This article will present information regarding the Independent Wealth Management system; Gigzi. Readers would be able to find details focusing on the challenges related to wider adoption of cryptocurrencies that Gigzi Ecosystem intends to solve and the solutions offered by the ecosystem. I will include my comments in the conclusion section.
Introduction
Gigzi is a financial platform which utilizes an innovative approach to blockchain based investment tools and cryptocurrencies to create a decentralized global currency which is regulated by Smart Contract. There are many financial platforms which utilize cryptocurrencies but, Gigzi is the only one which provides an investment ecosystem where users would be able to protect their wealth in relative constancy of precious metals. In addition to the wealth protection, precious metals provide a constant growth in relation to the value of the precious metal itself.
Problem
Hyper-volatility of Cryptocurrency
There is a great deal of volatility in the cryptocurrency space because of its’ infancy. As a result of this volatility, some investors gain high returns but some of them are not lucky or educated enough so they lose their investments with lack of investment options which provide stability.
Cryptocurrency market reached $800 Billion in 2018 for the first time. Through the media pump an enormous volatility was created. As a result of this a lot of new users have entered the space. Unfortunately, this was through HYPE and there were a lot of people bought at the top of the Bitcoin price and followed the pump’n dump of fake influencers which made them lose their investments. They didn’t have safer investment options then which offer the variety of investment options providing stability.
###Account Vulnerability
Since it is the wealth of the user which cryptocurrency wallets and cryptocurrency exchanges keep they need a high level of security implemented for safety of the funds. Therefore, user accounts are protected by a public key which is paired with private key. The private key, which is a randomly generated set of numbers and characters, decrypts and grants access to the account. Since private keys are so long that it is impossible to memorize and they are frequently used, they are often used by ‘copy and paste’ actions, which makes it extremely vulnerable to interception by Trojans, Spyware and Malware.
The Uncertainty and Instability of Wealth Invested in Cryptocurrency
Everyone might have heard about 100x and even more than 200x returns on investing in cryptocurrencies. It is not rare that people have earned a lot of money investing in cryptocurrencies. On the other hand, there were flash crashes and devaluation of the cryptocurrencies depending on the FUD and news published. These events might easily bring huge losses within minutes and there is no way to avoid them.
Solutions
Stability
There will be three Gigzi Metal crypt-assets; Gigzi Platinum (GZP), Gold (GZG) and Silver (GZS) which are pegged to the price of precious metals. This will enable them to be priced and traded in relation to a measure. The price of precious metals is globally consistent, reliable and relatively stable. Pegging the price of these crypto-assets to the corresponding metal brings the stability needed. This will also enable them to be used as a payment for goods and services.
Security
Gigzi Wallet is secured by iris recognition technology to be used as private key. Gigzi Wallet will be accessible by Gigzi Iris which is a state-of-the-art biometric device that will be manufactured by the worlds’ leading iris security technology provider IriTech. Its algorithm was the highest ranked security technology according to the US governments’ NIST IREX test. IriTech iris recognition is currently used by many US Governmental Institutions and international non-governmental organizations. This innovative product will implement a higher level of security to the wallet which no wallet has at the moment. Main benefit of this technology will be to prevent loss of funds which would be caused by compromised private keys.
Wealth Protection
Gigzi Ecosystem enables users to trade and hold Gigzi crypto-assets as well as other cryptocurrencies. It would be possible to exchange to or from the Gigzi crypto-assets into any cryptocurrency or fiat. These unique features will provide users to convert their assets into Gigzi Metals in order to prevent loss of value in a flash crash or FUD coincidence.
Conclusion
Volatility enables investors to multiply their investments in a matter of days. On the other hand, there is always the risk of devaluation of the cryptocurrency depending on many uncontrollable factors. Therefore, stability is very important in terms of protecting ones’ assets from diminishing in value. There is no such service provided in the market as Gigzi offer which makes Gigzi as the pioneer wealth management platform.
Safety on the other hand, is number one priority for all cryptocurrency users. Provided security device Gigzi Iris offers one of the best safety applications available in the security market. Gigzi Iris will provide the higher level of security to its’ users available in the cryptocurrency market. This is a big advantage for the platform which will make it to become the platform of choice for users who put security at first place on their priority lists. Since there is no data stored on the device breaking it or losing it will not be a problem for the users. Users will be able to access their accounts just by using another Gigzi Iris device.
There is no such tool provided in the whole cryptocurrency ecosystem with users such as wealth protection. This is a very important feature where at the end of the day or trading, users will be able to use as a safe place. I loved the idea and honestly, I think most of the cryptocurrency users will do too.
Important Links
Website: https://www.gigzi.com/
Whitepaper: https://www.gigzi.com/whitepaper
ANN: https://bitcointalk.org/index.php?topic=5047392.0
Bounty: https://bitcointalk.org/index.php?topic=5055492.0
Telgram: https://t.me/gigzicommunity
BTT @meejay: https://bitcointalk.org/index.php?action=profile;u=1027151