While the pandemic with its economic and human disruption has changed the world, Glitzkoin remains as committed and passionate about the project and the GTN token, as ever – nothing has changed here. We briefly highlight the present status of two major modules in the project. DiaEx the diamond trading platform and the MyTicket-Glitzkoin partnership, are both back on track.
These modules have special significance for Glitzkoin and the GTN token. DiaEx and the MyTicket-Glitzkoin partnership are cases built into the project that, are focused on increasing GTN demand. The partnership with MyTicket.Asia where, visitors to the portal can make payment using the GTN token is viewed as a launching point, for similar arrangements with other business operators.
DiaEx: Major development work on this module was completed in 2019. Based on the Stellar blockchain, DiaEx is designed to support B2B and B2C trade in diamonds. A group of diamond traders, helped run a pilot test on the system in Q4 of 2019. The test included live data and the entire payment process, using the GTN token was executed. Just to recap, DiaEx was one of the modules built into the project, to increase usage of the GTN token – the token is the designated mode of payment on the DiaEx platform. Testing revealed minor bugs that needed correction. The team of diamond traders, also provided some constructive suggestions which were to be incorporated in the module. It was decided to schedule another round of testing in 2020 once, the related updates were made. The possibility of a complete implementation in 2020 was high.
The COVID-19 pandemic in 2020 resulted in businesses shutting, lockdowns and severe travel restrictions. The diamond industry felt the disruption as, demand for diamonds dropped and shipping and insurance for confirmed orders, revealed serious challenges. Fortunately the development work on DiaEx continued even during those tough times. The Glitzkoin tech team worked from remote locations and overcame the handicap, of being unable to meet physically – thanks to modern technology and a seasoned team that took, full responsibility for the tasks at hand.
Now in 2021 and the pandemic seems to be easing at least in some parts of the globe. The possibility of getting an effective vaccine combined with, a better understanding of prevention and treatment – raises hope of economic recovery and reactivated business operations. The diamond trading community is even more interested, in adding new sales channels to its marketing strategy. The importance of online trade and payments, was reinforced during the pandemic. These are factors that have added to the importance of, the DiaEx trading platform to the multibillion dollar diamond industry.
Keeping the positive developments in mind, it does seem fair to estimate a complete rollout of the DiaEx module in 2021. Glitzkoin management and the diamond experts in the team, are in constant contact with the diamond industry. We might mention here that, the Glitzkoin project is the brainchild of second generation diamond veteran, Navneet Goenka.
MyTicket - Glitzkoin: Finalized in early 2019 this partnership would allow visitors to the leading, online ticketing portal to use the GTN token to pay for their purchases. Besides opening up another source of demand for GTN, this partnership would also serve as a launch pad for conducting negotiations, with other business operators. The idea is to promote GTN on online selling platforms – this across industries.
The development work for this module was divided into two phases. In the first phase, systems at both ends had to be updated to incorporate the GTN token as a mode of payment. This phase has been completed by both teams during the lockdowns. The second phase which precedes the testing phase, involves the integration of the two systems. Given the high security protocols involved in this process, it is necessary for tech experts from both sides to physically meet. This phase has been put on hold until, travel restrictions and quarantine requirements have eased.
Nations have still retained few restrictions related to the operation of movie theaters and concert halls. With the pandemic fear still present, patrons are reluctant to get into activities that involve closed spaces – like theaters and halls. Since this partnership is in a way related to the entertainment industry, perfectly timing the launch is vital. Stay updated for the launch schedule, likely to be within 2021.
As we confidently move ahead towards the full rollout of the Glitzkoin project, we wish to thank all our supporters and investors. On the positive side, much has happened in crypto space that works to the benefit of the GTN token. Crypto awareness has significantly increased and much of that, has translated into new crypto accounts being initiated in crypto exchanges across the globe. We are for the first time in a long while, seeing robust support for some Altcoins.
As the pandemic exposed weaknesses in the conventional monetary system, Governments and other official agencies have become more pro crypto. Glitzkoin also looks at the move to formulate and implement crypto regulations, as a positive step. As the CEO says, ‘… serious innovation and development in the crypto world, requires clarity in terms of legal implications. 2021 should be the year when, crypto laws are made and enforced. It would also be great if, (at least) major clauses in these laws have global uniformity’.
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]