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What is Glitzkoin ?

it will not take an awful lot attempt to realise that the stagnating diamond industry wishes exchange, this has been real for decades. while alternate is in no way going to be easy, there can be no progress with out ushering in exchange.

an excellent place to begin for enhancing the diamond enterprise might be to increase market reach, but earlier than that happens it’s far essential to understand the present state of affairs. GLITZKOIN started out paintings on this undertaking by, pulling aboard diamond veterans with decades of industry experience.

The weaknesses within the current enterprise processes and conventions, are experienced by means of customers. you might have heard that diamonds are steeply-priced, most rare things aren’t cheap. it’s far sudden that a diamond proprietor wishing to promote his treasured stone, is based on the services of a chain of brokers. The stone actions thru a couple of hands, every hand lots a profit margin on the fee tag.

The fee charged for the diamond on the give up of this lengthy supply chain, may be everywhere from 20% to 40% better than, what the authentic diamond owner changed into inclined to just accept. This inflated charge can put off many customers, that is undoubtedly one cause why earrings lovers are showing an increasing hobby in coloured gem stones. A exchange within the deliver chain that, gets rid of the need for middlemen would ensure a fairer charge to the buyer.

speaking about inefficiencies in the current procedures, there’s tons greater than simply more than one layers of broker prices and commissions. as the diamond moves from hand at hand, every point continues guide records, very regularly incurs delivery and coverage costs and this adds as much as business overheads.

The thrilling truth is that, any attempt to improve the enterprise without heavy reliance on generation, could best get worse matters. After an intensive look at of the existing state of affairs and charting out a method for the future, GLITZKOIN zeroed in on blockchain technology. we’ve scouted for the top skills on this technological arena, the quit end result is a dream team made up of diamond specialists and technical authorities. The assignment available is well described, the ICO (preliminary foreign money supplying) is ready to include a crypto currency to handle payments associated with buying and selling on the diamond blockchain platform.

here’s a short excursion of what the final assignment could accomplish. The blockchain might permit diamond dealers from throughout the globe to list their diamonds. The gadget will make it obligatory for each diamond listed to be licensed through a reputed diamond trying out laboratory. this may remove the concern associated with faux diamonds and diamonds which might be handled by using arguable methods. The grading and class of diamonds has been hooked up for a few many years, there may be little room for confusion and bet work.

A purchaser can hook up on the same blockchain and overview all the diamonds listed, charges quoted are via the real supplier — no middlemen and no added commissions and charges. while the good issue is that the buyer and seller can engage immediately with every other, matters get even higher as the diamond certification brings consider and confidence to the transaction.

The GLITZKOIN crypto foreign money, will permit bills for diamond purchases and different expenses like transport and coverage, to be settled without spending on currency conversions and heavy bank costs. maximum crypto currencies which are issued in isolation, the currency deployed in this blockchain might be active within the bodily buying and selling of diamonds. This important difference can even make it likely for different corporations to simply accept the GLITZKOIN crypto currency to pay for his or her products or services.

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