Name of the project – Gigzi – is an abbreviation of three words that can in a way describe the main idea behind the project. Gi comes from Giga, which means one billion. The second Gi comes from Gigabyte, which is a measure of data, while ZI goes for zero information. They want to create a financial platform that can offer stability, security and wealth protection on the Blockchain.
The developers behind the project have noticed that even though the total market capitalization of cryptocurrencies has increased tremendously in last years, exceeding even $800 billion at the beginning of 2018. This technology struggles in terms of global and mainstream adaptation. As the main problems they name the high market volatility and account vulnerability, that’s why these are the first targets od Gigzi.
Their idea to solve the high volatility and uncertaintity when it comes to the cryptocurrency prices is by connecting the worth of their assets to precious metals, which have relatively stable and predictable price on the market.
The ecosystem consists of multiple crypto-assets. It is divided to Gigzi Black (GZB) and Gigzi Metals, which consist of Platinum, Gold and Silver.
The metal coins are fully pegged to the international prices of these metals, with one gram being equal to one token. Moreover, as an advantage acts the fact that the investor can truly exchange the coin for a physical piece of such metal. Gigzi will then create a custom cast bars and deliver it securely to the investor. Even though, the company needs to buy, manage and store all of these metals, there are no additional fees for it towards the users.
The other type of assets on the Gigzi ecosystem is called Gigzi Black and has a finite supply created during the launch. While the assets connected with metal prices will remain rather stable, GZB value can be determined by the cryptocurrency market. It is a fully decentralized coin that can be used for p2p transactions on the blockchain.
As an advantage acts the fact that this coin can be instantly exchanged for the metal-pegged assets, which opens up trading opportunities for investors that want to benefit from crypto market volatility and price changes. They can also manage risk and avoid sudden decrease of wealth by being always able to wait through the bearish market by storing their wealth quickly in stable coins.
Security of the Platform
Apart from market volatility, Gigzi wants also to increase the security among blockchain projects and cryptocurrencies. They’ve noticed that even though the keys to the wallets are in most of the cases highly encrypted, they are very complicated and the users often copy and paste them, which opens up opportunities for hackers to steal them.
They cooperate with IriTech, whose algorithm was the highest ranked security technology according to the US government?s NIST IREX test. Moreover, IriTech iris recognition is currently used by US Immigration services, the US Navy, United Nations High Commissioner for Refugees (UNHCR) and the World Food Program (WFP). They have also received STQC certification from the Indian Government?s Ministry of Electronics and Information Technology, further evidencing its global reach.
Biometric security is offered as an option on the wallet application. A hardware iris scanning device, Gigzi Iris is created and issued to enable this functionality.
It’s also worth noting that Gigzi Smart Contract is open source and was audited by the Ethereum community. It is transparently available on the Gigzi GitHub repository.
The initial exchange rate for GZB token is set at 1 GZB = 0.0025ETH. The public token sale will start at the end of November, 2018.
Considering the early stage of the project, a team of a good size with members in various fields, with the emphasis on engineers and blockchain developers is undoubtedly a great advantage. On the other hand, there doesn’t seem to be any detailed information about their previous experience and skills or links to social media profiles to verify. There is also a small board of advisors experienced in the technological field.
The idea of pegging the cryptocurrency to a stable asset is not new, however currently only projects with assets connected to FIAT currencies succeeded. There have been multiple attempts at achieving stable coins with other assets, however none of them has make it big yet, therefore the market is still open for such project. The overall preparation, design of the site and content of the documentation gives an impression that Gigzi seems to be well prepared to try to take on it.
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