AMA Recap GreatDrop with GoldFinX

Hello GreatDrop Community,

We recently hosted our 22nd AMA with GoldFinX on 10th February 2021, at 01:00 PM UTC (20:00 WIB), with our guest from GoldFindX team:

  • Philippe Bednarek, CEO of GoldFindX

Many of you might have participated or many of not, So here we are up with the AMA transcript for those who missed the AMA session.

Introduction Questions Asked By GreatDrop Team

Would you like to share with the chat a quick introduction about yourself as well as a quick overview about GoldFinX?

Sure. I am CEO and founder of GoldFinX. I am French 🇫🇷,

I have 15 years of experience in trading and sourcing Gold worldwide

Along these years I noticed the opportunity in financing Artisanal gold miners and bring them to a semi-industrial level.

I also noticed the harm done to the environment because of the mercury used and released in the rivers. So I decided to use Blockchain to solve these problems.✅

Q1. What is GoldFinX? And how is the story behind the GoldFinX creation?

GoldFinX is a decentralized finance company

We finance a neglected part of the gold mining industry which has a huge potential.

Artisanal Gold miners need money to buy equipment and increase their production. We provide them with this capital and then we share with them the production of Gold.

We take 20% of all production of these mines. The great impact on the environment is that the equipment we finance prevents the use of mercury and other harsh chemicals.

Q2. What is so exciting about GoldFinX, which might make GoldFinX different from all other projects out there?

We don’t really have competitors, there is no other project focusing on artisanal mining operations. Most other crypto gold projects are stable coins with no real upside perspective.

But what is the most exciting is to run a such profitable business and having such an impact on the environment.✅

Q3. Please tell us more about $GIX token! What utilities does the token have, and what benefits will tokens holders get?

The GiX Token is an ERC-20 token, it is listed on Coinsbit and Bitmart since May 2020.

We started to trade the GiX at 2 euros, today it trades around 2.5 but we think there is a bigger value to be built as we execute the Business Plan.

We will be soon offering a staking program to reward our coin holders!

In terms of adoption, this fall 2021 our coin will start to be used within the community of miners, they are 15 million artisanal miners in the world but the entire community is unbanked and represent 200 million people! Very exciting! ✅

Q4. At the moment, what is GoldFinX focusing on? Building and developing products, getting customers and users, or partnerships?

We are already working with 2 gold mines, they are located in Ivory Coast, Africa, a country very rich in gold.

Production started last month. We built our own processing plant where we refine the gold produced.

We also are working with NGOs and we will be soon announcing a strategic partnership with one of the UN agencies. And I should mention our Foundation “Heart of Mine” we created in December 2020.

Q5. What are some achievements that GoldFinX has achieved so far? And what are GoldFinX upcoming plans, Especially in 2021?

Our goal is to finance a production of 240 kilograms of Gold this year around $14,000,000 in value.

With 2 more mines in Canada next year we should double this production. We built a database of 50 mines that we documented and ready to be financed!

Our biggest achievement is that we demonstrate that a profitable business can have an impact socially and environmentally. Do Good, Receive Good is our motto!✅

Questions asked on Twitter for GoldFindX team

Q1 from @shekwoyemii

If GoldFindX is pair to gold
Does that mean the price of this token would fall when the price of gold falls too?

Of course, a drop in Gold price has been factored in our business plan but remember the GiX coin is not a stable coin. The underlying asset is ever-growing. Each month we will have more gold in the reserve.

We receive 20% of the total production of gold for the lifetime of the mines. So even if the price drops we still accumulate gold and it increases the value of the coin.

Questions asked by our GreatDrop community members during live Session to GoldFindX team

Q1 from @lahkoklu

Is GoldFinX already listed on CMC for $GIX tokens and is it already listed on the big exchange market for $GIX tokens then what benefits have $GIX tokens is it staking and farming?

Yes, on CMC and CryptoCompare. Exchanges are Bitmart and Coinsbit, we will be on DEX soon.

Q2 from @Jun_s_2001

What strategy will you implement to bring non-crypto-natives into your ecosystem? How do you keep a balance between developing the technology and also improving the value of your token?

Our token is very different as it reflects the value of the business we are executing which is financing gold mines. Our business model is very easy to understand. Our token is a new way to finance an activity that is neglected by traditional finance.

Q3 from @Bipapps

What is the most ambitious goal of your project? I would appreciate it if you could share with us any Upcoming Updates?

The biggest challenge is to execute a double business plan! Combining one of the oldest human activities, gold mining with the most recent innovation, blockchain, and cryptocurrency!

Q4 from @johnkimq

What skills do you look for in GoldFinX ambassadors? What are the requirements to join the ambassador program?

Goodwill is the main skill! We rely on our Ambassadors to sharing our project on their social media and they get rewarded for it!

Q5 from @zetly11

Really how far can GoldFinX go? only get 20% royalties? or are there really many more projects that you want to develop?

We already identified 50 mines worldwide. The 20% royalties is a fair share for a long term partnership with the miners. Remember it is a 15 years commitment.

Q6 from @gerybodag

My question is quite simple, Why focus solely on Gold when there are other precious metals and minerals mined around the world which need same environmental preservation and best mining practices?

Gold is the most desired metal on the planet, it is an easily tradable asset, I don’t think we could duplicate the GoldFinX model with another mining product.

Q7 from @daendels9

To extract gold from the ground, cyanide is required and it is really deadly to people. Do you have plans to overcome this problem?

Cyanide and Mercury! These toxic substances are used when you don’t have any other way. Supplying equipment to the miners is the solution to eradicate the use of cyanide and mercury.

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