[ANN] Glitzkoin Diamond Blockchain And DiaEx Diamond Trading Platform

[GlitzKoin_diamonds]

Great question.

It was a conscious decision on our part, about why we choose the Stellar Infrastructure rather than Ethereum, which is the most famous blockchain for token sales.
We had three primary reasons:
- Ease of transacting
The stellar blockchain has been built primarily as a payments network that facilitates cross border transactions, quickly, reliably and cheaply. These values resonate with our mission here at Glitzkoin. We are trying to reduce the friction that is currently present with all diamond transactions.
- Built in exchange
We wanted to give our bounty participants and investors the ability to liquidate their holdings from day one. No more waiting for the ICO to be listed on exchanges that generally charge a fortune for listing.
Also, this reduces the reliance on third party exchanges for fulfilling transactions on our platform.
- Ease of scaling
WIth Ethereum recently facing many scaling issues, we wanted to future proof, what we believe would be a platform that would disrupt the millions of transaction that currently take place each year in the $90 BIllion diamond industry.

You can read more here

I often wonder as to why did you guys choose Stellar network to create your infrastructure while the whole world is going gaga over Ethereum or EOS? Can anyone please answer this.

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[Cryptoking1567]

You guys should have learned by now that, blockchain and cryptos as technologies - would mean little if they did not deliver benefits to the real world. The glitzcoin diamond blockchain project, does root itself in the glittering industry but, do you have sufficient industry knowledge to really pull this off. While it is true that not many industry specific blockchain projects have been attempted, the underlying cause is no secret. There is a wide gap between business and technology - how do you expect to bridge that in the case of the diamond industry. As crypto centrics we are really not interested in diamonds but, the price of the gtn token (something that interests us all) is surely tied to the usage of the diaex diamond trading platform.

[GlitzKoin_diamonds]

Hi Cryptoking ...... both you and we seem to share the same ideas. Yes, building an industry based blockchain application can be technically possible but, gaining acceptance from the industry is another story. Since you seem to have done significant analysis into such projects - you would agree that almost every industry based blockhain project has been the brainchild of tech gurus. This is precisely where the error begins, the user community should be involved at every stage of the project. Glitzkoin (not Glitzcoin) is unique in more ways than one, the project was conceptualized by diamond experts with a thorough understanding of the industry. Another reason why the global diamond community has eagerly supported the Glitzkoin project is because, the project is headed by a well known insider from the industry. CEO Navneet Goenka is a second generation diamond veteran and comes, from a family that has been playing a prominent role in the industry, for close to 5 decades. Olga Rosina, a well known personality from the Russian diamond industry has also boarded the Glitzkoin team. To put it simply, the bridge required to close the gap between the diamond industry and the related technology, has been built even before, the project was fully conceptualized and formally announced.

The ICO was completed in June 2018, the DiaEx diamond exchange is almost ready and should soon reach the testing phase. The first batch of diamonds to be listed on the DiaEx platform have already been readied - these have an approximate value of $500 million. The GTN token is currently trading on the Stellar based exchanges. You can check it out on Stellarport. Notice that the price continues to hover around the ICO closing price of $0.20. This is an impressive performance given the fact that, most ICOs that were conducted around the same time, are today trading around 60% to 80% below their ICO closing price. This has all been possible due to the confidence placed in the project by both, crypto space participants and the diamond community.

We of course wish to thank you for your continued support. Do let us know if you have any more concerns and we will be glad to provide answers.

[mixelalex]

Do you need a French translation? I can help you with this. Write to me, please, if interested. Thanks.

[kryptocatz]

Went through the 'Buy GTN Token' process on your medium account and managed to make a decent purchase. The glitzkoin projects looks good, your effort to explain and educate rather than to push people to buy your token is also appreciated. I have one point to make, could you list the glitzkoin token on an exchange where, purchases can be made in US$, BTC or ETH. I am not going to make a further purchase of the gtn token now but, few friends could not understand the XLM to GTN purchase. As a tech guy I understand that you are based on the Stellar network blah blah blah but, crypto buyers are no longer limited to crypto centric people. Keep things simple and you will attract far more interest. You don't have to splurge your funds on a big name crypto exchange, there are dozens more that can give you more buy options without charging you a fortune to list.

[GlitzKoin_diamonds]

Hi kryptocatz, appreciate you taking the time to bring this issue up. Yes, we are in the process of listing on exchanges that will allow GTN tokens to be made using a number of methods - buyers will not be restricted to XLM. You rightly mentioned that splurging ICO funds on exchange listings is not in the long term interest of investors and the project. Rest assured that we will make maximum utilization of the ICO funds to do the development work as outlined in the white paper. Thanks for the purchase, we appreciate your participation.

[Vazan25]

Token is certainly good, has its own charisma.
Only here I can’t really understand - is there really so many diamond holders here on the forum that there was a need for such a platform?
What guided you when you started the project?

[GlitzKoin_diamonds]

Hi Vazan25, you would be glad to know that the Glitzkoin blockchain project was conceptualized and launched, after a thorough study of the global diamond industry. Unlike most blockchain projects that evolved from tech rooms, Glitzkoin was launched as a means  to resolve many of the deficiencies in the diamond industry and more specifically in diamond trade. It happens to be the first diamond blockchain to be launched by a diamond veteran and not a blockchain guru. After all, technology is merely a tool used to achieve certain results in the real world.

Coming to the usage of the DiaEx diamond exchange. Total trade in diamonds stands at around 90 billion dollars, this spread across more than 70 nations. The unique feature of the DiaEx platform is that, it is designed  to support B2B and B2C transactions. Built in features like the mandatory diamond certification and the KYC that will be conducted for sellers and buyers, will boost confidence. It would for the first time, be possible for an absolute novice to buy a diamond online - without the risk of being overcharged or receiving a fake stone.

We have already processed and coded more than $500 million worth of diamonds to be listed on the first batch. That figure should move up to around $1 billion within the first 3 months of operation. Conventional diamond trade is characterized by brokers and middlemen, these entities in the supply chain can inflate the price of the stone by as much as 15% to 25% - this by adding their own commissions and brokerage fees to the originally quoted price. Buying a stone on the DiaEx would connect buyers directly to the exchange, no fakes and no price inflation.

A very modest target of 3% to 5% of the total diamond trade has been envisioned for the Glitzkoin diamond platform (DiaEx). This would amount to a whooping $2.7m to $4.5m - and if you consider that the GTN token would be used to settle payments, you can well imagine the excitement that this would generate for seasoned crypto traders.

Regarding the time frame, the DiaEx is scheduled to reach the testing phase in Oct 2018. A full fledged launch is slated for the 4th quarter of 2018.

Thanks for your message and allowing us to explain the project in more detail. The token is now trading on Stellarport and can be reviewed at https://stellarport.io/exchange/alphanum4/GTN/GARFMAHQM4JDI55SK2FGEPLOZU7BTEODS3Y5QNT3VMQQIU3WV2HTBA46/native/XLM/Stellar

[Cryptoking1567]

I heard somewhere about the diamond price estimator released by Glitzkoin. Accessed the link from the main website at www.glitzkoin.com seemed to understand the functionality of the tool but, did not understand how this is relevant to the DiaEx diamond exchange. Also is the utility of this diamond price estimator, more suited to diamond buyers or sellers. I am not a diamond buyer, just a modest crypto investor. At the end of the day, I realize that better use of the DiaEx trading platform by diamond traders, would ultimately result in a higher demand for the GTN token. We all know what increased token demand does to the price 

[GlitzKoin_diamonds]

Hi Cryptoking1567, thanks for taking the time to participate and enrich this discussion. The DPE (Diamond Price Estimator) is already being used by a number of people interested in buying or selling diamonds. Sometimes referred to as the diamond price calculator, the application estimates the market price of a diamond with specific features. Since you are not directly into diamonds let us not bore you with a lecture on the 4Cs. Just for your information, the 4Cs of a diamond = carat, color, cut and clarity.

The DPE goes through a set of complex algorithms once it is fed with the 4Cs of a specific stone. The application collects information regarding diamond supply and demand from major diamond trading centers across the globe. These inputs are then mapped against the 4Cs fed into the system. The result is a market price estimate that, has an accuracy of around +/- 20%. In reality this 20% represents the bargaining capacity of the buyer and the willingness of the seller to sell the stone.

The Glitzkoin diamond price estimator is useful for both buyers and sellers. A seasoned or first time buyer, could feed the 4Cs of the diamond that they wish to buy and get an approximate price. This would give the buyer an idea of the amount to be paid for the desired stone. Sellers who wish to sell their diamonds, would obviously need some guidance regarding the price that their stone is likely to fetch. Overpricing or under pricing a diamond at a sale, will not get the desired results.

Using the DPE diamond price estimator is free, users are not bound to trade on the DiaEx diamond exchange.  However the tool will have higher utility on cases where, a diamond buyer or seller wishes to transact on the DiaEx trading platform.

Hope that this answers your question, feel free to continue this discussion if you need any more information.

[thisistheend63]

Read on the website about Olga Rosina, the Russian who had worked for around 2 decades in the diamond industry and was also associated with the Russian diamond mines. Is she an active member of the Glitzkoin team? Will you guys ultimately list uncut diamonds from the mines on the DiaEx diamond exchange? Not interested in buying diamonds but, just trying to figure out the volume of trade that will take place on the DiaEx platform. This will obviously provide an idea of the demand levels for the GTN token.

[GlitzKoin_diamonds]

Hi thisistheend63, to answer your question, Olga Rosina with 2 decades of experience in the Russian diamond industry is an active member of the Glitzkoin team. She along with CEO Navneet Goenka, a second generation diamond veteran have been instrumental in handling the industry side of the project. The two diamond experts were instrumental in defining the flow of the project and more importantly, in providing valuable inputs for the design and development of the DiaEx diamond exchange. Let's not forget the DPE (diamond price estimator) a tool that, has today become very popular with both diamond buyers and sellers. Olga along with another senior adviser in the Glitzkoin team, Mr. Mikhail Kozlov have also played an important role in connecting the Glitzkoin mission to the Russian blockchain and diamond communities.

Your second question about, the listing of rough diamonds on the DiaEx platform. It is so very interesting to see a crypto enthusiast like you take a deep interest in the industry where the Glitzkoin project is focused. The issue of listing rough diamonds on the Glitzkoin exchange has been raised at various points of time. The first thing to remember is that, the platform itself will no have no issues allowing trade in rough and uncut diamonds. However the real challenge is about defining the precise features of a piece of rough diamond. The much talked about 4C features of a diamond are reliable but, not applicable to rough diamonds.

We are not too concerned about the volume of trade on the DiaEx trading platform. The global trade in cut and polished diamonds is no less than $70 to $80 billion (around $90 billion to $100 billion if you include rough diamonds). Shifting even a very modest 5% of that trade on the Glitzkoin platform, would  imply transactions worth around $3 to $4 billion dollars. Don't forget that, the GTN token will be the mode of payment used on the DiaEx exchange. At this point of time we have around $500 million worth of certified diamonds, processed and tabulated as the first batch to be listed. That figure would grow rapidly in the first 3 to 6 months of operation.

[kryptocatz]

Considering the very wide marketing campaigns that you guys have launched, have you every thought about getting real life businesses to use the GTN token as a mode of payment - shopping malls, booking portals, service providers etc. Just curious.

[GlitzKoin_diamonds]

Hi kryptocatz - thanks for the question. There are ongoing negotiations to partner with shopping malls, hotels and online ticketing portals. The technical implications of such implementations required system adjustments to be made at both ends. On a different perspective, such an implementation would need to be 'extremely easy' to use as not all customers to the product or service, would be crypto or tech savvy.

Having said that, you are right - there is a positive opportunity in such partnerships and we will pursue them. Initial testings are likely to happen in Malaysia. We can then spread across the globe based on the Malaysian experience.  Thanks again for your message.

[anggriani]

the site is quite interesting, but for people who do not understand about diamonds will be confused using your calculator, maybe you can add some information about the features that are in your calculator. are you planning to create a mobile application too?

[GlitzKoin_diamonds]

Hi anggriani and thanks for your message. Yes we are in the process, of developing videos and more detailed notes about the DPE (Diamond Price Estimator). An application would be our next focus once, we have the DiaEx diamond exchange fully implemented. You rightly mentioned about ease of use, this is all the more important to Glitzkoin as the DiaEx platform will support both B2B and B2C transactions. Thanks again for your valuable suggestion.

[thisistheend63]

OK the DiaEx would deploy the Glitzkoin token to settle payments but, what volume of trade do you foresee. I have no intention of buying your diamonds but, would like to see the level of demand that the trade could generate for the gtn token.

[GlitzKoin_diamonds]

Hi thisistheend63 - lets explain this clearly because, we do not want it to sound like a market script for the project. We are in Oct 2018 and we have processed around 500 million dollars worth of certified diamonds. These are slated to list the moment the DiaEx platform is fully installed in launch - quarter 4 of 2018.

Since this project was conceived by a diamond veteran, we have been in close contact with the diamond community even before, the Glitzkoin project was announced. We are initially looking at around 3% to 5% of the total trade in (cut and polished) diamonds within the first 12-18 months of operation. This should be around 3-5 billion dollars of diamonds traded. So after the batch of listings, the number of listings will gradually ramp up. At the same time, we continue to open up to diamond traders across the globe and inform them about this impressive diamond exchange.

[GlitzKoin_diamonds]

A snapshot of the Glitzkoin project and the current position of the GTN crypto token. Get the whole picture at a glance. More detailed information at https://glitzkoin.com/infopedia/glitzkoin-and-gtn-token-snapshot-and-updates

[kryptocatz]

Tried the diamond price calculator and it seems to be quite smart, not that I know too much about diamonds. Easy to use and no requirement for registration or making a payment etc. Is it free only during the test period? Will you be charging users who access the tool after the diaex diamond trading platform is launched? Just curious to know.