The extensive Glitzkoin project is the center of interest in the diamond industry. Having said that, it is important to understand that Glitzkoin holds promise for a range of industries. While there is no competition for Glitzkoin at this point of time, it is not something that makes us complacent.
Conceptualized in 2017, we at Glitzkoin were talking about cryptocurrency usage and payment – something that was unheard of during that time. The original project report released, amazed many blockchain experts. No secret that most crypto experts, looked at the project like a distant dream.
Strategic project components took shape in 2021. The DiaEx diamond trading platform supporting B2B and B2C trade in diamonds, is going through its second pilot test run. Payments on DiaEx are made using the Glitzkoin GTN token, as the mode of payment. Significant progress has been made in developing and testing the platform, a launch is scheduled for 2022.
There were a few projects that tried to adopt a similar concept but, almost all of them have turned inactive. The concept of maintaining a database of diamonds, has been developed by DeBeers. However as repeatedly mentioned by the diamond house, the project does not support direct trade in diamonds.
Reputed auction house Sotheby’s did conduct an auction where, payment was accepted in cryptocurrency. However that was a single case and Sotheby’s has so far, not talked about including crypto as a regular mode of payment for auctions conducted by them.
A partnership finalized in 2019, connects Glitzkoin to the entertainment industry. Leading online ticketing portal MyTicket.Asia, would soon allow clients to pay using the Glitzkoin GTN token. Development on this module involves, the integration of systems at both ends. Much of the development work has been completed through 2020, a launch would be scheduled once the global health crisis eases.
While we talk about Glitzkoin not facing serious competition, there is another segment that would further prove this point. Technical studies are already underway to explore, the possibility of developing and deploying DiaEx like platforms, in various industries. The GTN token would feature as a payment option on such additional platforms.
Opportunities to cut across businesses and industries, are also being researched to find areas where, partnerships similar to the MyTicket.Asia – Glitzkoin, could be negotiated on existing online trading platforms. While this would not involve the development of complete platforms, it would feature the Glitzkoin GTN token as a payment option.
Glitzkoin advisor Mikhail Koslov says this about Glitzkoin competition, “… businesses cannot exist in isolation, monopoly is neither desirable nor feasible. While the complexity of the Glitzkoin project might not attract immediate competition, we are seeing a change …. This as major portions of the project complete development …. I believe that Sotheby’s diamond auction that accepted, cryptocurrency as the mode of payment is a start … Glitzkoin will see more competition and we welcome it”.
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.