Frequently Asked Questions
We’ve accumulated a shortlist of the most popular FAQ queries, most typically asked by our customers.
Q: What is Foleum?
A: Foleum is a community based innovative blockchain mining project designed to generate majority of its own power using GREEN hybrid technologies and makes it possible for individuals to get involved in GREEN blockchain mining initiative. One that is open to everyone who is willing to support the network and benefit from it. By combining Blockchain and GREEN technologies, we are able to help create a decentralized blockchain future that is ecologically sustainable and profitable for our community.
Q: What is Foleum’s mission?
A: Foleum is a community based project built on the dream of using GREEN technology in blockchain mining. We are committed to supporting the growth and operation of decentralized blockchain networks in the most environmentally friendly way possible while staying on the cutting edge of both blockchain mining and GREEN energy production. We also embrace the idea of being as decentralized as possible and rely on input from our community through dialog and community polls.
Q: Why is Foleum using wind and solar hybrids for mining?
A: Bitcoin and other Blockchain technology are revolutionising the world as we know it, but unfortunately there are some inherent setbacks. The amount of energy it takes to power the network is staggering and has a huge environmental impact using traditional energy sources.
The Foleum project is proud to be part of the solution by creating the majority of our own GREEN power to run our mining data centers. Using our own power will also greatly reduces operational costs making it more profitable than other traditionally-powered mining operations while helping to reduce the blockchain carbon footprint on the planet.
Q: What are Foleum ‘Mining Crystals’?
A: (FOL) Foleum mining crystals will be Ethereum security crystals (tokens), representing the right to profit-sharing from the mining proceeds of the Foleum project. By owning FOL crystals you will become a member of the Foleum community. As a member you will have a voice and a stake in the project.
Q: Who can participate in the ICO?
A: To comply with US security laws, the Pre-sale, Early Adopter Sales: Stage 1, Stage 2, Stage 3, will be restricted to Non-U.S. purchasers and U.S. accredited investors only, at this time and sold to such investors pursuant to a Simple Agreement for Future Tokens, pursuant to Regulation D, Rule 506(c) of the U.S. Securities Act of 1933, as amended (the "Securities Act"). Upon the SEC approval the Reg A+ offering (Mini-IPO), U.S. non-accredited investors will be allowed participate in the Public Crystal Sale: Lot 1 and Lot 2.
Rule 506 of Regulation D, Section (c) of the US Securities Act, permits sales of securities not yet registered under the Seclurities Act to "accredited investors", defined as:
- an individual with a net worth of at least $1 million, not including the value of his or her primary residence
- an individual with income exceeding $200,000 in each of the two most recent calendar years or joint income with a spouse exceeding $300,000 for those years and a reasonable expectation of the same income level in the current year, or
- a bank, insurance company, registered investment company, business development company, or small business investment company
- an employee benefit plan (within the meaning of the U.S. Employee Retirement Income Security Act) if a bank, insurance company, or registered investment adviser makes the investment decisions, or if the plan has total assets in excess of $5 million
- a tax exempt charitable organization, corporation or partnership with assets in excess of $5 million
- a director, executive officer, or general partner of the company selling the securities
- an enterprise in which all the equity owners are accredited investors
- a trust with assets of at least $5 million, not formed only to acquire the securities offered, and whose purchases are directed by a person who meets the legal standard of having sufficient knowledge and experience in financial and business matters to be capable of evaluating the merits and risks of the prospective investment
We require verification of "accredited investor" status by written confirmation from a certified public accountant.
The investor restrictions contradict the idea of giving everyone a fair chance to get involved in the GREEN mining project. However, we have to comply with security laws and regulations. This is why we’re already working hard preparing for the Mini-IPO (Initial Public Offering) which would open the participation in the project up to the public!
Q: How will I be able to collect my profits that will be distributed?
A: Each token holder will provide their elected cryptocurrency (BTC, ETH, etc.) wallet address for the funds to be distributed in.
Q: Will there be a minimum payout?
A: Yes, there will be minimum payouts set for each cryptocurrency based on the transaction fees, so that the transaction fees do not exceed the payout amount or represent a material portion of the payout. Instead, the payment would be held until the following day or until the payment amount reached a level where transaction fees did not represent a material portion of the profits being distributed.