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New Listing: GXT Token

What is GXT? GXT is based in the Virgin Islands and is launching its business in Singapore, Dubai, India, Cambodia, and other countries. GXT is operating the diamond/jewelry distribution platform and a jewelry brand.

What is GXT?

GXT is based in the Virgin Islands and is launching its business in Singapore, Dubai, India, Cambodia, and other countries. GXT is operating the diamond/jewelry distribution platform and a jewelry brand.

GXT is creating the “blockchain ecosystem in diamond distribution” to give GXT token value, which means GXT token has created a platform that can be used as the value exchange.

Furthermore, to develop into a higher level, GXT World (Diamond and Jewelry Online Mall), operated by GXT, uses blockchain technology to issue the warranty (GXT NFT) that cannot make any forgery related to the diamond distribution process and information. It will be provided when customers purchase diamonds.

GXT is aiming for continuous growth, presenting a new paradigm of the diamond and jewelry distribution ecosystem.

GXT Token

The GXT platform consists of a wallet, staking, GXT World, and diamond auction divided into and operated by GXT tokens and GXT NFTs. GXT token is the utility token based on ERC20, and GXT NFT is a token based on ERC721, which has been developed and issued as Non-fungible Tokens (NFTs). The GXT token is listed on the exchange and can be traded and used to purchase diamonds and participate in auctions on the GXT platform.

GTX platform introduction

The structure of on-chain / off-chain designs the GXT token. The data generated by the GXT service platform occurs countless transactions in real-time. After the transaction occurs, it will take a long time for the transaction to be spread in the blockchain network and confirmed until it has been finalized. If GXT Token has been used as payment on GXT’s service platform, it would take several seconds for Ethereum to create the block and deliver the results. This is caused by the services that require fast processing and have to be processed on the off-chain instead of the on-chain.

Flowchart of GXT on liquid

GXT NFT records diamond information in the blockchain ledger and is used as a warranty to send to customer's Ethereum wallet when customers purchase products. When the request for generating GEM information through SMART CONTRACT APPLICATION, the verification is sent on GEM CONTRACT through GXT NFT Method API. Requesting information verification is possible based on the result of processing the GEM CONTRACT Code. When verification has been done, SMART CONTRACT APPLICATION will send GEM Information to the requestor.

GXT NFT is particularly useful for tracing tangible assets provided in the supply network of high-priced assets, such as gemstone, expensive products, and art products. It has the advantage of being able to restrict and administrate counterfeits by specifying them based on effective quality administration and reliability/non-rigidity. Business is possible by using smart contracts in the global jewelry market.

Through utilizing the GXT FNT Contract, the origin of the payment system, purchase, transfer, etc., can be recorded. GXT can interconnect standard back-end systems as well. Furthermore, back-end system updates can proceed through the transparent and fully integrated GXT NFT plan and technical implementation, jewelry verification, and payment that can be processed automatically.

GXT and GXT NFT

Notable Milestones

Business Value Review: The information disclosure platform built to improve the cryptocurrency market into a transparent and reliable information environment, working on various projects with Xangle, and have been recognized as a viable project due to the Xangle Report.

Legal Opinion & Code Audit: Through the global law firm Duane Morris & Selvam LLP, Legal Opinion is proceeded by “utility token.” From HEACHI LAPS, a system security review specialized enterprise, Code Audit Review related to GXT Token (ERC 20) has been finished.

Diamond Partnership: GXTPLATFORM INC. operates a blockchain-based diamond and jewelry shopping mall (www.gxtworld.com) started by “Bergere,” a jewelry brand with an 80-year tradition established in New York in 1940. Recently, Stonehenge’s official manufacturing distribution company of collaboration jewelry products by Silverstone G signed the Singapore official sales partner contract with GXT on Sep. 25th, 2020.

GXT WORLD: It has been opened as a shopping mall platform where you can purchase diamond gemstone (cutting) and jewelry products; with more than 10,000 diamonds are registered, customers can choose and purchase various types and grades of a diamond. GXT NFT (digital warranty) of products (diamond gemstone and jewelry) sold by applying blockchain technology will be provided. GXT NFT can guarantee the quality of products in further diamond transactions.

Auction: Through GXT Token is the auction service exclusively for members who can participate in bidding. Auction is processed by diamond and jewelry products officially sold at GXT World. The auction is processed with the highest bid method and random draw method and once or twice per month.

Competitiveness

GXT Token through law firm has been finished by legal opinion called “Utility Token.” The Code Audit Review has been completed by the company specialized in system security review and has been recognized for its stability.

The multiplexed security system has applied system security of the GXT Platform. In particular, the abnormal symptom warning system is used for 24-hour monitoring. Besides, the private OTP has been applied to protect the holder/ (member)’s wallet from hacking.

GXT Token used and recovered in the GXT Platform are partially incinerated in consideration. The incinerated amount issued amount each year used and holding amount will be analyzed and decided before incineration. It is for maintaining the value of GXT Token and the stability of the service.

Furthermore, the distribution process is dramatically reduced so that customers can purchase up to 20~30% cheaper than the price of diamonds sold in the market. Besides cash, visa card and PayPal can be used as payments; it is expected to provide the opportunity to get additional discounts when customers pay by GXT Token.