Dúté Island decentralising the gem and mining industry

Thursday, 5 May 2022 04:09 -     - {{hitsCtrl.values.hits}}

  • Momentro and R-Factory in partnership to create first asset-backed NFT platform for the gem and mining industry

While the global gem and jewellery industry is currently valued at 85.2 billion dollars, around 90% of the industry in mining countries remains dominated by traditional, family-run businesses. 

The resultant market has taken on an undemocratic nature, where authentication and certification are the major barriers to entry. If the industry is to be impactfully modernised, a shift of trust and authority seems incumbent. 

This is where Dúté Island, a partnered project by Momentro and the R Factory, enters the picture with a vision to transform this market through a state-of-the-art combination of blockchain technology, non-fungible-tokens, and a decentralised democratic standpoint.

Dúté Island is a partnered project by the world’s first Gem and Mining Registry that converges the digital and physical worlds with a tokenised NFT marketplace. 

Using blockchain technology to provide both provenance and security, Dúté Island employs web system algorithms to provide digital certification for precious stones. This would immediately change the distrustful climate of the industry and open doors to the new possibilities of today’s tokenised online economy. 

In the early days of the internet, Web 1.0 saw an information economy, where users simply read information online. This was followed by a platform economy with more interaction in Web 2.0 and now, the users of Web 3.0 are keen to read, write and execute transactions online. In the years to come, markets that embrace the rapidly growing revolution of tokenised economies are positioned to take the lead.

Momento Founder and CEO Saliya Withana said: ‘’We are committed to creating practical solutions for industries using some of the latest Web 3 technologies. Dúté Island is one of many solutions in our pipeline that will help a high-value legacy sector to embrace the positives of a tokenised economy.’’

By combining traditional stock market principles with a blockchain-based asset registry that guarantees authenticity and proof of origin, Dúté Island is at the forefront of early adaptors to join this revolution as the world’s first asset-backed NFT marketplace for the gem and mining industry. 

It will provide a simple, user-friendly frontend web interface that will not require above-average knowledge of IT or cryptocurrency for it to be accessible. 

“When we developed the structure of this platform, our ethos was to build a very simple structure for both sellers and buyers in order to make it seamless and simple even for the technologically not so savvy. We used special front layer functionalities with blockchain-based database technologies which help users to use the platform without even having a crypto wallet,’’ explained R-Factory CTO Harsha Mahes.

Dúté Island will be a platform that the Gem and Mining Industry can depend on in the future and a place where the trust and authenticity behind all transactions are irrefutably genuine. Momentro provides global growth solutions and strategies for various sectors by way of a total ecosystem approach from ideation to execution and has worked with global brands such as Petronas, Honeywell, and MSD Pharma. The R- Factory is an award-winning software design and development organisation that currently works together with Momentro on the latest blockchain technologies.