchases.
Glitzkoin strongly believes that 2022 and beyond, will see higher levels of Altcoin activity. Exchanges are being methodically evaluated, priority is being given to exchanges with higher Altcoin activity. Added exchange listings is one of the reasons for, increased levels of daily GTN trade.
Having said that it is also true that diamond trading activity on DiaEx, would also add to GTN activity. We did mention above that, unlike the first pilot run where simulated data was used to test the platform – the second pilot run, is being performed with real transaction inputs. The entire process including, payment with the GTN token has been included in the pilot run.
The official launch of the DiaEx platform is scheduled for 2022. This would result in a higher volume of trade being conducted. Diamond traders from across the globe, would be allowed to work on the platform. Considering that GTN would be the only mode of payment on DiaEx, trade volumes of the token are likely to show a significant spike.
We might add here that the Glitzkoin tech team, has been exploring the possibility of developing DiaEx type platforms - for a range of industries. Glitzkoin Business Development manager Lila (Hussain) Ruzaini, has been discussing the idea with leading business operators. In her words, “… the response so far has been encouraging. Businesses realize that such a blockchain based trade platform, would positively impact their marketing efforts”.
Glitzkoin stakeholders and GTN investors, are keen to see the complete implementation of DiaEx. They realize that the platform, would deliver an additional source of trading activity for the Glitzkoin GTN token.
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.