Diamonds have been a status symbol for ages. Studies show that some have been formed in millions of years giving them unique properties. The current global diamond trade is estimated at roughly 50 billion dollars, but a lacking infrastructure plagues it as trading is often conducted through shady third parties that acquire the diamonds from illegal mining operations in Africa.
The money raised through the illegal trade of diamonds is the funnelled into despotic insurgencies that destabilise the origin countries. It's about time we upgrade the diamond trade to technology stack worthy of the 21st century, namely blockchain! This system will certify and ensure all of the goods that pass through it.
Here are just a couple of the advantages that Glitzkoin brings to the table:
By using zk-snakrs and bulletproofs, the platform can keep the transaction data completely private; thus every transaction registry and the adjacent trade secrets are safely encrypted from the eyes of the competition.
The Glitzkoin platform is built in such a way that it will seamlessly merge into the existing business infrastructure by further leveraging the benefits of the distributed ledger infrastructure.
Based on the federated byzantine agreement system Glitzkoin will run a highly resilient network governance module that can detect and eliminate cyber attacks in record times. The historical data of the purchased goods will be available to the buyers to certify further the goods they are trading.
Once the primary network is deployed Glitzkoin will also create opportunities for adjacent businesses. Services like goods insurance and safe transportation are just examples that could work in tandem with the Glitzkoin supply chain.
To create a fully transparent blockchain diamond trading platform, Glitzkoin will bridge the gap between traditional financial markets and cryptocurrencies by building a DEX. Users will have the ability to liquidate diamonds and invest their money like in any other conventional asset done through a secure and transparent trade environment.
Advanced machine learning algorithms are employed to bring a higher level of transparency and safety that the diamond trade has never experienced before. Stats regarding the stones will also be available for the users; these are separated into three main categories:
- Gem Composite representing the gemological perfection
- Parallel Composite representing the rarity of the stones
- Indices Composite representing market directions for the buyers
Being decentralised, the DEX will work on a complete peer-to-peer infrastructure and accept payments in a system based on Bitcoin. By utilising the global diamond inventory, Glitzkoin will be able to accurately predict market outcomes like prices and individual rankings without being explicitly programmed to do so.
With the help of the Smart Contracts module, users can rest assured that all of the involved parties in the trade will uphold their part of the deal enforced by the blockchain system itself. To find out more about this brilliant and exciting project go to www.glitzkoin.com/!