Paraguay’s vice president has declared support for the “Golden Goose” project, which will see South Korea’s Blockchain Technology Foundation build five mining centers on state land. The foundation also plans to conduct what it describes as an “initial exchange offering” to facilitate investor participation in the project.
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South Korean Group to Build Mining Centers
The Blockchain Technology Foundation, also known as the Commons Foundation, has into an agreement with Paraguay to construct what it claims will be a large mining hub. It said the government has provided five 10,000-square-meter plots of land to host five planned mining centers. The land is in close proximity to the massive Itaipu hydroelectric power plant.
A 15-year contract ensuring stable electricity pricing from the power plant has been included, as has the installation of requisite high-speed internet infrastructure and tax concessions. Choi Yong-Kwan, chairman of the Commons Foundation, claimed that only 10 to 20 percent of the electricity produced by the Itaipu dam is actually consumed in Paraguay. “We will build the world’s largest mining center in Paraguay using low-cost and abundant clean energy,” Choi claimed.
Commons Foundation Plans ‘Initial Exchange Offering’
The Commons Foundation also claims that it will develop “the world’s largest cryptocurrency exchange” as part of the Golden Goose project.
A recent press release announced that the project will facilitate investor participation through what the the foundation calls an “initial exchange offering.” The offering will support participation in the form of BTC, ETH and an altcoin that the Commons Foundation “contributes to” called microbitcoin.
The Commons Foundation claims that Golden Goose token holders will be paid 30 percent of mining profits and 70 percent of exchange profits “on a daily basis.” However, profits will be exclusively paid out in microbitcoin.
Despite the obscure structure of the planned offering, the project appears to have full support from Paraguay’s government. Hugo Velázquez Moreno, the vice president of Paraguay, has stated that “the Paraguay government will actively support the Commons Foundation’s Golden Goose project and provide tax breaks through constitutional revisions.”
What is your reaction to the Golden Goose project? Share your thoughts in the comments section below!
Images courtesy of Shutterstock
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‘œI think the term bank won’t be used so much when we are talking about banking services 20 years from now.’
‘” Zac Prince
Interview location: New York
Interview date: Wednesday 21st Nov, 2018
Company: BlockFi
Role: Founder and CEO
A sign of the maturing market is the growth of traditional financial products built for cryptocurrencies. Both the corporate and retail financial sectors understand the benefits of crypto, and thus a range of companies and institutions are bringing products to market.
One of these such companies is BlockFi who offer loans backed by cryptocurrencies. BlockFi recognised that there are crypto holders who want to use the value of their crypto without selling and therefore provide loans which are collateralised with bitcoin, Litecoin and Ether.
BlockFi also recognises that the future of banking may be very different from the high street retail banking experience of today. The company is arguably a bank, if not, then they are at least a competitor, able to offer a growing range of financial products to a global customer base. While some people do not like stablecoins, BlockFi can utilise them to provide financial products to customers in emerging markets who want access to dollar loans.
In this interview, I chat with BlockFi Founder and CEO Zac Prince about why he is building BlockFi, what the future of banking with bitcoin looks like and how BlockFi is building new products to service a financial world which includes cryptocurrencies.
This episode is also on:
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