Vakhtang Gogokhia – founder of first Georgian cryptocurrency

Vakhtang Gogokhia is a 29 year old financier who graduated the University of Texas, at the same time, he is the IT-specialist. Vakhtang Gogokhia, together with his friends, has created the first Georgian  cryptocurrency – “Golden Fleece”.

“Doctrina” has interviewed the young  financier about his experience,  cryptocurrency mining and future prospects.

-At what point in your life did you get interested in cryptocurrency mining and who are you team members?

– I started mining with my friend in 2016, at first it was only a hobby for me, but later I decided to make it as business and to attract some capital. For this purpose, we launched „ICO“ and issued own cryptocurrency. The other members of the team are my former colleagues and coursemates, with whom I have a long-term business and personal friendship, some are programmers, some – system administrators, some – business analysts and some -financiers.

– What are the features of the Georgian cryptocurrency (“Golden Fleece”)?

-We use a foreign platform “Etherium”, which is the second most popular network in the world today, after Bitcoin. Consequently, our cryptocurrency has all the features of the leading cryptocurrencies, including the database, where the information about our currency holders is stored, which can not be falsified or the loss of data is practically impossible. Our cryptocurrency can be used as an investment instrument or as well as currency that can be transferred from any jurisdiction in seconds.

– How can the interested persons be engaged in the mining?

– We have a hosting service and give interested people the ability to place their servers in our data center and help them to buy the appropriate servers. Tariffs decrease from 16 cents to 13 cents per kilowatt / hour.

– In your opinion, what opportunities are there for cryptocurrency mining in Georgia?

-The mining will little by little lose its actuality. In general, the lower tariffs of the electric energy makes the mining more attractive in Georgia. We are the second country after Canada, where electricity is relatively cheap, and the business environment is favorable and there is no corruption. But because this sector is developing and attracts more players, the competition will drop prices. Therefore, the newcomers may suffer losses because of the hasty decisions.

– And finally, tell us about your future plans…

– We have a plan to increase our power up to 20 MW in the next three years, or to attract about USD 25 million investment. Along with our partners, we are actively working on software projects using blockchain technology. In particular, we create ICO platform, mining pools, trading platform (exchange), Automated trading algorithm and investment portfolio.

Author: Tamar Devdariani

Translation: Tamar Tabatadze

The Hall of Young Scientists & Analysts – “Doctrina”

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