Blockchain Platform iCoin Tokenizes Diamond Mining in Sierra Leone

Ever wonder why diamond and its class of rare gems command such prices and have a timeless association with quality, class, and refined social taste? The answer lies in their incredible rarity and alluring properties, demonstrated in the centuries of use in aesthetic adornment, and the more recent industrial applications as one of the hardest substances known to man.

However, today’s discerning consumer is more aware about the often dubious nature of how their diamonds are obtained, and how much impact their mining operation has on the ecosystem as informal alluvial diamond mining is on the rise.

Diamond Mining and Blockchain

One company, Sierra Leone-based Millennium Mining Corp., turns to blockchain for aid and is determined to eradicate all these undesirable activities associated with diamond mining. Simply put, they are introducing all the qualities of blockchain such as transparency, traceability, and tokenization to the diamond mining business. This way, through Millennium Mining Corp., diamond mining operations can be certified to have met all required regulatory standards, bringing about a positive impact on both the socio-economic and the physical environment of te sector.

Millennium Mining Corp is targeting the mining market in Sierra Leone – a country whose diamond operation covers about 2,500 small-scale operations. Last year, the country’s diamond exports were valued at USD 150 million. On its own, Millennium Mining Corp has had experience uncovering an 8.25-carat piece of diamond in 2005 and has further launched numerous tests in Baimbawai Pool to discover the potential of 1 to 1.5 million cubic meters of diamond-bearing gravel with grades ranging from 0.2 to 0.5 carat per cubic meter. This translates into approximately 200,000 to 750,000 carats of diamonds in the pool.

Millennium Mining’s approach is the creation of a blockchain platform iCoin International which will help establish a transparent business model for diamond mining operations. The iCoin platform will help create a monitoring infrastructure for the effective mining and distribution of diamonds in tandem with government policies.

The extensive application of blockchain technology in diverse industries is quite intriguing and proves in no small way how disruptive it is. And now, by introducing blockchain into diamond mining, iCoin will create a trustless network where the integrity of data is a top priority. By leveraging blockchain’s immutability, this automated system will help stakeholders rely on any of its data points.

The platform will also ensure that each diamond on the open market obtained from the areas where Millennium Mining exerts its influence (as it plans to expand its operations into other natural resource markets in the future) will be traceable. All mining data as well as batch information will be stored on the blockchain, making it accessible in a decentralized manner.

Moreover, with the automation process of smart contracts, transactions within the system will occur in a smooth fashion with almost no human intervention.

The ICOIN Token

iCoin International is Millennium Mining Corporation’s way of tokenizing the diamond mining business. It will be issuing its own native token the ICOIN, which represents a utility token on the platform. The token will be used to purchase diamond-related merchandise on the platform as well as used in the secondary market to exchange with other digital assets such as ETH.

Only 600 million ICOIN tokens will be minted from which 10 million tokens will be offered for sale through an initial exchange offering (IEO) on the LAToken exchange. This would grant early bird supporters a ground-level entry opportunity into the development of the platform.

The purpose of the token sale will be to raise funds for the development of the platform. Meanwhile, profits made from diamond sales will be injected back into the iCoin market and further improve the business outlook of the platform as the company estimates a valuation of 5,000% return on value growth in 5 years.

To learn more about the iCoin platform and the IEO process, visit the website: 

Disclosure: This is a sponsored article