Diamonds are one of the most expensive gemstones in the world. Formed from the same coal we use to warm our homes, millions of years of heat and pressure underground moulds them into the crystal we see today. Diamonds have multiple uses, traditionally symbolizing one’s commitment to another in marriage, and in modern times as an ultra-hard cutting edge of a scalpel.
Sierra Leone is famous for its diamond industry. The West African country is among the top ten diamond producers in the world, exporting USD 150,000,000 worth of diamonds in 2018. Although the diamond mining is extremely profitable but due to legacy systems in place, the industry loses an unimaginable amount in revenue. Smuggling, illegal trade, non-transparent sales and other issues are rife in the industry.
Owned by the Millennium Mining Corporation, iCoin is a diamond extraction firm that leverages the power of blockchain and artificial intelligence to create an ecosystem that is secure, transparent and efficient. This brings a lot of benefits to the industry. Some key features of iCoin are:
Trustless Network: Blockchain ensures that opportunities for malicious actions are countered automatically.
Traceable Diamonds: Each diamond extracted is tagged on the blockchain, creating an immutable chain of records from find to sale.
Smart Contracts: Instant and automatic transactions occur in iCoin with the help of smart contracts.
Investor Confidence: With each and every transactions on blockchain and recorded, investors and backers can view it all, making mining totally transparent.
iCoin’s Millennium Mining Corporation has conducted third-party tests in the Baimbawai Pool of the Sewa River. The pool is a swell of river water, with relatively slow currents. The river is famous for its diamond deposits. According to the geological surveys conducted, the pool has 1,000,000 to 1,500,000 metric cube of diamond bearing stones, with an average range of a diamond from 0.2 to 0.5 carat per cubic meter.
More importantly, surveys show that the pool has a potential of 200,000 to 750,000 carats worth of diamonds in it. Previous extractions in the area have resulted in diamond finds as high as 4 carats per cubic meter. The largest piece found was a 8.25 carat diamond in 2005.
The high level of diamonds in a relatively easy to access river bed, promising easier profits than other mining techniques.
iCoin uses its internal ERC20 compliant token, the ICOIN, as a medium of exchange within its ecosystem. The token is currently available to backers and investors through its Initial Exchange Offering (IEO), now live. Interested parties can sign up on LATOKEN exchange to take part. Current users of the exchange will not need to go through a separate Know Your Customer (KYC) or Anti Money Laundering (AML) checks.
The IEO has set aside 10,000,000 out of 600,000,000 ICOINs for sale, at a rate of 1 ICOIN = 1 USD. Investors can obtain ICOIN through BTC, ETH and USD. Proceeds from the offering will be used to fund the mining operations, with profits injected back into the system, leading to an expected increase in value of the tokens.
For more information on the blockchain diamond mining, visit their website: https://icoin.ws/
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