Commons Foundation signs blockchain business contract under the support of Paraguay.
The Commons Foundation announced that it had signed a contract for the establishment of the world's largest cryptocurrency mining center and global cryptocurrency exchange in Ciudad del Este under the support of Paraguay on November 6.
According to the contract, Paraguay will provide a land and buildings at the area of 10,000 ㎡ for the establishment of five mining centers (at the area of about 5,000 ㎡) near the Itaipu hydro power plant as the world's largest clean energy producer,
freeze the electricity charges, install an exclusive high-speed Internet network, and legislate laws for the related business.
The Itaipu hydroelectric power plant in Paraguay boasts the world's largest annual energy generation with the production of 103.1 TW.
“Paraguay uses only 10 to 20% of electricity generated by the Itaipu hydro power station and exports more than 80%," said Chairman Yongkwan Choi.
"We will utilize the cheap and rich clean energy to build the world's largest mining center in Paraguay.”
The Commons Foundation said it is now able to focus on the Golden Goose Platform in Paraguay through this contract.
The Foundation also announced a plan to utilize Micro Bitcoin (MBC), a Bitcoin hard-fork open-source project, which it has a partnership with.
It will use Micro Bitcoin (MBC) as a means of paying platform participants 50% of the revenue generated by the mining center and 70% of the revenue generated by the global cryptographic exchange.
The Foundation plans to proceed with the Pre-Sale and IEO (Initial Exchange Offering),
starting with "the investment and business contract for the establishment of the cryptocurrency mining center and the global cryptocurrency exchange in Paraguay" signed under the support of Paraguay.
It will make arrangement so that the participation in the platform, including pre-sale, can be made with Micro Bitcoin (MBC), Bitcoin (BTC), and Ethereum (ETH).
Chairman Yongkwan Choi said, "The Golden Goose platform, which is to build the world's largest cryptocurrency mining center and global cryptocurrency exchange in Paraguay, will change the global blockchain ecosystem.
" In addition, Hugo Velázquez Moreno, Vice Present of Paraguay, promised that “Paraguay will actively support the Gold Goose Platform of the Commons Foundation, including amendment of the relevant laws for tax support.”
This has led the Commonwealth Foundation to set up its first bridgehead to create a blockchain ecosystem in South America.