Cryptocurrencies

With the Blockchain, Diamonds are (even more) Eternal – Cryptocurrencies

Since its inception, the blockchain has continued to revolutionize markets. The most recent is that of diamonds. In the coming weeks, Non Fungible Tokens (NFT) directly associated with diamonds will be marketed by the company Icecap.


Icecap, a company founded by Jacques Voorhees engages in the market for Non-Fungible Diamond Tokens

In the past, there have been many attempts to tokenization of diamonds and other precious stones. Unfortunately, they all ended in failure.

For Jacques Voorhees, founder from Icecap and father of the CEO of Shapeshift, Eric Voorhees, these numerous failures are in large part the result of diamonds being considered fungible property when they were not. In an interview with Cointelegraph, he said that the idea of ​​tokenizing diamonds came to his mind the very first time his son told him about NFTs. The concept sent him back to 1972, a year when the West Coast Commodities Exchange tried to create diamond futures, a kind of NFTs ahead of their time. The attempt only lasted three days before the market collapsed.

Jacques Voorhees believes that the tokenization of diamonds constitutes an untapped opportunity of nearly $ 10 billion that it becomes urgent to materialize. Although his idea might have a hard time getting everyone excited, his son, for his part, wasted no time in investing in Icecap’s assets.

Earlier, Alrosa, Tencent and Everledger had allied themselves to bring diamonds to Wechat

Long before the initiative of Jacques Voorhees, the world’s largest diamond mining company, Alrosa had already associated with Tencent, Chinese social media giant and owner of WeChat, and British blockchain company Everledger as part of a project to make it easier to buy gems online.

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In a joint statement, the three companies said the aim of the program is to increase consumer confidence in the diamond supply chain, and enable the billion active users of Chinese social network Wechat to purchase diamonds. diamonds knowing everything about their origins, their characteristics and the history of their property. In addition, the program is also expected to help Chinese jewelry manufacturers and retailers better communicate their brand and differentiate themselves in a highly competitive market.

Alrosa was committed to making full information publicly available about their diamond mining in Russia, providing users with a reliable measure of the sustainability and ethical footprint of their purchases. Note, however, that such a collaboration with the blockchain industry is not the first for the Russian company.

Already in May 2018, it had teamed up with KGK Diamonds and the blockchain company D1 Mint, to tokenize diamonds. Likewise, in the past, it had also partnered with Tracr, a pioneer in the use of blockchain in the diamond supply chain, and De Beers, another giant in the diamond industry for a project. more or less similar.

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Yes, with the blockchain, diamonds are now even more eternal.

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