Blockchain Startups to modernise the Diamond Trade

The process of converting the shiny stones into cryptographic tokens has been started
25 June 2018   691

Blockchain technology has now enabled to turn diamonds into financial assets by representing their value with tokens. There are 3 startups that are aiming to make the esoteric diamond industry more available.

Glitzkoin

A startup from Estonia, Glitzkoin, claims that before diamonds are sold, they have to  be mined, sorted, cut, polished and valued. The developers would like to apply blockchain technology to coordinate all the necessary processes.To this end, it will implement mining/shipping/insurance entities onto its platform. It is also to run a decentralised diamond exchange that will allow anyone “to invest in individual diamonds, shares of a high-value stone or shares in a basket of diamonds like an ETF.” The Glitzkoin blockchain is built on Stellar and operates with a utility token called GLT. GLT tokens will be listed on cryptocurrency exchanges in the third quarter of 2018, and in the fourth quarter the decentralised exchange will be started.

CEDEX

CEDEX is an Israel-based launch that is to open the world’s first blockchain-based diamond exchange. The mission statement of CEDEX is “bridging the gap between the traditional diamond industry and the innovative financial markets”. The project touts three principles: transparency, liquidity, and standardisation. 

CEDEX offers GIA certified diamonds, which means that the diamonds went already through the diamond industry Kimberly process. Currently in the diamond industry there are several initiatives to incorporate blockchain technology. The purpose is to follow the journey of the diamond from rough to polish at the retail store. For CEDEX - which is also a blockchain project - it means that we will be able to use existing infrastructure to show our investors not only the value and GA certification, but also the journey of the diamond. Hence - assisting in preventing ‘conflict diamonds’ to make stage into the market.
Ronen Priewer
CEO, CEDEX

CEDEX is presently registering its coin at cryptocurrency exchanges, and it is to launch its exchange in the first quarter of 2019.

Carats.io

Carats.io is an Israeli launch which is taking a slightly different approach to the problem. It plans to create a token that is backed by the value of diamonds, in the same way that dollars were once backed by gold held in Fort Knox, or more recently, how the cryptocurrency Tether is backed by dollars. Carats.io is applying the diamonds registered on the IDE to develop an index of diamonds named the Get-Diamond Index. Now the GDX is official index of the IDE, and over 10 billion USD worth of diamonds are on the index so far. The firm’s first token generation event is stated to start in Q3 2018.

Most Crypto-Optimists Live in Norway, Bitflyer Study

According to bitFlyer's poll on future of crypto, europeans believes cryptocurrency has future
24 April 2019   83

Most Europeans believe that in ten years digital currencies will continue to be in demand, but they do not have the same confidence about Bitcoin. This is reported by Cryptonews, citing a study of the bitFlyer.

10 thousand people from ten European countries took part in the online survey. Of these, 63% believe in a “bright future” cryptocurrency. However, not all Europeans are confident in the future of Bitcoin - only 55% believe that the first cryptocurrency will exist in ten years.

It is also noteworthy that, despite the fall in prices of most cryptocurrencies that lasted for almost a year, the majority of respondents positively assessed the prospects for the development of the market.

Most of the “crypto-optimists” turned out to live in Norway - 73% of the inhabitants of this Scandinavian country are convinced that a decade later, digital currencies will still be in society. This is followed by Italy (68%), the Netherlands and Poland close the top four (67% each).

The percentage of consumers who believe cryptocurrencies will still exist in 10 years’ time
The percentage of consumers who believe cryptocurrencies will still exist in 10 years’ time

But the exact form of cryptocurrency will exist, almost no one knows. Only 8% believe that they will become money, and 7% - a tool for investment or a means of preserving value.

The fact that Bitcoin is not generating as much support as other cryptocurrencies is in part a symptom of the market’s volatility, but is also a direct impact of the constant media attention that is associated to its volatility.
 

Andy Bryant

COO, bitFlyer Europe

He also added that the study demonstrated how much remains to be done to increase public awareness of the benefits and opportunities of cryptocurrencies.