AGA: Building a Decentralized Bitcoin Mining Protocol

Originally Published: https://hodlershub.com/aga-building-a-decentralized-bitcoin-mining-protocol/

Hello! Who are you and what is your company/project?

I am Tomasz Wojewoda, founder and CEO of AGA. AGA is a decentralized Bitcoin mining protocol that has been operating since 2017. What makes us unique is that we have positioned ourselves to buy the now very expensive mining equipment before the bull market began when it was more affordable. Now those machines are exponentially more expensive as mining interests have increased. With our mining operation, we are generating about $150k/month in revenue that we use to reward our liquidity providers that provide liquidity into our liquidity pools — ensuring that our token can be traded and adding value to all our holders.

Our income-producing mining operations allow our contributors to participate in decentralized finance without having to worry about all its risks and complexities. Our members can confidently and securely provide liquidity in exchanges in order to get rewards up to 24% APR on their investment. Additionally, contributors holding 10,000 AGA tokens or who provide 5,000 AGA tokens to our liquidity pools can join our governance group, allowing them to have influence over business operations.

Furthermore, investors can get excited about a scarce commodity that will increase in value. AGA uses some of its mining profits to consistently participate in AGA buybacks to ensure that the token is deflationary and will increase in value.

What’s your backstory and how did you get the idea for the company/project?

I started my career with Accenture and Microsoft focusing on helping large companies with digital transformation. From implementing large ERP systems to Cloud. Always interested in upcoming technologies I started experimenting with Blockchain and mining in 2017.

We started mining Bitcoin and other cryptocurrencies in 2017 and in 2020 decided to go all in. That is how AGA was born, on August 8, 2020.

What problem is your company/project trying to solve?

A common issue with cryptocurrencies is that after their ICO’s they no longer have consistent funding for their business and marketing campaigns. AGA’s mining operation allows for over 100K in monthly revenue. Mining profits fund AGA Token monthly rewards and buy-backs. AGA token sales then fund expansions in our mining operations. Ultimately this organically creates a positive feedback look in revenue and token appreciation.

Our model allows for a fixed supply token that offers a very high, predictable monthly income and an opportunity for price appreciation. Furthermore, as most cryptocurrencies have to cut back on business expenses during a bear market when token appreciation is low, our revenue model allows for high yields even during the bear markets. With a large mining operation behind AGA, we will always have a source of revenue for business expenses when others may not.

AGA also solves any problem of transparency by having a governance program for investors holding 10K AGA tokens or providing 5K AGA tokens in our AGA-AGAr liquidity pool. Our governance partners dictate how AGA mining profits are used. This allows for AGA to move in the direction our community wants it to. We believe strongly in a community-first cryptocurrency.

What makes your company/project unique?

Oftentimes when cryptocurrency operations start, they rely on ICO’s to fund their campaigns and marketing platforms. As those companies mature, they can find themselves running out of funds to push the boundaries within their respective markets. AGA provides a direct solution to that problem by implementing a Bitcoin mining operation within the DeFi sector. Having a stable income allows us to ensure our DeFi token can continue to have high yields and venture into new business opportunities with appropriate capital. While yields and appreciation are beautiful in a bull market, we look forward to the inevitable bear markets and take precautions to stabilize DeFi during those times. Using our profits from Bitcoin mining and through the creation of treasuries, investors can have confidence in the value and yields of AGA Token even during bear markets.

AGA combines DeFi and cryptocurrency mining to operate a stable, income-generating investment. We can maximize yields because of our unique position within the cryptocurrency mining industry. Our Bitcoin mining operation is located where electricity prices are one of the lowest in the world. Furthermore, we plan to go carbon neutral by 2025. This means that over time, more of our profits can go directly to AGA as the price of electricity will become negligible. Additionally, we were able to purchase miners in bulk before interest in cryptocurrency mining has skyrocketed. While many new miners have high ROIs, our market timing lowers our ROI on equipment.

Since launch, how have you grown your company/project?

AGA is mining backed yield farming and staking DeFi governance token with bonus HODL rewards. Liquidity providers get yield and bonus rewards, stakers lockup tokens and receive staking rewards, and holders can sleep well knowing once a week mining revenue will be used to buy back AGA off the open market. There’s something for everyone.

Since the company has started, we have hired a team of marketing and product professionals. They are helping us access new communities as we grow awareness for AGA. Furthermore, we have gotten new listings on platforms such as CoinGecko and LiveCoinWatch. We’ve also established new partnerships with Learn Crypto and Ferrum. By pushing marketing campaigns and new partnerships, we hope to grow our credibility to open the door to larger investors.

Another way AGA is looking to grow is by working with Polygon and QUICK to provide L2 solutions to our community. In doing so, we hope to remove the gas fee barrier of entry for retail investors looking to get into the defi space. By mid-March, our L2 solution is expected to go live.

What are the biggest challenges you have faced while building your company/project?

Unfortunately, blockchain technology space is rife with scams and “get rich quick” schemes. Earning trust and credibility is one of the toughest things that one has to overcome in this space.

Through starting the company/project, have you learned anything particularly helpful or advantageous about the crypto/blockchain “space”?

Over the last few months, we have learned that this community is also full of helpful, honest, and hardworking people that want to make a difference. We have teamed up with a number of promising projects and will continue to do so.

How are you doing today and what does the future look like?

AGA has made steady progress over the past few months. This includes the addition of three new team members to drive marketing and product development, new listings on CoinGecko and Live Coin Watch, and the expansion of our community on Reddit. Currently, AGA is working on L2 solutions for more accessible trading and investing for our contributors. With Ethereum’s gas fees so high, the barrier of entry in the DeFi space can be daunting for new investors and for investors who don’t have thousands of dollars of initial investment.

Furthermore, Ethereum gas prices make it difficult for liquidity providers to claim rewards without losing a large amount of it to gas. Once we implement our L2 solution in mid-March, you will be able to trade, stake, and provide liquidity for AGA and AGAr at virtually no cost on the world’s most popular exchanges that you already use!

We are planning to offer more options for staking and rewards of both AGA and AGAr. Upon implementation of an L2 solution, we plan to do a liquidity sale offering special benefits to people participating. You can stay updated on our sale via our website, Twitter, Reddit, or Telegram. Future goals beyond our L2 solution milestone are to double our Bitcoin mining equipment, establish partnerships with new exchanges, and push for more exchange listings.

What have been the most helpful crypto/blockchain books, podcasts, and/or other resources?

I think the most helpful resources are the websites and white papers of particular blockchain projects you are interested in. Then, after understanding a project a little more, Reddit, Twitter, Telegram, and Discord communities are great ways to clarify any outstanding questions you may have.

Aside from that, I think an important resource can be anything that brings inspiration and motivation for you within the blockchain space. More often than not, it’s resources like these that will inspire you to think forward to the future and possibilities of blockchain technology. One book I read recently is called Out of the Ether: The Amazing Story of Ethereum and the $55 Million Heist that Almost Destroyed It All by Matthew Leisling. This book is beautifully written and does a great job of detailing the beginning stages and inspirations of Ethereum. It does a great job at reminding veterans within the crypto community of why we are so excited about blockchain and delving into this sector of innovation. For people just starting out, I think this book would be a great source of inspiration and encourage you to really delve deeper into blockchain and cryptocurrencies.

What is your advice for someone just starting out in the crypto/blockchain space?

For someone starting out in the crypto/blockchain space, I recommend just jumping right into community spaces such as Telegram, Reddit, and Twitter. Ask questions, read white papers, participate on Medium, and just do anything you can think of to contribute to the growing crypto community. People within the crypto community are extremely excited, approachable, and willing to help each other learn more about this shared interest. There is a plethora of resources regarding crypto and blockchain technology as most of us have a strong belief in open source, transparency, and accessibility.

One thing I wish I would have been told when I was first starting out within the space is that it’s okay to reach out to someone if you have a question. It may seem intimidating to put your foot out there and ask a question, but more often than not people would gladly provide a resource or point you in the right direction.

Are you looking to hire certain positions right now?

Well, like any company we are always looking for and speaking to qualified candidates.

Where can we go to learn more?

To stay up to date with AGA’s latest happenings, you can visit our website at https://agatoken.com/. You can also follow us on Facebook, Reddit, Telegram, and Twitter. Our most popular socials include Telegram (https://t.me/agatokengroup) and Twitter (@agatkn).

Read More: Scala: Building a User Friendly Privacy-Focused Cryptocurrency

Interested in a Crypto/Blockchain Job?

Check out our job board here.

HodlersHub has a disclaimer for this post