The GTN token is an excellent example of how, a low priced token can deliver value. The Glitzkoin diamond blockchain project ran a successful ICO from March 2018 to June 2018 – the GTN token was priced in the $0.15 to $0.20 range during the ICO. The token was deliberately priced moderately to attract a wide range of crypto participants.
The projects utilizes Stellar (blockchain) based assets, the GTN token began trading on Stellarport in July 2018. The crypto community that had actively supported the project during the ICO phase, continued to show the same enthusiasm as the project shifted to the development phase. This is the main reason why the token, has been consistently trading at prices that are significantly above the ICO price.
December 2018 was the month when even the stalwarts of the crypto world, saw their prices dwindle – BTC and ETH were no different. Thanks to seasoned crypto traders who strongly believed in the Glitzkoin project, the GTN token notched up a handsome 50% gain over its ICO value. The token hovered in the $0.30 range, an impressive performance against the $0.20 ICO price.
And why is the project strongly supported by crypto savvy participants. We have provided more details below but, here is a quick note. The Glitzkoin diamond blockchain project includes a diamond trading platform nicknamed, DiaEx. Supporting both B2B and B2C trade in diamonds, the platform uses the GTN token to settle payments. Crytpo traders see this as an additional source of demand for the token something that, should have a favorable impact on the price of the GTN token.
To keep the performance of the GTN token in perspective, let us take a look at what happened to BTC (Bitcoin) during the same period, July 2018 – Dec 2018. BTC tumbled to less than $4,000 at one point in December 2018. While the token did make a recovery in subsequent weeks, the price was still a far cry from what crypto gurus had predicted.
A review of Bitcoin prices from July 2018 to Dec 2018 – about the same time that the Glitzkoin GTN token had been trading, shows that BTC lost close to 60% of its value. This against the 50% upswing in the price of the GTN token. We are not suggesting that, you dump your BTC and pour the money into the Glitzkoin project. We do wish to highlight the importance of spreading your crypto spend, across various tokens. Another important point is that, a high priced crypto can go through rough patches, just as a modestly priced token could.
It would not be wrong to say that, the price of a crypto token alone, cannot determine its value or potential. With a direct connection to a real world business, in this case the multibillion dollar diamond industry, Glitzkoin leads a new generation of blockchain projects. Keen to make an impact on the real world economy, the crypto world should encourage the new trend.
Glitzkoin, GTN and DiaEx
Most blockchain projects originate from the minds of tech gurus often, with little relevance to the real world economy. Glitzkoin on the other hand is promoted by a veteran from the 90 billion dollar diamond industry. CEO and diamond professional Navneet Goenka, comes from a family that has been a leading player in the glittering industry for over 5 decades.
Deciding to leverage technology to improve efficiency and market reach for the diamond industry, Navneet put together a team of leading tech minds to come up with a solution. After months of brainstorming and debating, it was clear that blockchain technology and digital currencies, could relieve the industry of many deficiencies and therein, lay the scope to expand the market for diamonds.
For the next couple of months, the team interacted with diamond experts from India and Russia. The idea was to clearly catalog processes in the industry that, needed to be improved or totally eliminated. The next step was to meticulously map the powerful features of blockchain and cryptocurrency against, the weaknesses of the industry.
From this research evolved the design specifications for DiaEx, a comprehensive blockchain based platform for trading in diamonds. With no limitation on size or geographical location, diamond traders could conduct both B2B and B2C trade over the DiaEx platform. Brokers and middlemen have no role to play on the diamond exchange, something that eliminates the possibility of price cloaking and inflation. Glitzkoin also puts an end to the issue of fake and synthetic diamonds by, limited listings on the DiaEx platform to natural certified diamonds.
The GTN crypto token launched as part of the Glitzkoin project delivers a win-win situation for both, the crypto world and the diamond industry. Diamond traders have for long, put up with lengthy banking procedures and significant bank fees to process their payment obligations. The DiaEx diamond exchange, uses the GTN token to settle payments. Payment obligations can be fulfilled quickly and at an extremely reasonable cost. This in effect generates another channel of demand for the token, traders would need to buy the token to fulfill their payment obligations. Crypto enthusiasts will continue to trade the GTN token on the exchanges, they are obviously aware that, any increase in demand for the token is likely to make a positive impact on the price of the token.