In this article I will be making an analysis of the potential worth of the Glitzkoin platform. For the purpose of perspective i will be referencing the two different industries that glitzkoin extends to, which are the Blockchain and Diamond industries.
The Blockchain
The open-source nature of the blockchain means that there really isn't any barrier of entry for projects to launch a blockchain initiative with the hope of solving some real-life problems. This has however seen the rise in blockchain projects launching their ICOs, but most of this projects are duds and a very large percentage of them may never reach their set goals. In order to be safe in the blockchain space, there are some characteristics to look for in projects before investing in them, some of which are
- The Project
- The Team
- The Market
The project
The Glitzkoin project is designed for a specific industry which is the diamond industry. This platform is specified on a targeting the provision of solutions to the problems in this industry thus increasing the focus and specialization of the team.
Recently if a person wants to purchase a diamond ring, necklace or any jewelry with the precious stones encrusted in it, he or she has to goto a store where it is on sale to purchase it. There isn't really any reliable way to verify its authenticity and there is a level of reliance is on reviews or referrals which cannot totally be trusted.
Glitzkoin is providing a system where anyone can purchase diamond jewels without having to be present there and still be able to authentic jewels in a safe, trusted and transparent way.
Aside from the end user of this jewels the mining, processing, shipping companies and also the retailers will use the platform for exchange of services.
Glitzkoin is going to act as a global secure escrow service for diamonds.
This is made possible with the use of smart contracts which is tamper-proof and is capable moderating transactions between 2 or more parties removing human factors like, favoritism, fraud, inefficiency and speed.
The Team
The project team is almost as important as the project itself and with Glitzkoin i believe this team is very well assembled and equipped to be successful.
The project CEO is NAVNEET GOENKA who is a veteran in the diamond industry and innovator and a successful professional in his field. The other 6 team members are comprised of diamond, business, marketing and crypto specialists with publicly available LinkedIn profiles for verification of their experiences.
This is a strong and capable team.
The Market
Analyzing the market that Glitzkoin is entering is analyzing the diamond industry.
The Diamond Industry
The diamond industry is very large and is spread from Miners and producers, who carry out the mining and sorting of rough diamonds, the Cutters and polishers doing the buying, cutting and polishing of the diamonds, the Jewelry manufacturers who create finished pieces and finally the retailers who sells them to customers.
This is market of over 70 billion dollars yearly volume and considering all the limitations it possesses it is more than capable of expanding a lot more with the blockchain integration through Glitzkoin.
The blockchain idea is not an abstract one as it has proven profitable, reliable and successful for many different projects and there is no reason why the diamond industry should be left behind.
After the analysis of the technology and the market that Glitzkoin is going to be operating in, and comparing it with what Glitzkoin offers, I believe this platform can be a real blockchain success story.
Official Links
Website: https://www.glitzkoin.com/
Whitepaper: https://www.glitzkoin.com/dist/img/pdf/Glitzkoin-Brochure.pdf
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