We are in the midst of the pandemic the bright side is the arrival of a vaccine that, could pull the world out of this vicious circle of sickness and death. But it is not just the vaccine that brings hope to GTN investors. The Glitzkoin project gets closer to implementing two strategic modules and both these, have the potential to boost demand for the GTN token. One of these is the MyTicket-Glitzkoin partnership which once implemented, would allow visitors to the online ticketing portal to use the GTN token to pay for their purchases. The second module is the DiaEx diamond trading platform on which, payments would be settled using the GTN token. In this report we talk about DiaEx and cover it, from different angles. We will also explain why it is not just the diamond industry that, eagerly awaits the launch of DiaEx. GTN investors have a direct stake in the implementation and performance of DiaEx.
DiaEx And Diamond Trade: The DiaEx diamond trading platform that has been developed on Stellar blockchain resources, will be going through final tests and pilot runs in the first half of 2021. The platform was developed based on inputs gathered from the $90 billion diamond industry. Supporting both B2B and B2C trade in diamonds, DiaEx designates the GTN token as the mode of payment. The objective of the platform is to boost diamond trade by providing, an additional marketing channel to diamond traders. DiaEx also allows both casual and seasoned diamond buyers, to safely purchase certified diamonds directly from the owners.
The glittering industry has traditionally been, dominated by middlemen and brokers. These stakeholders lengthen the supply chain for diamonds without, adding any value to the product or the process. Middlemen also add commissions and fees to the price tag, reduce supply chain efficiency and are often responsible for withholding, vital information about the diamonds that they trade. Diamond buyers would be more willing and confident to trade, on a platform that, connects them directly to the seller. DiaEx would also provide a more realistic diamond pricing structure - one that is devoid of multiple sales commissions and broker fees.
DiaEx And GTN Investors: While it is clear that the diamond industry does need a platform like DiaEx to widen market reach, the excitement of GTN investors is also clearly visible. Glitzkoin which was conceptualized in 2017, was one of the very few or possibly the only, blockchain and crypto project to focus on increasing crypto usage. The idea of limiting GTN to merely trade on exchanges, did not impress the think tank that was envisioning the project. All payments on DiaEx would be settled using the GTN token. Diamonds are high priced items with price tags running into thousands of dollars. GTN investors realize that trade on DiaEx, has the potential to significantly up trade activity in the token.
The Diamond Industry: We briefly touch upon issues that, directly relate to DiaEx in this short note. While it was thought that rising interest in lab created diamonds, would crush the diamond industry – reality tells a different story. The diamond industry has rightly managed output, keeping demand levels in mind. This has ensured an impressively steady price point for the precious stone. Lab created diamonds have on the other hand, seen profuse supply positions. It is no secret that, the price of lab created diamonds has dropped by over 70% in the past 3 to 4 years. Tremendous potential to increase supply from China, constantly threatens to further push down the price of lab created diamonds. It is just a matter of time before consumers realize that, falling prices for lab diamonds also imply a lowering of value for similar stones that, they might have purchased in the past.
Diamond traders at all levels are today looking for reliable sales channels that, are not cost intensive. The pandemic has highlighted the importance of online selling, it has also made consumers familiar with online payment methods and ordering. The quest for buying merchandise at realistic prices never ceases, DiaEx is designed and geared to bring the concept of realistic prices to diamonds.
DiaEx Schedule And Plans: Diamond traders who have previously participated in the DiaEx pilot test run, are keen to see the platform fully implemented. GTN investors have loyally held their tokens through the challenges that the health crisis has brought in. It is therefore only fair to clearly explain, the time frame and schedule for the DiaEx launch.
The development modules for DiaEx are largely completed. Few additions and corrections that, were decided after the first pilot run have also been completed during the lockdowns. The next phase is an internal testing that, basically happens within the office. We then have another pilot run to go, this with live transactions being input and processed by a group of diamond traders. Should mention here that this is the same group of traders that, were tremendously helpful in making the previous pilot test run a big success. The Glitzkoin support team has been undergoing training in all aspects of DiaEx. A handpicked group of support members have taken the lead in, explaining the payment process using the GTN token to the diamond traders. Many diamond traders were comfortable, with the DOBITrade crypto exchange to handle their GTN activity. We have now finalized a listing with another reputed exchange LATOKEN, to handle the task. This after the Chinese authorities with their plans to curtail the development of the local private crypto industry, forced DOBITrade to shut operations. This happened just as the pandemic was rapidly spreading across the globe.
Talking about the scheduled launch for the DiaEx platform, it would be in the first half of 2021. Expect expansion to begin in 2022 as Glitzkoin readies multilingual support staff, we begin with staff that can provide support in English.
Generating GTN Demand – More: A quick mention here about a second module that has been built into the Glitzkoin project, with the objective of opening another channel of demand for the GTN token. A partnership was established in 2019 between online ticketing giant MyTicket.Asia and Glitzkoin. This would allow visitors to the ticketing portal to pay for their purchases, with the GTN token. Development work for this project is at an advanced stage, system integration is the next phase. Since this module is linked directly to the entertainment industry, choosing the right time to launch it is critical. Restrictions due to the health crisis and the fear of movie goers, to enter enclosed spaces during this time, are being factored in when considering a launch schedule.
Providing Official Updates: The Glitzkoin team will keep updating relevant information from time to time. You are requested to refrain from believing rumors, this no matter whether they sound positive or negative for the Glitzkoin project and the 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.
Related Resources: [Project Updates]