Blockchain technologies are gaining momentum in Georgia. Only China and the USA surpass Georgia in currency mining.
Despite this advantage, our society has a lot of questions about the nature of this technology. One part even associates it with financial pyramids. What is the real essence of blockchain Technology, and do cryptocurrencies have potential in Georgia? To find out, we interviewed Giorgi Shervashidze, the founder of Luna Group and the developer of AISI Coin cryptocurrency.
Your company has developed the first Georgian cryptocurrency, AISI Coin. Tell us about it. What peculiarities make this Coin different from other electronic currencies?
Our company, LUNA Group, was founded in 2017. Market realities profoundly influenced our objectives and vision. It is evident that Georgia’s current economic policy generates new obstacles for interconnected sectors because of the absence of strategic planning and clear visions.
I remember that in the process of shaping the company, principles we continuously analyzed included irreversible factors that were taking root in the Georgian market. The aspiration for technologies, as well as external or internal financial statistics which reflected the economic conditions of the country led us to create a synthesis of digital technology and finance.
AISI Coin cryptocurrency, introduced by our company, is based on the leading characteristics of blockchain technology and cryptocurrency. In general, the value of cryptocurrency is determined by economic and technological models. We are happy to be the first company on the market which will ensure the valuable use of this technology through its own product. Quick transfers, safety and transparency make up a short list of the characteristics of our crypto currency. We emphasize the business model behind our cryptocurrency.
The investment platform, which is a leading project of Luna Group, is closely connected with AISI Coin. These two components shape the synthesis that combines cryptocurrency with economic production. A majority of cryptocurrencies on the market are oriented on two indicators: technological innovation and short-term financial (single-use) operation. In this context, our project emerges as one of the leading players on both the cryptocurrency market and the domestic capital market. Both stability and constant growth are of crucial importance for us. Consequently, we hope that consumers will find value and use in our product.
Blockchain technologies are a subject of extensive discussions in Georgia. Is our society fully informed about this technology? Georgia ranks second in terms of mining worldwide, but what benefits do our citizens and our economy receive? Tell us more information about this technology.
To be frank, mining is not a key priority component in blockchain technology. If we expose the hierarchy of the whole process, mining’s ratio is insignificant. This signifies that our country has huge potential for the valuable implementation of this technology, but prefers to remain passive and not to use this opportunity. Naturally, the valuable use of this technology will considerably change the artificial financial balance in the country, but our society should show readiness and widen its understanding of these technologies.
Let’s imagine the future, when the mining may be a key component in production. What results will we receive? I think we realize that there are no opportunities for stimulating employment or development. This approach will transform the country into a component that promotes other countries or interest groups: the component that will follow non-increasing and non-strategic economic policy, instead of progressive policy.
In its process our company always poses the following question: why do we need blockchain technology? We have found a way to efficiently employ this technology for both the country and shareholders. We have an absolutely proper and long-term strategy as far as this is concerned.
Today, access to financial resources for the business sector and ordinary citizens is a key challenge. The finance sector has been monopolized by commercial banks, there is an extreme deficit of the supply of credit resources and loans are an expensive and unaffordable resource for the business sector.
According to certain perspectives, commercial banks artificially frustrate the development of neighboring fields. If so, do you think this technology has potential in Georgia, and is it able to replace commercial banks? If so, how can you achieve this goal?
The capital market does not function in our country. This chain requires essential development. This is the point where the internal economic problems you mention accumulate. Georgia’s strategic readiness should be oriented on important changes and shaping a better environment, but we see an absence of readiness. Naturally, our company permanently controls our market and analyzes these current problems. Recently, it became evident that wrong interpretations prevail regarding blockchain technology in the country. This factor hampers the efficient establishment of these technologies in the country, but this is not a final outcome.
I would like to proudly note that new players also appeared on the capital market after us. Alternative forms of banking and financial services have emerged, and these factors stimulate healthy competition and shape equal opportunities for citizens. At the same time, we will have money turnover that will considerably increase economic output or ensure development.
Will this technology replace commercial banks? In the long-term, banking services will definitely change in form and nature. These changes will be based on competition and factors stimulated by this technology. All of us will see a wave of change.