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

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

PR Newswire

SEOUL, South Korea, Nov. 19, 2018

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.

SEOUL, South Korea, Nov. 19, 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.

Majed Mohanna, Chairman of the joint venture institute in Paraguay 'SISAY SOCIEDAD ANONIMA' has signed a contract with the Chief of the Commons Foundation, 'Choi Yong-Kwan' for Investing and working contracts for the establishment of Paraguay Cryptocurrency mining centre and Global Cryptocurrency Exchange.

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.

Itaipu Hydro Power Plant in Paraguay (Source: Paraguay Foreign Ministry website)

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.

Chairman Choi Yong-Kwan of the Commons Foundation (left), and Vice President Hugo Velazquez Moreno of Paraguay (center) took a picture with Chairman Majed Mohanna of SISAY SOCIEDAD ANONIMA (right)

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.

 

Photo - https://mma.prnewswire.com/media/785389/SISAY_SOCIEDAD_ANONIMA.jpg
Photo - https://mma.prnewswire.com/media/785390/Itaipu_Hydro_Power_Plant_in_Paraguay.jpg
Photo - https://mma.prnewswire.com/media/785966/Commons_Foundation_Sisay_Sociedad_Anonima_Paraguay.jpg

 

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