One of the biggest challenges with many industries in the real world, is to make them feel comfortable with using cryptocurrency. This gets even tougher when the industry involved operates, on practices that are many decades old. Glitzkoin was conceptualized to promote crypto usage, the project also focused on improving market scope and efficiency in the conservative diamond industry. The Glitzkoin GTN crypto was launched as part of the project.
It would be right to say that Glitzkoin GTN was the first multifaceted crypto. Besides trading on crypto exchanges like other tokens, Glitzkoin GTN is also promoted as a payment token. The objective is to develop platforms like the DiaEx diamond trading platform – the focus is on using the same concept across a range of industries. An ongoing process would be to, negotiate deals on existing trade platforms. This to have the token accepted as one of the payment options. There is perhaps no other project, that has incorporated these objectives within the core project mission – we have done just that and remain committed to pursuing these objectives.
Launched in 2018 Glitzkoin was generally ignored by the crypto community. The idea of developing a strategic project that, assigned a multifunctional role to a cryptocurrency – seemed like too much of hard work and effort. The project also included the DiaEx diamond trading platform, a virtual market where B2B and B2C trade in diamonds could be conducted. A thorough study of the existing procedures followed in diamond trade, revealed vital weaknesses. The DiaEx platform included features that, helped eliminate inefficient trade practices in diamonds.
Late 2019 was when crypto market competition intensified, a few thousand cryptocurrencies were launched by 2020. As more than 90% of these cryptos disappeared from the limelight, one thing became clear – that project differentiation was vital to survive. The idea that merely launching a crypto and listing it on the exchange, would be sufficient – was disproved. Price pumping, misleading ‘expert’ opinions, paid crypto media content, peaked during this period. The need for solid project support and increased crypto usage, began to be felt.
The massive damage caused by the COVID-19 pandemic, slowed things down globally. The Glitzkoin development team worked from remote locations, to complete development and second level testing of the DiaEx diamond trading platform. The launch of the platform which was originally scheduled for 2022 was preponed, DiaEx was launched in October 2021. As diamond trade picked pace on the platform, Glitzkoin GTN trade activity surged. This because diamond buyers settled payment, using the token.
The diamond industry eagerly awaited the launch of the DiaEx platform. The fact that the platform improved efficiency in diamond trade and offered dealers, an alternative to cumbersome bank procedures, was welcomed by both big and small diamond traders. Glitzkoin CEO Navneet Goenka, happens to be a second generation veteran in the diamond industry, this was one of the reasons why the industry reacted favorably to the entire project concept.
While we would like to hasten the pace of, approving diamond dealers wanting to trade on DiaEx – the need for compliance with multiple laws, slows down the process. There is no doubt that there is tremendous scope for expanding activity on DiaEx, the next few years are geared show an impressive growth.
The year 2022 saw cryptocurrency project promoters, rushing to add utility to their cryptos. The going was tough and investors in high profile cryptos like Bitcoin and ETH, hoped to see their favorite crypto being accepted on the DiaEx platform. Rumors kept floating and this at times upset loyal Glitzkoin GTN investors. Glitzkoin has on multiple platforms clarified that, the Glitzkoin token would be the sole mode of payment on DiaEx.
While Glitzkoin has built a strong lead in the crypto payment sector, there is still tremendous potential for other cryptocurrencies to play an equally constructive role. The right approach would be to target an entire industry rather than, to try and convince individual business operators. Navneet Goenka has on a few occasions, visualized a massive trading platform for the luxury automobile sector. This platform could be developed, by a powerful personality like Elon Musk. Seeing the passion that the billionaire has for both, hi-tech automobiles and cryptocurrency (more specifically DogeCoin) – this platform could promote Doge as the sole mode of payment.
The advantage of developing an independent trading platform that supports crypto payment is that, it would make it possible to designate a specific crypto as, the sole mode of payment on the platform. Adding a crypto to an existing trading platform might be less of a challenge but, this would mean that the crypto would be competing with other payment modes on the platform.
Glitzkoin remains committed to developing usage cases for the token. The tech team keeps exploring the possibility of developing and installing, platforms similar to DiaEx for various industries. The business development team at Glitzkoin, negotiates deals with existing trading platforms. The idea is to have them accept the Glitzkoin GTN token as a payment option.
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.