gigzi

Introducing Gigzi

The financial services industry is changing rapidly thanks to evolving technology. Just a few years ago, users needed to visit banks in order to initiate a wire transfer. They needed to fill forms, pay a hefty fee, and then wait for a few days for the funds to show up in the receiver’s account.

A similar scenario has unfolded in the wealth management industry. Earlier, users were reliant on financial advisers for their investment decisions. They ended up paying big brokerage fees and didn’t have much control over where there wealth was going. But the advent of the internet has changed all of that.Information is now widely available, allowing users to make their own investment choices. They can execute trades on their own and decide which asset classes they want to invest in.

Gigzi was founded in 2016 with the intent of taking this freedom to the next level — empowering users to manage their wealth independently. An financial system using distributed ledger technology.

In just over two years, the Gigzi team has brought this financial system into the advanced stages of development. Users will soon gain access to a series of features that will address existing challenges found in cryptocurrencies; price volatility, account vulnerability and diminishment of wealth, enabling Gigzi users to confidently control their finances on the blockchain.

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.

The financial services industry is changing rapidly thanks to evolving technology. Just a few years ago, users needed to visit banks in order to initiate a wire transfer. They needed to fill forms, pay a hefty fee, and then wait for a few days for the funds to show up in the receiver’s account.

A similar scenario has unfolded in the wealth management industry. Earlier, users were reliant on financial advisers for their investment decisions. They ended up paying big brokerage fees and didn’t have much control over where there wealth was going. But the advent of the internet has changed all of that.Information is now widely available, allowing users to make their own investment choices. They can execute trades on their own and decide which asset classes they want to invest in.

Gigzi is a revolutionary financial system that addresses these challenges. By harnessing the relative constancy of precious metals and utilising world leading iris recognition technology, Gigzi provides investors with stability, security and wealth protection. The Gigzi ecosystem is formed of decentralised crypto-assets — Gigzi Black and Gigzi Metal, comprising Gigzi Platinum , Gold and Silver — that are supported by three core applications; a Wallet secured by iris recognition technology, an Exchange and a Treasury. Gigzi Black is backed by market confidence. It is distinctive in its Gold Rewards programme, whereby, users holding Gigzi Black at the end of a reward cycle are paid Gigzi Gold crypto-assets. This ensures users are invested in the Gigzi ecosystem and share in its success. Gigzi Metal is stable and secure; this is achieved by anchoring the price to precious metal. 1 Gigzi Metal is equal to 1 gram of its respective precious metal. The tokenisation of precious metals by Gigzi provides users with a stable asset in which to invest their wealth on the blockchain, as well as enabling users to hedge and limit exposure to the volatile cryptocurrency market. The world-renowned Perth Mint has been chosen to provide the precious metal that backs Gigzi Metal crypto-assets. The Gigzi Wallet application supports major cryptocurrencies and enables users to easily manage funds stored on the blockchain. In conjunction with iris recognition technology, developed with IriTech — the world’s leading iris biometric security provider, the Wallet provides unrivalled account security. Gigzi Exchange facilitates transactions and exchanges between Gigzi crypto-assets and any supported cryptocurrency or fiat money. This inter-operability is a significant feature of the Gigzi ecosystem. Gigzi Metal crypto-assets may be redeemed for gold or silver cast bars at the Gigzi Treasury.

Smart Contract

The Gigzi Smart Contract is open source; it was audited by the Ethereum community and is available on the Gigzi GitHub repository. Gigzi crypto-assets on the Ethereum platform are regulated by a custom logic Solidity Smart Contract. It is implemented using Open Zeppelin security framework. A finite supply of one billion Gigzi Black crypto-assets will be pre-mined; 8% will be sold through an automated Smart Contract crowdsale. The crowdsale will continue until all GZB crypto-assets are sold. The bonus structure that will be applied for the purchase of GZB during the crowdsale is as follows:

15% on investments up to, and including, 530 ETH

• 30% on investments above 530 ETH

• 45% on investments of 1600 ETH or above

Biometric security is offered as an option on the wallet application. A hardware iris scanning device, Gigzi Iris, is issued to enable this functionality. Once received, users will enrol by following the on-screen instructions in the wallet application. Their live iris image is converted into a code-based template using a unique algorithm developed by IriTech. The code-based template is then used to generate an encryption key which secures the newly generated Blockchain Private Keys. The users’ code-based template is then divided into multiple parts and stored on distributed Gigzi servers. The Gigzi Iris device and Gigzi servers communicate using an encrypted channel. User authentication with the Gigzi Iris device starts with an iris scan in which a new iris template is generated, it is then divided into multiple parts and sent to the Gigzi server where a 1 to N matching process is initiated. Once matching is successful the encrypted Blockchain Private Keys are pulled from the Gigzi server database, and a decryption key is generated using the iris template. The Blockchain Private Keys are decrypted and used for authenticating a transaction or accessing an account. The end to end solution is protected by multiple high security servers, a proven and secure IriTech algorithm that has generated the iris templates, and One-Time Pad encryption.

BUSINESS CASE

The adoption and investment in blockchain technologies has seen huge growth over the past five years, with projections of $1.3 billion of investment in 2018, growing from just $93 million in 2013. Bitcoin alone is expected to reach 200 million users by 2024, with Coinbase, the leading Bitcoin brokerage, posting record 1.2 million new users in November 2017 alone. 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. The Gigzi wallet is differentiated from all other wallets available on the market by its use of iris recognition technology. This technology enables users to unlock accounts with their irides as the key; keeping the private key safe and providing an improved user experience for accessing accounts. Partnership with IriTech, the world’s leading iris security technology provider, establishes a market changing security offering for decentralised applications. The wallet market is growing fast and sales in the two leading wallet brands has grown from 43,000 in 2015 to 1.6 million in 2017, with another significant increase in demand forecast for 2018. The Treasury will enable users to trade and redeem Gigzi Metal. The instant hedging mechanism, between Gigzi Black and Gigzi Metal, will attract users that want to trade in cryptocurrency but recognise the value of being able to quickly move their investments into a more stable market — that of precious metals. Gigzi Metal will also appeal to users that do not wish to trade, but rather want to hold their wealth in precious metals; gold remains the preferred method of wealth storage for many private investors. In the UK, gold has been the best performing asset for UK investors in the 21st Century, gaining 416% versus bonds (+201%), housing (+179%) and FTSE all-share (+132%). A similar trend, in the strength of gold as an investment, is seen in the United States, whereby gold (+327%) over the past forty years has only been out-performed by real estate (+596%) (BuillionVault). Consequently, there has been a steady rise in private investors seeking to hold their wealth in gold. Gigzi Metal offers such individuals the ability to invest in precious metals, including gold, in a convenient, transparent and secure system. 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.

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Website:https://www.gigzi.com/

Whitepaper:https://gigzi.com/whitepaper

LinkedIn:https://www.linkedin.com/company/gigzi/

Telegram:https://t.me/gigzi

Medium:https://medium.com/@gigzi

Github:https://github.com/Gigzi

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