What is Foleum?
Foleum is a community-based GREEN blockchain mining project (the “Project”) that is designed to allow individuals to support and participate in blockchain mining. The project intends to build the world’s first hybrid wind and solar powered datacenters with blockchain mining capabilities.
To finance the Project, Foleum is launching an Initial Crystal Offering (or “ICO”) to certain investors, which we will convert into an Initial Public Offering (or “IPO”), in which Foleum is selling (FOL) Foleum mining crystals a security crystal (or “token”), pursuant to Simple Agreements for Future Tokens between Foleum and the investors. Foleum is also working on a Mini-Initial Public Offering (“IPO”) under Regulation A+, which, upon approval by the Securities and Exchange Commission (“SEC”), would open up participation in the Project to the public. The FOL crystal holders will get up to 60% of the Project’s blockchain mining profits paid out daily in the cryptocurrencies mined by the Project, which may include: ETH, BTC, ZEC, and others. The remaining 40% of the profit will be reinvested into the Foleum Project to expand its datacenter’s capacity and renewing the existing hardware.
Bitcoin and other Blockchain technology are revolutionizing the world as we know it but unfortunately there are some inherent setbacks. The amount of energy it takes to power a blockchain mining network is staggering and has a huge environmental impact using traditional energy sources.
The Foleum project is proud to be part of the solution because we are designed to generate the majority of our own GREEN power to run the mining data centers. Using our own power will also greatly reduce operational costs making it more profitable than other traditionally-powered mining operations while helping to reduce the blockchain carbon footprint on the planet. In fact, we believe that the Project can reach one of the lowest prices per-kilowatt in the world and maintain it long-term. This is a big advantage because electricity prices from traditional energy sources have been rising steadily over the last decade. According to the Energy Information Administration (EIA), electricity rates have increased nationally by around 20% in the last 10 years.
Another advantage of the Foleum Project is that we design and build our own energy-efficient GPU mining servers. We have been working with major graphics card manufacturers to obtain custom-made GPU that meet our specifications. This will help ensure the most profitable and energy-efficient mining servers possible (certain models of which will be offered for sale by Foleum in the future).
The Project’s datacenters are being designed to be able to accommodate any ASIC and GPU-based servers. Although the Project will be capable of mining all scalable blockchains, the decision as to what blockchain to mine will be made by software algorithms, which helps to choose the best options available by seeking to identify and mine the most profitable blockchains. Foleum will also run nodes and masternodes from its datacenter for other blockchains like Nexus and Dash, which will add an additional revenue source to the Project. In addition to running masternodes, we will also dedicate hardware to speculation mining. Foleum plans to add profits from running nodes / masternodes and speculation mining to the Foleum reserve fund (See Foleum reserve fund section below).
Foleum is committed to its community. We will donate the profits attributable to 1% of the Foleum mining crystals (FOL) every year to different charities. Our supporters will be able to vote on which charities benefit from the donations. Additionally, Foleum intends to follow its Founders ideology and will host teaching classes on blockchain technology once a month.