Invest in Georgia - First Georgian Crypto Currency - "Golden Fleece Token" ICO

Updated: 18 August, 2017 seen 1,588

Georgia continues pioneering in blockchain technology. For me, this Summer have been spent in crypto currency sign. Starting long term buy and hold strategies, day trading and now even participating in my first Initial Coin offering (ICO). 

As a long term Georgia expat I feel very glad and flattered that my first experience with ICO's will be in the tokens issued in the country my heart belongs to - Georgia. Tokens are issued by Golden Fleece(GFL) and were first announced on - ICO - Golden Fleece - mega mining datacenter to work on 100% green energy! Also recommended reading on Georgian Forbes magazine - Golden Fleece Token - first Georgian cryptocurrency!

In total there will be distributed 100 mln GFL (Golden Fleece token), 70 million will be sold in two stages of the ICO and one Pre-ICO stage.

Tokens will be publicly sold in 3 stages:

  • Pre-ICO sale: Jul 14-30: 1 million GFL
  • ICO 1st stage: Aug 15-30: 30 million GFL
  • ICO 2nd stage: Sep 15-30: 40 million GFL

Investments in ICO's are risk investments, you could lose all you capital, never invest money you cannot afford to lose

I won't hide that I'm planing to enter this ICO for a speculative reason, although, as I currently have already been overexposed in crypto investments (already more than 5% from my total investment portfolio) I will limit my investments in this ICO as low as EUR 25. That will allow me to shoot two rabbits with a one shot - participate for the first time in the ICO and invest in Georgian block chain technology company. 

To take participation in this ICO I bought additional ETH from Coinbase. Also I joined Bitcoin Georgia Facebook group, to learn form the local audience and hang out with like minded people.

Now, speaking about Bitcoin culture in Georgia, from my understanding there is a quite high popularity in Bitcoins in Georgia, unfortunately currently seems there is no cost-effective way to purchase coins from Georgia. Luckily I have access to Coinbase, Kraken, and many other services, but users from Georgia seems are some how limited in this. And here is a good cause from Golden Fleece, Georgian residents can purchase GFL tokens using Georgian Lari currency by wire transfer. 

Tokens can be bought using Bitcoin, Ethereum, Waves or fiat (USD/EUR/GEL) currency

Just to make sure I can deposit fiat GEL currency I hold in Georgian bank account (by the way the same Georgian Lari account I'm using to fund peer to peer lending platform), I decided to contact official Golden Fleece Facebook support page:

Hi guys!

Let me congratulate you with this ICO - seems very exiting, currently planing to participate with ETH, but I read that Georgian residents are able to purchase GFL using bank wire. I'm not a Georgian citizen, but I hold a Georgian bank account with Georgian Lari currency - is it possible for me to purchase let's say GFL for 100 lari using wire transfer from Georgian bank account. If so, what are the steps required? Where should I deposit money and how can I acquire tokens? Dibi Madloba!

And shortly got reply:

Hi Reinis
First of all Thank you for taking interest in our project
We placed first Georgia Crypto on Waves Platform as well as Etherium Platform
so for example if you already have an account on waves (if not it takes seconds to create one) you simply can use already places selling orders and buy out tokens with your ETH
currently market price of GFL is 0.8$
alternative way is to send your currency directly to our bank account and indicate you wallet address so that we will be able to transfer you equivalent number of tokens

Now we exchanged a few more messages, seems GFL team felt kind of surprised seeing foreigner out of the blue willing to purchase tokens directly  in GEL currency from Georgian bank account, but after all it was clear I can do it. I decided to transfer additional GEL 100 to acquire more coins. (100 GEL ~ USD 41.64)

Now, at the end I bought GFL tokens using ETH (worth of USD 29.39) + Georgian Lari (worth ~ USD 41.64) = USD 70. That's a very low floor level to enter ICO market, let's agree on that. Since I was entering during ICO, with price set at around 0.8$ per coin and it's said GFL will buy back tokens (in foreseen future) at $1.00 per token - I'm looking on 20% yield. Sure that's nothing impressive for a small $70 investment - if things will turn out good - I could end up with something like $84. 

Three easy steps to purchase the GFL on Waves platform:

  • Use web-client  and register your account.
  • Deposit: Ethereum, Bitcoin, Waves, USD or EUR in your wallet.
  • Go to Waves Decentralized Exchange, choose one of the currencies (listed in step 2) and Golden Fleece as a pair and buy the desired amount.

About Golden Fleece Token

The Golden Fleece project anticipates to build cryptocurrency mining datacenter on the land of Colchis, at the Black Sea coast in Georgia.

The myth of Argonauts comes true on the land of Colchis!

We do not collect gold in rivers using the fleece of golden ram as Greek- Georgian myth of Argonauts states, but we do mining of real cryptocurrencies on the ground.

Why Georgia?

Cheap electricity: 0.05-0.06 USD per kW/h.
Green energy: around 80% of electricity in the country produced from hydro power plants.
Blockchain and mining-friendly legal environment: e.g. successful operation of Bitfury with over USD 100 ml investment;
No regulations on cryptocurrency: e.g. one of the top banks at local market (Liberty Bank) offers Bitcoin, Litecoin and Ripples trading platform;
Mature to blockchain technology Government: e.g. the State Public Registry of Georgia operates on blockchain provided by the Bitfury.

Development plan

Establish crowdfunded  mega cryptocurrency mining datacenter in West Georgia where the major producers of electricity are located.
Raise USD 50 ml (FIFTY MILLION UNITED STATES DOLLAR) via an ICO of the Golden Fleece token (GFL) for the developing the mega mining. ICO starts on 15 August 2017.
Allocate 5,000 m2  of land plot purchased recently for the cryptocurrency mining purposes.
The mega mining datacenter is supposed to consume as much as 20 MW electricity and the Golden Fleece considers to contract British partner to build solar or wind power stations for Golden Fleece consumption.

Wider picture

Diversification of the token mining: we plan to use different types of equipment for mining different cryptocurrencies.  Ethereum and other GPU compatible altcoins will have largest share in our datacenter, however we also plan to install small amount of ASIC miners.
Backup in other country: after the successful ICO, we finalize negotiations with our partners in Singapore and make strategic decision to build the mining datacenter in Singapore. Feasibility study continues and final decision on backup location to be determined on ICO II stage.

Mega mining datacenter development in Georgia will last three to four months from the day of the start of construction, including connection to grid. We aim to start mega mining from February 2018 and half of the profit will be distributed to Golden Fleece token holders by means of token repurchase scheme. Tokens will be repurchased on monthly bases with market price. Another half of profit will be reinvested to increase datacenter capacity. For further details and numbers please visit ICO page.

We operate pilot mining datacenter and at the same time purchased land plot for mega mining datacenter. Total spending USD 200,000.

Beyond the Mountains & The Sea, Beyond the Limits,
We Build Altcoin Mega Mining Datacenter!”
The Golden Fleece (GFL)

The Bottom Line

Let me remind you one more time - Investments in ICO's are risk investments, you could lose all you capital, never invest money you cannot afford to lose. Speaking of me - I feel really glad I'm taking Georgian ICO as my first ICO - It should be a valuable lesson for any other ICO's in future. I love the idea I'm investing (though small amounts) in the market I'm familiar with. Do I see future for alt coin mining in Georgia? Definitely there is a room for that - taking into consideration growing demand and rising volume for cryptos (market cap at 143 billions USD as of writing this) I believe it's not about if, but when it will reach 1 trillion market cap, and there is plenty of room for mining companies (with cheap electricity available)