BitCarat is an infrastructure project resolving the eternal problems of the diamond industry. Natural diamonds represent a unique asset and offer rich opportunities to diversify a portfolio and find a “safe haven” in turbulent times at the market.
BitCarat solves the issue of uncertainty in the market for stablecoins by introducing a diamonds-backed coin, TXD. The complex ecosystem includes two distinct tokens, digital diamonds exchange and digital diamonds bank allowing for creation of unique diamond futures.
Genius is patience. – Sir Isaac Newton
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Last updated: July 24, 2018
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A blockchain, originally block chain, is a continuously growing list of records, called blocks, which are linked and secured using cryptography.
BitCarat will render custom bi-currency blockchain along with the high-throughput low-latency exchange technology to the diamond industry, creating efficient, fair and transparent diamond marketplace for hosting the trades in spot as well as derivative instruments.
We began working on the project back in May 2017 when we established connections with strategic partners.
Diamond industry participants - from now on a liquid, smoothly operating market system and accessible risk-management solutions; Professional investors and asset managers - from a new liquid asset class with outstanding risk/return characteristics and significant diversification potential; Finally, cryptomarket participants and blockchain enthusiasts will benefit from having access to a price stable coin with no transaction fees and lending facilities for effective shorting of crypto and margin trading.
The token offering begins on November 1, 2018 4:00PM GMT+0 and ends on December 17, 2018 3:59PM GMT+0.
Participation in the Token Offering is simple – you can watch the BitCarat Token Offering Participation Video and follow the steps as explained. Alternatively, Register and Log In.
If you are a resident or citizen of the United States of America or of People's Republic of China you may not participate in the TOKEN OFFERING.
It is not possible for you to receive the tokens there as the exchanges have not listed the token before the end of the ICO. Do not ask us to send you tokens there. The best option is to make a MyEtherWallet.
The minimum that one should contribute in a single transaction is US$25 in equivalent of cryptocurrencies or fiat.
KYC data is encrypted end-to-end and is provided to our KYC vendor via API.
To reach the support as well as the founders you simply need to go to our “Contact Us” page where you will find our e-mails as well as Telegram link where you can chat with us real-time.
The total addressable global market (TAM) for the main products and services we will provide is segmented as follows:
Our goal is to capture the potential of these markets within two years of the launch of the products as the functionality of the product is unlike any other on the market and its legitimacy grows. Becoming a powerful player on this emerging industrial landscape is among the long-term goals of the BitCarat project. Moving this far, however, implies firstly solving a set of more applied, yet fundamental issues that face anyone daring to threaten the shaky status-quo in diamonds today.
1. Over $1,800,000,000 per year (volume traded) for diamond futures contracts only on ICEX (India). Businesses across the entire value chain greatly benefit from flexible, liquid, and instantly settled contracts using TXD.
2. Nearly $50,000,000,000 per year at the importers’ market for rough diamonds. Major importers can hedge their positions efficiently using the futures contracts traded 24/7 on DIAX.
3. Over $840,000,000,000 volume traded of stable coins per year on the cryptocurrency markets with extreme growth potential. TXD will provide an efficient safe haven asset in times of extreme volatility.
4. Over $55,000,000,000 worth of gold is being traded each year in the Exchange-Traded Funds market part of which is expected to be substituted to diamonds. Professional asset managers see diamonds an asset with a much greater diversification potential as compared to gold once liquidity is ensured.
1. High capital intensity across the entire value chain - i.e. initial capital and subsequent running costs - are the primary factors deterring startups from entering the space. Also, difficulty in obtaining financing for start-ups in the space, at least when considering conventional methods of fundraising.
2. When it comes to trading infrastructure, extreme technical sophistication of the required solutions makes the process of developing it a new prohibitively time-intensive while purchasing a ready solution extremely expensive. Desolating deficit of human resources capable of delivering such solution is another problem. In addition, the diamond industry is a very specific domain with a unique set of issues: deep knowledge and extensive experience that is obviously a prerequisite to enter the diamond industry are both scarce and expensive.
3. Diamonds are known for being a de facto monopolistic market, with incumbent firms largely opposing any new entrants. Almost absolute influence of few existing participants over the price of rough diamonds allow them to also exert significant control over the entire supply chain. History shows that unless strong ties to the industry participants are established, efforts to alter its structure were unsuccessful (e.g. the uninspiring story of diamond futures market).
As of 2018, there are two projects (carats.io, CEDEX) in the blockchain space that have attempted to enter the diamond industry. While having similar goals and impressive teams as well as many innovative ideas, neither of the projects offers a comprehensive solution to the complex set of issues that impede the creation of deep liquidity in the diamond market. In addition, neither of the projects have established partnerships that would help them get through the multiple layers of entry barriers. Finally, neither employ(ed) fundraising techniques that would have or will allow them establish solid capital base and initial customer base. Effectively these issues would significantly delay their time to market and competitive abilities.
The blockchain is a Stellar-fork. The Stellar consensus protocol is differs vastly, across multiple dimensions as compared to that of Bitcoin, which in effect creates a system that is more suitable for the demands of various financial institutions.
1. The demand side of the market for polished diamonds is 95% comprised of retail customers. However, once the client wants to re-sell this diamond he or she has to suffer a 60% to 75% loss of the value at the time of purchase. The situation with wholesale prices is hardly better: the average spreads are running at 30-40% in normal market conditions.
2. Practice as well as in-depth scientific research has shown that polished diamonds represent a lucrative investment opportunity from the portfolio management standpoint. Portfolios diversified with diamonds exhibit comparatively better risk-return performance assuming passive investment strategy.
3. However, the lack of liquid markets for both investment grade diamonds and their derivatives (like futures) prevents institutions from entering the market on a large scale.
