The first stage of its GFL ICO will begin on August 15 th on the Waves platform.

Golden Fleece Project, an ambitious Georgia-based altcoin mining company has recently completed a token pre-sale and says it’s now ready to launch the first stage of its ICO scheduled on August 15, 2017, according to the company’s press release.

The company unveils its plans to raise during the ICO as much as $50 million capital that will used in building a massive cryptocurrency mining datacenter operating on 100%  green energy – hydropower, wind and solar. Previous reports claim that Golden Fleece has already invested more than $200,000  in launching a pilot mining facility into production (see the whitepaper).  The firm has also finalized negotiations with their energy sector partners ready to assist with building a powerful hybrid power plant that would cover more than 50% of the data center energy needs.

The spot of the upcoming mining center is now also known – it’s the Black Sea cost in Georgia – the country which is a true mix of Europe and Asia where the national legislation supports cryptocurrency and energy is relatively cheap (0.5 – 0.6 cents per kW/h for Wholesale mining). Just to let you know: one of the leading banks in the country –  Liberty bank – trades Litecoin and bitcoin while Bitfury, a prominent Blockchain technology company, partnered with Georgia’s National Agency of Public Registry (NAPR) to put their data on Blockchain.

Golden Fleece team have updated reporters on the current progress: they are now striving to get their smart contract deployed. Later they intend to expand mining Center to western Georgia and use the raised money for creation of 5,000 square meters data center for which land plot of 7600 m2 has already been purchased. Building phase is to take up to 4 months with the center becoming operational by February 2018.

For diversification purposes, the company plans to use several types of mining equipment for the numerous cryptocurrencies it will process. The largest share in the facility will get popular Ethereum and other GPU compatible altcoins while there will also appear a small amount of ASIC miners in future.

Golden Fleece has as many as 100 million Golden Fleece (GFL) tokens issued on waves platform but only 71 million will be available during the announced ICO stage(s). 1 GFL token equals 1 share in a company with nominal value $1. Tokens will be sold in 2 rounds $0.8 and $0.9. ICO 1st stage (August 15-30) will include 30 million tokens available while ICO 2nd stage (September 15-30) will offer 40 million tokenы.

Apart from that 9 million tokens will be sold out to ICO campaign to up to 10 large partner investors for 0.5 USD per token and 20 million tokens will be held by the team. They will be put on hold in escrow account and will be issued in equal parts during 12 months following ICO.

The news of the upcoming Golden Fleece’s ICO comes soon after ETHLend, a decentralized p2p lending application, announced pre-ICO to develop a lending market open for people globally using blockchain technology. ETHLend uses blockchain technology to develop a global lending market where borrowers and lenders from all parts of the world will be able to participate in lending. ETHLend’s team has revealed details on its upcoming pre-ICO, which is scheduled on September, 25 and is planned to last till October, 25.

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