August, 2019, Sierra Leone: iCoin Worldwide is owned by Millennium Mining Company, and opts to leverage the ability of blockchain and synthetic intelligence to ship effectivity, pace, and transparency to the dear gem business. It has introduced the launch of its preliminary change providing (IEO) in collaboration with LATOKEN to offer a possibility to early backers to assist the event and development of the platform.
Diamonds are some of the wanted treasured gems and have nice worth in each the economic and social sectors. Their use within the manufacturing of aesthetic jewelries in addition to their well-known bodily property as one of many hardest naturally occurring materials makes them really invaluable. Nevertheless, the dearth of a correct monitoring infrastructure has led to the dearth of clear and efficient mining and distribution operations of diamonds, and onerous authorities insurance policies have solely made the unlawful distribution extra prevalent.
iCoin will tokenize the diamond mining business, and introduce a well-organized real-time monitoring and auditing system into the dear stone business utilizing rising applied sciences such because the blockchain and synthetic intelligence. This can allow the platform to create a holistic enterprise setting for diamonds to thrive and create an entire new financial system out of diamonds.
The platform goals to attain the next with the incorporation of blockchain expertise into the diamond mining enterprise:
To construct a trustless community and not using a likelihood of corruption or duplication of information.
Present a system with automated and instantaneous transactions by way of the usage of a wise contract.
Allow transparency for all monetary transactions by way of an open and distributed ledger.
Every diamond extraction shall be time-stamped on the blockchain, giving full traceability on the ledger all through the availability chain.
Distinctive Promoting Level
Millennium Mining Company is positioned in Freetown, Sierra Leone – a rustic well-known for its diamond operations and has a big diamond business with about 2,500 small-scale operations. In 2018, the nation exported over USD 150 million value of the diamonds.
Millennium Mining Company has performed a number of checks within the location of Baimbawai Pool within the Sewa River. The pool is a deep part of the river with slow-moving water. Primarily based on the geological surveys and the potential, it’s estimated that the pool has around1 to 1.5 million cubic meters of diamond-bearing gravel with grades starting from zero.2 to zero.5 carat per cubic meter. This interprets into roughly 200,000 to 750,000 carats of diamonds within the pool. Earlier mining within the space has proven outcomes as excessive as four carats per cubic meter. The biggest diamond that Millennium Mining Company has discovered is a transparent eight.25-carat piece in 2005.
Earnings created from the mined diamonds shall be injected again into the iCoin market and thereby facilitate the expansion of the platform with a projected iCoin valuation of about 5000% return on worth development over the course of 5 years from the launch of the platform.
In the long run, Millennium Mining Company plans to launch into different pure useful resource markets, thereby increasing its base of operation based on set timeline.
iCoin: Tokenizing Mining
The blockchain mining operations for the diamonds shall be monetized by way of ICOIN, the ERC20 native token of the iCoin platform. The ICOIN is at the moment being provided to early backers by way of an IEO occasion on the LATOKEN change, giving a possibility to participate within the floor launch of the iCoin platform in addition to its growth. Merchants and traders who’re already customers of the LATOKEN don’t have to undergo anti-money laundering (AML) and Know Your Buyer (KYC) verifications.
There are solely 600,000,000 ICOIN tokens ever to be minted, with 10,000,000 tokens provided in the course of the IEO occasion at a problem worth of USD 1 per token, and a minimal funding of USD 100. Backers can acquire the tokens utilizing BTC, ETH or USD by way of LAToken.com change. The ICOIN tokens shall be launched to traders as quickly because the occasion is over, giving them an opportunity to commerce the tokens, use as a medium of change or maintain to achieve earnings. The cash raised from the IEO shall be used to finance the mining operations, together with the mining proceeds being funneled again into the iCoin Worldwide market.
iCoin is a utility token will serve each as a forex to buy diamond merchandises on its web site, the token may even be accessible for commerce with different ERC20 tokens within the secondary market, and lastly, a 12 months after the IEO, Millennium Mining Corp will supply up a buy-back program for iCoin Worldwide token on the market worth charge.
Media ContactContact Identify: Elieen AdamsEmail: [email protected]
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Disclosure: It is a sponsored press launch