GCGC has recently launched a global crypto initiative which connects mining, fintech services and e-commerce. CEO Jonathan Shek and CTA Lim Hui Jie share more details with us in an exclusive TechBullion interview.
Great to have the both of you here today. Please introduce yourselves to our audience.
Jonathan: I’m the CEO of GCGC Investments Ltd, my background is in Infrastructure and Economics and I have extensive experience in project finance, property development, project management, civil engineering and venture capital in China and Southeast Asia.
I have been putting together a team of experts in technology as well as other fields such as mining, fintech, e-commerce to build a strong ecosystem of real-world profitable businesses driven by blockchain technology.
Hui Jie: I’m the Chief Technology Advisor for GCGC. I am also the Founder and Executive Director of VisionGroup, an Innovation-As-A-Service technology group that implements Blockchain, Artificial Intelligence and Cybersecurity to future proof enterprises and bring their Vision to Reality. Our team has been involved with more than 60 projects, pilots and use cases over the past few years. We are highly passionate about innovation, data and impactful technologies that will make a difference in everyday life and to use technology to make the world a better place.
Can you explain what GCGC is about and how you are contributing to the crypto ecosystem?
Jonathan: The GCGC Project is a global initiative of GCGC Investments Limited to usher in a new age of economic growth and development. Centered around an ecosystem of decentralized financial technology (“Defi”), GCGC is an aggregation of 3 discreet businesses, namely, mining (GCGC Mining), fintech solutions (Pillar Finance) and e-commerce solutions (Ethical Culture E-commerce) anchored around blockchain technology and built to support the use of our ecosystem tokens, the GC token (GCT) and GC$ (GCD) token.
Firstly, for GCGC mining, we will identify high value mines and invest in proper assessments to unlock the mines’ value. Based on the assessed value of the mines’ mineral resources, we will be able to mint GC$ tokens at an amortized rate of 10% annually. With this backing of gold and mineral resource deposits, it will give the value behind the GC$ token which will be used as the exchange medium within the GCGC ecosystem.
Secondly, PCPC Fintech solutions include Defi Financing, Payment Gateways, Over the Counter (“OTC”) Gateways, and Digital Banking Solutions. Participants of our ecosystem will have safe, reliable and transparent access to capital and be able to transact at low costs.
Lastly, Ethical Culture E-Commerce or ECEC is the e-commerce arm of the GCGC ecosystem. It encourages ethical, fair trade and commerce, and focuses on value added services to make trading easier. ECEC will build the marketplace and exchanges to allow the utilization and circulation of the tokens in the GCGC ecosystem.
By building a complete ecosystem, we contribute to the crypto ecosystem through our two tokens. GC Tokens or GCT allows the users to earn rewards by staking in real world businesses like mining, fintech and e-commerce. This means that everyone could participate and earn rewards from these normally exclusive businesses through our ecosystem. In essence, we are democratizing what are normally high-entry barrier types of industries and allowing everyone to participate.Through the GC$ Token we are creating an alternative stable coin. This stable coin GC$ token links cryptocurrency to real world assets. Through our ecosystem, merchants and buyers are able to transact with lower transaction costs, faster confirmation times, and most importantly trust. With governments minting fiat currency without reserve, we see the urgent need to have a stable token that will give the different market participants security and the confidence to trade.
How are you utilizing blockchain technology and decentralized finance architecture in your solution/s?
Hui Jie: GCGC protocol is a proprietary blockchain technology. The technology team has studied multiple blockchain solutions and have looked to implementing the current blockchain technology which is best suited for our purposes. GCGC protocol is able to achieve higher transaction speed confirmations of less than 1 second compared to bitcoin transaction times which, on average, are several minutes long, even hours; and ethereum, faster than bitcoin but still long. We can lower costs per transaction of less than USD 0.01 per transaction vs bitcoin and ethereum, which range from USD 0.50 to more than a few dollars per transaction. In terms of scalability, we can also achieve more than 20,000 transactions per second. It is because of this real world applications capability which allows us to really create a next-generation blockchain solution which can quickly propagate to provide the benefits of blockchain technology and negate the disadvantages of existing blockchain technology.
Our initial implementation for GCGC protocol is to launch GCT, a utility token which allows participants to stake into multiple interesting and scalable projects like gold mining, eCommerce, fintech and more. Following which GCD a stable token would be launched that facilitates the transfer of goods and services. The GCD is designed to have less volatility yet have underlying value. All participating platforms would be built upon the GCGC protocol ensuring that the data is immutable, permanent, traceable with provenance and have capabilities of a smart contract to ensure what is agreed upon will be delivered as expected.
Decentralized finance is one of the key components of the GCGC ecosystem. To be able to be inclusive and drive the propagation and incentivization of community supporters and participants is one of the key pillars of GCGC. Within the roadmap of the GCGC ecosystem is to have a robust DeFi architecture to allow project initiators to initiate projects, have the necessary infrastructure, environment and community to be able to launch more seamlessly and frictionlessly, manage and succeed as a project, in addition to providing community participants to find, participate and be incentivized by their participation in projects. This allows the whole community to be able to benefit from good and impactful projects.
People who are interested in our technology or partnering to expand the ecosystem using our technology can both read our whitepaper and contact us for more information and collaboration opportunities.
What is ready to go and what is still in the working process?
Hui Jie: We have a really extensive roadmap of core technology and businesses which we wish to launch that will really revolutionize and disrupt both the industries of old and new ones. From GCGC focusing on underlying value, ECEC driving for circulation and PCPC providing infrastructure, these are solutions and services to bridge gaps and innovate in the fintech/crypto/defi space. Yet we are always grounded and realistic in rolling out the right thing at the right time to ensure that we will create impact. Today, we are focused on building the foundation of our GCGC protocol which is the core engine and protocol that can provide trust, using blockchain technology on top of which our many other applications will be built. Our GCT which is our main token is live and running and immediately next up would be to launch our GCD which will be a stable token that facilitates the transfer of goods and services, with less volatility yet having underlying value. Concurrently we are already in the midst of the launch of our ECEC ecosystem of commerce platforms with our first being GPX, already live, FSx coming up next and Aribba planned within the year. PCPC, our fintech arm, is one of our most exciting projects and we’ll keep that in stealth mode for now. Do keep a lookout and tune in as we have some exciting news coming up soon!
Can you comment more on the relationship between the GCT and GCD?
Jonathan: The two tokens are fundamentally different. The GC Token (GCT) is the main utility token of the GCGC Ecosystem. Users use the GC Token to gain access to the GCGC Investments Limited’s Defi Staking Platform, where users are able to stake into the blockchain networks powering the tokenization of assets and verification of transactions from pools of projects all around the world. This encourages financial inclusion as people are able to participate in these real world businesses and earn GC$ Tokens from our ecosystem. While GC$ Token (GCD) is the Reward token of the GCGC Ecosystem, it also acts as a currency, a settlement tool within the Utilization Marketplaces. Users use the GC$ token to exchange for goods and services within the ecosystem in the Utilization Marketplace.
Your aim is to disrupt a USD 600 Billion global mining industry. In terms of potential and developments, which markets are you currently targeting or planning to target?
Jonathan: Latin America is one of the markets we are targeting. We are proud to say that we have already invested in our first mine, the Keyla mine, which is in Chile. We are currently conducting all the test drills and so far it has been producing great results. We’ve also spoken to many other mines and they are very excited to get into the GCGC ecosystem. Latin American also has a large unbanked adult population which PCPC can help to be financially inclusive and the masses can benefit from that.
Do you think 2021 will see a new high for cryptocurrencies and bitcoin?
Jonathan: Yes, definitely. Bitcoin has already been creating new highs this year and there is also potential for other cryptocurrencies. There has been a shift to DeFi and we are really excited as GCT is well-positioned for 2021 since we are now able to tie cryptocurrency to real businesses and real assets.
What’s next for GCGC? Care to share any exciting upcoming news or development?
Jonathan: We’ve been speaking to many other mines and they are very excited to get into GCGC. In the very near future, we will be signing up our second and third mines, and also implementing green mining technologies in several mines around the world.
Secondly, on the crypto side, we will be listing our GCT token very shortly on our very first crypto exchange and listing in several more exchanges over the next four to six months. We will be developing our FinTech ecosystem together with our E-commerce ecosystem. In fact, right now, we have already linked up with the Global Partnership Exchange (GPX) in the US which is connecting many Latin American countries to our e-commerce platform. GPX will adopt our GC$ token in their system circulation. We are also in the midst of setting up our Food Security Exchange, which will focus on the trading of agricultural and aqua-cultural goods in the ASEAN Region. So as we continue to execute our business plan, we gladly invite like-minded people to join our GCGC movement and expand the GCGC ecosystem together.
For more information about GCGC, please visit: https://www.gcgc.one