Crypto markets are doing just fine, some corporate buyers are queueing up to convert at least some of their cash reserves to cryptocurrency. Online payment providers like Paypal and even leading card providers like, Mastercard and Visa – are adopting a pro crypto approach.
What we must not forget to mention is that, at least 80% of all that crypto enthusiasm and vigor is being driven, by one single cryptocurrency – Bitcoin. There is something very comforting about Bitcoin and a few other cryptos. Everyone is talking about them, crypto pundits never let their narrative stray beyond these few crypto names. And the hype generates positive vibes.
2021 has seen a fair degree of Altcoin activity and it is hoped that, this would carry into 2022 and the years ahead. There are thousands of Altcoins most of which, are inactive. Picking safe Altcoins with potential, could be a daunting task. Investors therefore pick Altcoins that, are generally traded in the exchanges and talked about.
Crypto space is dotted with pundits and millionaires and yet, they all seem to be talking about the same bunch of cryptocurrencies. It is time that the big crypto players, explored and motivated Altcoins with potential. We are not talking about sales noise and price pumping. It is all about defining crypto market performance, with a broader base of actively trading cryptocurrencies.
Seasoned crypto players are in a better position to assess, the potential of cryptocurrencies. They have large social media followings and are ever willing, to give their opinion or tips on issues that relate to the crypto world. The crypto industry could benefit immensely, with the constructive support of these crypto biggies.
The entire issue mentioned in this report could have, well defined KPI to assess progress. Using hypothetical numbers as an example it would be a good idea to target a market share, for all cryptocurrencies besides BTC. The market share would quite obviously be measured in terms of US dollars.
Elaborating on what has been said in the previous paragraph, a 30% or 40% market share for cryptocurrencies other than Bitcoin, would be an impressive achievement. This is surely not going to be an easy task. Seasoned crypto players would be hesitant to step outside their Bitcoin comfort zone!
A strategy that could make this happen, would ideally attempt to increase the number of actively trading Altcoins. Once again taking a hypothetical number, it could be around a 100 to 200 Altcoins. While this might appear to be a big number – the fact is that it forms less than, 5% of the (approximately) 5,000 Altcoins that exist today!
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]