What is Gigzi Project?

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What is Gigzi Project?

Gigzi is a financial system that addresses three principal challenges of cryptocurrency: hyper-volatility, account vulnerability and wealth diminishment. By harnessing the relative constancy of precious metals, Gigzi protects users against the unpredictability of market fluctuations. Introducing a reliable standard of measure, enabling commerce in tokenised precious metals. Gigzi utilises impenetrable iris recognition technology for account access control, through an exclusive partnership with the world leading biometric security company. Gigzi will enable users to protect private keys and instead gain access with the unique configuration of their iris. By backing crypto-assets with pure, unfabricated precious metals that are redeemable on demand. Metal is sourced exclusively from a world-renowned mint with all investments guaranteed under law. Gigzi prevents wealth diminishment.

Gigzi is a financial system that addresses three principal challenges of cryptocurrency: hyper-volatility, account vulnerability and wealth diminishment.

Stability
By harnessing the relative constancy of precious metals, Gigzi protects users against the unpredictability of market fluctuations. Introducing a reliable standard of measure, enabling commerce in tokenised precious metals.
Security
Gigzi utilises impenetrable iris recognition technology for account access control, through an exclusive partnership with the world leading biometric security company. Gigzi will enable users to protect private keys and instead gain access with the unique configuration of their iris.
Wealth protection
By backing crypto-assets with pure, unfabricated precious metals that are redeemable on demand. Metal is sourced exclusively from a world-renowned mint with all investments guaranteed under law. Gigzi prevents wealth diminishment.

Gigzi is comprised of four crypto-assets that are both unique and complementary, they operate on a decentralised peer-to-peer network and are supported by three core applications: a Wallet, an Exchange and a Treasury. Together, they empower users to independently manage wealth.

The Gigzi seeks to resolve:

1 Hyper-volatility of cryptocurrency

Price fluctuation of cryptocurrencies undermine their ability to function as a stand-alone currency. Such volatility, both micro- and macro-fluctuations, make it difficult to price goods and services, and therefore limit the use of cryptocurrency for trade. Because of this, current practice uses an onthe spot exchange rate to price goods in fiat money whilst using cryptocurrency as the payment method.

2 Account vulnerability

User accounts on the blockchain are secured by a private key that is paired with a public key. The private key, which is a randomly generated set of numbers and characters, decrypts and grants access to the account. The length and frequent use of the private key, often by ‘copy and paste’ actions, makes it extremely vulnerable to interception by Trojans, Spyware and Malware.

3 The uncertainty and instability of wealth invested in cryptocurrency

Cryptocurrency has generated great returns for some investors, and the dramatic gains have produced tales of so-called ‘Bitcoin Millionaires’; individuals who invested in digital currency early and who therefore multiplied their initial investment many times over. However, flash crashes have occurred which have significantly diminished the wealth held in cryptocurrency, at times, within a matter of minutes. Consequently, the cryptocurrency itself may also become devalued to the degree where not a single further transaction is made, therefore, deeming it obsolete.

The Gigzi Ecosystem:

Ethereum is the platform underlying the Gigzi ecosystem; it enables Gigzi to develop and deploy decentralised applications. The Smart Contract regulating the Gigzi ecosystem cannot be modified once deployed; it runs exactly as programmed. Users can freely participate in the Gigzi ecosystem by accepting the proposed functions and terms of the Gigzi Smart Contract.

The Gigzi ecosystem consists of three core applications that support the Gigzi crypto-assets – a Wallet, an Exchange and a Treasury.

Gigzi is an innovative financial system that utilises distributed ledger technology to create a decentralised global currency regulated by Smart Contract. Gigzi envisages an ecosystem where users can trade cryptocurrency with security and convenience, whilst protecting their wealth in the relative constancy of precious metals. The Gigzi vision is that users will become fully integrated into the financial ecosystem by using all three applications to hold wealth, manage investments, and buy goods and services.

Users are introduced into the Gigzi ecosystem through the three core applications; the Wallet, Exchange and Treasury. The Gigzi Wallet offers a unique product to cryptocurrency traders and unparalleled security through Gigzi’s collaboration with IriTech to produce Gigzi Iris.

Launch of the Gigzi Exchange will facilitate the exchange of Gigzi crypto-assets to or from selected cryptocurrencies or fiat money within the Gigzi ecosystem. This will provide freedom and flexibility to access fiat money of any local market, as well as other cryptocurrencies.

The Gigzi Solutions:

Gigzi has been developed to address the three challenges of cryptocurrency discussed above, through a comprehensive financial system that provides stability, security and wealth protection.

1 Stability: A cryptocurrency that is pegged to the price of precious metals enabling items to be priced and traded using a stable measure

The price of precious metals is globally consistent, reliable and relatively stable. Thus, it follows, that by anchoring the price of a cryptocurrency to precious metals, a much-needed stability is introduced. This paves the way for its use in the trade of goods and services.

2 Security: Development of a wallet with IriTech that uses the iris as the key

The Gigzi Wallet application is secured by iris recognition technology.

IriTech has developed the most advanced iris recognition technology on the market. Its algorithm was the highest ranked security technology according to the US government’s NIST IREX test, and 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). IriTech has received STQC certification from the Indian Government’s Ministry of Electronics and Information Technology, further evidencing its global reach.

Gigzi has formed a strong partnership with IriTech to develop cutting edge biometric security that is customised for blockchain applications. Iris recognition offers impenetrable security and, as such, is set to become the standard security protocol for decentralized applications.

3 Wealth Protection: The tokenisation of precious metals

The tokenisation of precious metals provides users with a stable asset in which to invest their wealth on the blockchain. The benefits of which are manifold, but principally, precious metals maintain considerable value even when fiat currencies are weak. Investing funds in precious metals is therefore, an effective method of wealth protection. Additional benefits include accessibility, simplicity and flexibility, enabling users to conveniently manage their wealth.