Blockchain Startups to modernise the Diamond Trade

The process of converting the shiny stones into cryptographic tokens has been started
25 June 2018   775

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.

Old Korean Social Network to Close After Tokensale

Cyworld platform started operating back in 1999 and it conducted an IEO at CoinZest this year
14 October 2019   49

Investors who acquired the clink cryptocurrency issued by the South Korean social network Cyworld are worried about the status of their investments due to the company's sudden closure, reports Korea Times. Some of them are ready to go to court.

The Cyworld platform was launched in 1999 and was especially popular among the country's population until the mid-2000s. The company, however, failed to see the trend towards the development of mobile solutions on time and as a result lost its position in the market. On October 1, it closed her platform without posting any warnings to users.

At the same time, the Clink site was unavailable, and Cyworld management continues to ignore the numerous requests of investors. The Korean exchanges CoinZest and BitSonic, where Clink is still being traded, are considering delisting the asset. Industry officials say Clink's investor losses will be at least 1 billion won ($ 845,000).

Clink's primary distribution was through IEO through the CoinZest platform earlier this year and, according to the Korea Times, it was the company's attempt to bring a fading social network back to life. A total of 24 million Clink tokens were sold for a total of 480 million won ($ 400,000).

In the second half of 2019, employees who have not received salaries since the end of 2018 began to leave the company en masse. Since the start of trading, the Clink price has fallen from 26 won to 0.19 won. According to the Coingecko portal, Clink's current capitalization and revolving volume are unknown, while the marginal issue volume is 10 billion units.