Momentro and The R-Factory in partnership to create the 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 decentralized, 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 tokenized 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 tokenized 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 tokenized economies are positioned to take the lead.
Explaining further, Saliya Withana the founder and CEO of Momento said, ‘’We are committed to creating practical solutions for industries using some of the latest web3 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 tokenized 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 Harsha Mahes, CTO, R-Factory.
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, development organization that currently works together with Momentro on the latest blockchain technologies. Discover Dúté Island today.
Sri Lanka’s economic confidence index plummets
‘No one has rated Sri Lanka’s economic condition as excellent. 1.8 % rated it as good and 1.3 % rated it as getting better. The resulting score was a (-) 96. This rating was (-) 83 in January 2022, a wide ranging Verite Research public opinion survey reveals.
Key findings of the survey:
Government approval rating drops from 10% to 3%
The second round of the Gallup Style “Mood of the Nation” poll was conducted in June by Verité Research. It assessed the approval, satisfaction, and confidence of the nation in relation to the government, the country, and the economy.
The poll was conducted as a part of the syndicated survey instrument by Verité Research. This instrument also provides other organisations the opportunity to survey the sentiments of Sri Lanka.
1. Government approval rating | 3% | To the question, “Do you approve or disapprove of the way the current government is working?” only 3% said they approve. In January 2022 this rating was at 10%.
2. Sri Lanka satisfaction | 2% | To the question, “In general, are you satisfied or dissatisfied with the way things are going in Sri Lanka?” only 2% said they were satisfied. This rating was at 6% in January 2022.
3. Economic confidence | negative (-) 96 | Multiple choice questions on the condition and trajectory of the economy are used to generate an economic confidence score. The score can range from negative (-) 100 to positive (+) 100. A score above zero means more people see the economic conditions positively rather than negatively. If everyone thinks the economy is in either excellent or good condition, and everyone also thinks it is getting better, the score will be (+) 10. If everyone thinks that the economy is in a poor condition, and everyone also thinks it is getting worse, the score will be a (-) 100. No one rated the economic condition as excellent. 1.8% rated it as good; and 1.3% rated it as getting better. The resulting score was a (-) 96. This rating was (-) 83 in January 2022.
Implementation of “Mood of
The poll is based on an island wide nationally representative sample of responses from 1,052 Sri Lankan adults, conducted in June 2022. The sample and methodology was designed to ensure a maximum error margin of under 3% at a 95% confidence interval. The polling partner was Vanguard Survey (Pvt) Ltd.
Decline in share market in the wake of rate hike reports
By Hiran H.Senewiratne
CSE trading activities began on a positive note yesterday but during the latter part of the day the market experienced a dip on account of the overall supply chain economy being subjected to a contraction, stemming from the fuel crisis. Consequently, CSE activities were relatively low keyed, market analysts said.
“We are reverting to the negative. There is uncertainty on all fronts, from the political to the economic. Therefore, we are expecting a rate hike on Thursday. This is creating a bit of a cloud and we may see this continuing further, a top market analyst said.
Even if top level decision- making is happening in Sri Lanka the impact is not felt at the grassroots level. This has resulted in unrest in the country, the analyst said.
Amid those developments, both indices moved downwards. The All- Share Price Index went down by 97.9 points and S and P SL20 declined by 34.3 points. Turnover stood at Rs 1.3 billion with one crossing. The crossing was reported in JKH, which crossed 600,000 shares to the tune of Rs 73.2 million, its shares traded at Rs 122.
In the retail market, the top seven companies that mainly contributed to the turnover were; Lanka IOC Rs 611 million (7.3 million shares traded), Expolanka Holdings Rs 173.9 million (one million shares traded). LOLC Holdings Rs 47.4 million (120,000 sha4es traded), Hayleys PLC Rs 46.5 million (697.000 shares traded), Browns Investments Rs 46.3 million (6.4 million shares traded), JKH Rs 21 million (173,000 shares traded) and Softlogic Holdings Rs 20.5 million (794,000 shares traded). During the day 109 million share volumes changed hands in 15000 transactions.
The International Monetary Fund said last Thursday its talks with crisis-hit Sri Lanka had been “constructive”, thereby raising hopes it would soon grant preliminary approval for a desperately needed financial support package, observers said.
Meanwhile, the Colombo Consumer Price index rose 54.6 per cent year-on-year in June against a 39.1 per cent rise in May, according to the Statistics Department.
Yesterday the US dollar rate was Rs 360.73, which is now being controlled due to the prudent fiscal and monetary policies of the Central Bank.
Dialog Club vision members receive access to an exclusive screening of ‘Jurassic World Dominion’
In a bold and breath-taking new global adventure, the epic conclusion to the Jurassic film franchise ‘Jurassic World Dominion’ hit theatres across the world on June 10. Just a day after its global premiere, Dialog Club Vision Red members and their loved ones received special access to an exclusive screening of the film at the Kandy City Centre Multiplex on June 11.
The explosive end to the Jurassic era sees two generations of the film’s franchise unite for the first time with Hollywood’s Chris Pratt and Bryce Dallas Howard joined by Oscar winner Laura Dern, Jeff Goldblum and Sam Neill. Dialog Club Vision members were some of the first to witness the utopian world where Dinosaurs and humans co-exist.
With the best interests of its members and their loved ones at heart, Dialog Club Vision continues to deliver a world of exclusivity and privileges such as personalized care, exclusive discounts and offers, lifestyle and entertainment events and more. To explore more exciting offers available for Dialog Club Vision members, and to learn more about Sri Lanka’s premier loyalty programme, customers can visit the MyDialog App or visit dialog.lk/club-vision
BASL urges President to de-escalate tensions in different parts of country
Solidarity and Aragalaya: A few thoughts from an educationist’s perspective
Kandy, Galle, Puttalam Schools win combined schools hockey titles
‘Dates have the highest sugar content to fight Coronavirus’
U.S. Congress to probe assets fleecing by US citizens of Sri Lankan origin
Sunday Island 27 December – Headlines
Features3 days ago
When will the Gang of Four be held accountable for their irresponsible decisions?
Business2 days ago
Young apparel entrepreneur offers ‘winning deal’ to Sri Lankan nationals living abroad
News4 days ago
Fuel crisis: Key CPC facility opened for VIPs, friends as public transport shrinks
News5 days ago
HRCSL: No prisoners were used in 09 May attacks on protesters
News4 days ago
Resignation of Prez, PM prerequisite for resolution of current crisis – Direction Sri Lanka
News7 days ago
Sajith says ‘super’ PM has failed, SJB ready to take over govt.
News2 days ago
Dr. Godahewa warns govt. over its IMF strategy
Features3 days ago
The Estate Appus – a dead or dying species?