Commons Foundation Signs Contract for Blockchain Business Backed by the Paraguay Government

Combining Paraguay's low-cost and abundant electricity with the Commons Foundation's expertise in blockchain technology, the world's largest cryptocurrency mining center and global exchange is to be established.

    --  The "Golden Goose" project will establish the world's largest
        cryptocurrency mining center and global cryptocurrency exchange.
    --  Paraguay, which operates one of the world's most significant
        hydroelectric power plants, has guaranteed a 15-year stable electricity
        price that is one-fifth of what South Korea provides.
    --  The Paraguay government has provided five 10,000m(2) (a total of
        50,000m(2)) areas of land for the mining centers and infrastructure.
    --  The "Golden Goose" project token holders will be paid 30% of mining
        center profits and 70% of exchange profits on a daily basis.
    --  Participants of the "Golden Goose" project will earn mining profits and
        be paid in MicroBitcoin (MBC) on a daily basis.

SEOUL, South Korea, Nov. 18, 2018 /PRNewswire/ -- Blockchain Technology Foundation "Commons Foundation" announced on November 6 that the foundation signed a contract to establish the world's largest cryptocurrency currency mining centre and the global cryptocurrency exchange in Ciudad del Este with the support of the government.

The contract is designed to provide the five mining centers (approximately 50,000 square meters) near 'Itaipu' Hydroelectric Power Plant, the world's largest clean energy plant, and included a 15-year stable price on electricity, the installation of high-speed Internet networks, and the establishment of laws for all related businesses for this project.

Paraguayan Itaipu Hydroelectric Power Plant boasts the world's most significant annual production of 103.1 TW.

"Only 10 to 20 percent of electricity is produced at Itaipu hydroelectric plant and consumed in Paraguay. More than 80 percent of its electricity is exported overseas. We will build the world's largest mining centre in Paraguay using low-cost and abundant clean energy," said Choi Yong-Kwan, Chairman of the Commons Foundation.

The Foundation said the deal would allow us to focus on the "Golden Goose" project in Paraguay. The Foundation also unveiled a plan to utilize MicroBitcoin (MBC), an open-source project that the Foundation contributes to. 30 percent of profits generated by the cryptocurrency mining center and 70 percent of profits generated by the global cryptocurrency exchange will be paid in MBC to the project's participants.

The foundation plans to conduct pre-sales and IEO (Initial Exchange Offering) under Paraguay's support of investment and Business Agreement for the establishment of Paraguay Cryptocurrency mining Center and Global cryptocurrency Exchange.

They plan to allow participation in the project via different methods such as pre-sales in MicroBitcoin(MBC), BTC(Bitcoin), and Ethereum(ETH).

Choi Yong-Kwan said, "We will create a new world-class ecosystem through 'Golden Goose project', which is the world's largest cryptocurrency mining center and the world's largest cryptocurrency exchange."

"The Paraguay government will actively support the Commons Foundation's 'Golden Goose project' and provide tax breaks through constitutional revisions," said Hugo Velazquez Moreno, vice president of Paraguay.

The Project marks the first bridgehead to build up a blockchain ecosystem in South America.

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SOURCE Commons Foundation