When the retail industry made a huge shift towards online, jewelry sector was the most reluctant.
Even today local stores stay dominant, but the future is won in favor of the web, as it is the case for all things retail. Where e-commerce was twenty years ago, is now cryptocurrency. The latest financial wonder finds its way into the world with a steady peace, but this time jewelry sector isn’t just watching.
At least not for Bitluxury D.O.O, legal jewelry company resident in Slovenia, EU. Recently Bitluxury announced partnership with Alberti Gioielli, a jewelry manufacturer from Italy who sells certified diamonds.
Bitluxury.org, platform launching at the end of January, will offer unique fine diamond jewelry for sale for exclusive crypto payment in Sovranocoin SVR, providing full transparency, characteristics and blockchain trace ability of each product. Consumers can check an individual diamond’s certificate information and purchase jewelry , and also can attest its ownership through the Bitluxury – Sovrano blockchain platform.
Jewelry and cryptocurrency e-commerce
Jewelry sector has a unique structure that contributed to its stagnancy during the e-commerce revolution. The root of the initial resistance was mom and pop store dominance: most stores never went online, and it took a long time until the ones that did reach beyond their physical store clientele. Further resistance came from trust issues for purchasing such valuable products. This became especially defining as uniqueness makes first person experience crucial for purchase and financial value depends on trusted expert evaluation. Eventually, these issues were resolved by brand names, certificates and e-commerce services such as easy returns.
One of the most advantageous products was loose diamond which relies more on expert evaluation than first person experience. With the trust brought by universal certification systems, diamond markets are blooming relatively faster on the internet. However, there are still a few key points to improve about online diamond retail and cryptocurrency might be the perfect solution.
About Sovranocoin (SVR)
Sovranocoin SVR is an open source (peer to peer) cryptocurrency, code fork from PIVX one of the most notable implements of Zerocoin protocol.
Sovranocoin is decentralized project focused on privacy, anonymity and world wide usability. SVR is based on software technology for making anonymous cryptocurrency transactions in a decentralized blockchain setting. Anonymity is succeeded by making the connection between the sender and receiver as obscure as possible by mixing large amounts of transactions. Even though the blockchain is still open ledger, it becomes extremely difficult to make the connection between parties. This brings the privacy of cash payment to online transaction and saves the customer from numerous risks of exposing data, including financial service providers selling it.
The second benefit of SVR is zero-proof transactions which enable instant transactions via masternodes. Compared to simpler solutions like Bitcoin or Litecoin, this is a significant improvement for adoption. Sovranocoin is just out of initial development phase and getting its first use cases. According to the roadmap and whitepaper, the project is focused on jewelry retailers. This includes merchant platforms such as bitluxury.org but also includes developing a multi vendor marketplace, Sovranocoin Bticoin Teller Machine (BTM) net, as well as a decentralized exchange. The coin is already available on Crex24 and Stex exchanges. The liquidity is naturally low as expected from a fresh project and the price is strong around $0.3 moving sideways. There are currently more than 600 active masternodes to secure the blockchain and enable Zerocoin protocol. Each masternode requires 1000 coins and currently operates with almost 60% ROI.
Bitluxury wants to perfect diamond retail by enhancing e-commerce with two most significant cryptocurrency features: borderlessness and privacy. Even though numerous online payment methods already exist, all are entitled to the rules of traditional banking system which has to work with the ever-changing borders between countries, financial groups and political parties. This is proven to damage retail business, and companies have been exploring for long to circumvent the barriers. Blockchain came as a solution to this problem. Being bound only to its own decentralized mechanism, a retail store can accept payments from any region instantly, without complicated procedures. Even though cryptocurrency was around for more than a decade, it was being kept from wide retail adoption mainly because of open ledger problem. No one wants everyone to know what is being purchased when. Thankfully, with new blockchain technologies, it is possible to make decentralized transactions in privacy. When dealing with valuables like diamonds, privacy is essential for security as disclosure can turn a customer into target. By choosing a privacy-centric currency like Sovranocoin, it is clear that Bitluxury wants to make shopping as secure as possible for his customers.
Cryptocurrency sector is growing with increasing speed as it becomes apparent where decentralized transactions are beneficial the most. With the ultimate upper hand over all, privacy is going to be a defining feature for adoption. As a privacy sensitive operation, luxury retail is a key area where cryptocurrency can be a major improvement.
Bitluxury.org wants to catch this opportunity early on with Sovranocoin as a borderless, fast and private payment option. The site is currently in the latest stage of development and as we said above expected to be opened at the end of January.
By Cream Team
This is a paid press release