iCoin aims to Disrupt Diamond Mining Industry Using Blockchain
iCoin International, a part of Millennium Mining Corporation, is planning to revolutionize the diamond mining ecosystem using blockchain and artificial intelligence. The company is set to partner with LATOKEN exchange to launch its initial exchange offering (IEO). This will provide early backers an opportunity to support the development and growth of the platform.
For years, diamonds have been valued as gems by industrial and social sectors, thanks to its well-known attribute as one of the hardest naturally occurring material. However, improper infrastructure has led to the lack of transparency in diamond mining operations, and complex government policies have resulted in the illegal distribution of diamonds.
The incorporation of blockchain technology into the diamond mining business will offer following benefits:
- A secure network with no chance of duplication of data.
- An automatic system for real-time transactions using smart contract.
- High transparency for money-based transactions through an open and distributed ledger.
- Complete traceability in diamond extraction as it will be time-stamped on the blockchain.
ICOIN, the ERC20 native token of the iCoin platform will be used for the blockchain mining operations for the diamonds. It will be available for trade in secondary market and will serve as a currency for buying diamond merchandises.
Currently, 600,000,000 ICOIN tokens will be mined, and 10,000,000 tokens will be offered in IEO event at an issue price of USD 1 per token. Backers need to make a minimum investment of USD 100, and can purchase the tokens using BTC, ETH or USD through LATOKEN exchange. Traders and investors who are already registered on LATOKEN will be free from hassle of necessary verifications of anti-money laundering (AML) and Know Your Customer (KYC). The money raised from the IEO will be used to finance the mining operations, and profits made from the mined diamonds will be reused in the iCoin market to further develop the platform.
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