The Glitzkoin project launched in mid-2018 was designed with multiple objectives. It was one of the earliest blockchain and cryptocurrency projects, to make a direct connect to an existing real world industry. One of the objectives of Glitzkoin was to improve efficiency and market scope for the $90 billion diamond industry. Equal focus was given in the project to increase the usage of cryptocurrency. The third objective was to launch the GTN token on reputed crypto exchanges.
Much progress has been made in the Glitzkoin project, we will talk about that later in this report. For now, let’s focus on some important terminology used to describe the GTN token. You will often come across the tag line ‘GTN Multifaceted Crypto’ when browsing various reports and images. This is not mere sales hype and prospective investors, deserve a clear explanation of the term ‘Multifaceted’.
Most projects launch a cryptocurrency, with the sole purpose of getting it to trade on one or more crypto exchanges. While the GTN does operate on the exchange, it has been assigned a much more strategic role in the Glitzkoin project. The aim is to build usage cases for the GTN token, within the project. This is obviously something that, has almost never been attempted by any other project. This is how the term ‘Multifaceted’ gets tagged to GTN.
Multifaceted GTN Token
Still on the Multifaceted term, Glitzkoin defines 3 clear channels of demand for the GTN token.
1) Exchanges: The GTN token trades on regular crypto exchanges. The token has been trading since July 2018, after the completion of the ICO. Negotiations with other exchanges are ongoing, GTN presently trades on StellarPort and CoinTiger. If you have been following the project, you would know that DOBITrade another active exchange for GTN, was pressurized to shut its operations – mainly due to severe regulations implemented in China. This happened during the peak period of the COVID-19 pandemic and was admittedly, a setback for the project. We have overcome that and have, completed negotiations with a few more exchanges.
2) DiaEx: We come to the second demand channel for the GTN token, this relates to the $90 billion diamond industry. The Glitzkoin project includes a comprehensive diamond trading platform – DiaEx. Designed to facilitate both B2C and B2B diamond trade, DiaEx payment transactions are settled using the GTN token. This is one of the built in modules in the project that, generates demand for the token – this aside from trading on the exchanges. Major development work for DiaEx was completed in Q2 of 2019. A thorough pilot run with actual transactions made by a group of diamond merchants (Q3 of 2019), revealed only minor technical hitches that needed correction. The DiaEx was scheduled to go for a second pilot test in Q1 of 2020 but, required a reschedule due to the COVID-19 pandemic.
3) MyTicket: The third and most ambitious component of Glitzkoin, also relates to increased GTN usage but, focuses on a wide range of businesses. The idea is to encourage businesses to accept, the GTN token as a mode of payment in their online operations. Significant progress has been made in this direction. An official deal between online ticketing giant MyTicket.asia and Glitzkoin, allows visitors to the portal to pay for their purchases using the GTN token. The idea is to use the MyTicket.asia deal as a thorough case study and then, expand negotiations with other business operators. With development work completed at both ends (MyTicket And Glitzkoin) in late 2019, integration and testing was slated for the first half of 2020. The pandemic forced a delay and both managements, are currently checking the feasibility of a suitable time schedule.
Quick Snapshot Of Happenings
A quick run through to sketch events so far. Glitzkoin completed an ICO in June 2018, the GTN token completed the ICO at a token price of $0.20. The token started trading on Stellarport, Dobitrade and CoinTiger. The price consistently hovered around $0.21 to $0.40. This was until Q2 of 2020 (into the pandemic), when China came down heavily on local crypto exchanges. DobiTrade in China was shut down and the GTN lost an active trading platform. CoinMarketCap (CMC) which had verified GTN and kept tracking its performance, requested for new crypto exchanges to be organized for the token. The pandemic slowed down businesses and travel was severely restricted. Many exchanges were going through overhauls as, governments imposed regulations on exchange operation. Come Q4 of 2020 and Glitzkoin was invited by LATOKEN to list on its exchange. Negotiations with other exchanges are in progress, a few reputed exchanges have responded positively and we hope to finalize formalities soon.
Current Project Status
With the health crisis easing in most nations and businesses opening up, Glitzkoin is all geared to proceed with the implementation of the complete project. As mentioned above, the project has much more than a crypto (GTN) and also includes some advanced modules (DiaEx, MyTicket deal). Having said that, the listing of GTN on an additional exchange will undoubtedly make a positive difference.
Related Resources: [Project Updates]