Glitzkoin is widely considered to be the first project to launch a multifaceted cryptocurrency – GTN. It also happens to be, the first project to back its crypto with a comprehensive plan. Very likely that no other project had at that time (2018), thought of being directly linked to an existing real world industry. The brainchild of a second generation diamond veteran, Glitzkoin makes a direct connect to the multibillion dollar diamond industry.
It is quite clear that a strong project plan, a strategic role and inbuilt usage cases for the crypto - are not commonplace in most blockchain and cryptocurrency projects. Significant resource allocation, requirement for a complex multitalented team and a few years of project development – are elements that kept away other promoters from trying similar projects.
Glitzkoin CEO Navneet Goenka makes a very relevant point here, ‘… Glitzkoin included plans to implement, crypto payments using the GTN crypto. This was way back in 2018 when all that crypto players were talking about, was crypto prices and exchange trading’.
The CEO was quite obviously referring to the DiaEx diamond trading platform, which is part of the Glitzkoin project. The GTN token is the designated mode of payment on the platform. Another event was the partnership finalized in 2019 with, leading online ticketing provider MyTicket.Asia. This agreement when fully implemented, would allow visitors to the ticketing portal, to use the Glitzkoin GTN crypto to pay for their purchases.
Talking about competition for Glitzkoin and the GTN token, Mikhail Koslov the Russian advisor to the project, has something interesting to say, ‘… Glitzkoin does not shy away from competition. The CEO has repeatedly called for cryptocurrency projects, to be backed by comprehensive plans. I personally would like cryptocurrencies to do more than just, play speculative games on the exchanges’.
The fact is that Glitzkoin has been, constantly pushing for a larger base of Altcoins to be involved in active trading. CEO Navneet Goenka has always called for an end to the monopolization of crypto markets, by a handful of cryptocurrencies. Wider participation would generate healthy competition something that, should be welcomed by the crypto industry.
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]