By
Godfrey Benjamin
April 19th, 2024
iCoin is a mining company in Sierra Leone that is leveraging blockchain and artificial intelligence to bring speed and efficiency in the diamond extraction industry.
Diamonds are the hardest naturally occurring material on earth and for thousands of years, have been valued as gems, while finding many practical applications in different industries, especially as cutting tools.
Current State of the Industry
Africa is a large hub for the diamond industry, as the continent is home to some of the largest deposits in the world. However, multiple issues exist in the current industry that have a detrimental effect on operations:
- Manual Records: With diamond mining being overlooked by a manual management system, there is always a chance of theft or under reporting of extractions.
- Illegal Sales: Unaccounted diamonds are sold on the black market, generating revenue for illegal activities.
- Revenue Loss: Smuggling and other unrecorded sales mean loss of revenue to both the industry and the government.
- Shaky Investor Confidence: In an environment where the investor is not given a clear picture on the return on investment, he or she can be prompted to pull the plug.
iCoin: Blockchaining Diamonds
Owned by the Millennium Mining Corporation, iCoin is a blockchain and AI powered platform that intends to bring about a change in how traditional diamond mining is done. It offers unique benefits such as:
- Real-Time Records: Each extracted diamond is entered on the decentralized ledger, ensuring its existence is made a permanent part of the record.
- Traceability: From mining to polishing, from storing to sales, each step is noted on blockchain, enabling complete traceability and history of each diamond.
- Smart Contract: Sales and profits are instantly recorded and released, without delays or the need of middlemen.
- Satisfied Investor: Transparency means investors are shown a clear picture of their money being well spent, with the proper profit being realized.
Feasibility of Operations
iCoin’s parent company, the Millennium Mining Corporation, has had several third party audits of its mining area, the Baimbawai Pool of the Sewa River. Tests have shown that the pool has a diamond density of 0.2 to 0.5 carat per cubic meter of pool bed. With 1,000,000 to 1,500,000 metric cube of potential diamond containing stones, the pool can yield anywhere from 200,000 to 750,000 carats of the gemstone.
Past extractions have yielded promising results, with even 4 carats per cubic meter being found. A 2005 extraction by Millennium Mining even resulted in a single 8.25 carat diamond piece.
iCoin IEO
iCoin has partnered with LATOKEN crypto exchange to offer its native, ERC20-compatible ICOIN tokens through an Initial Exchange Offering (IEO). Investors can sign up on the exchange and complete KYC and AML checks to begin acquiring the tokens.
During the event, tokens will be made available at the rate of 1 ICOIN = 1 USD. A minimum of 100 USD must be invested to take part. LATOKEN users will not need a seperate security check to take part in the IEO.
10,000,000 ICOIN have been made available in the event, out of a fixed 600,000,000 total supply. Proceeds from the IEO will be used to further develop the mining operation. Profits generated will be spent back into the operations, giving an expected increase of value to the ICOIN tokens.