FAQ- Frequently Asked Questions
Where are you located?
We are a Canadian based company.
Our head office is located at 200 375 Water Street, Vancouver BC V6B 5C6.
We have a mining facility in Vancouver, British Columbia.
We are building a second mining facility in British Columbia.
How can I contact you?
Email us: firstname.lastname@example.org
How long has VARIO been in business?
We’ve been in business since July 2017 and have been mining digital currencies in our first facility, located in Vancouver British Columbia since December 2017.
Is VARIO a publicly traded company?
No, VARIO is a privately held company. However, a series C funding round will launch in August 2018 allowing Canadians to invest in VARIO through an exempt market dealer, FrontFundr.
How can I purchase securities in VARIO?
Canadians can purchase securities in VARIO through FrontFundr.
Why equity crowdfunding?
In considering a Series C funding round, our founders considered all available options. FrontFundr’s equity crowdfunding model is compliant with Canadian securities commission regulations and our offering has undergone much more rigorous scrutiny that an Initial Coin Offering would require.
By starting with a great foundation, we are well prepared for a future initial public offering to fuel further stages of research and growth and benefit our early investors.
Who is your legal and financial counsel?
How does digital currency mining work?
Put simply, digital currency miners validate transactions in a blockchain and are rewarded with digital currency.
What digital currencies do you mine?
We mine a variety of “altcoins” or what we call “high-potential digital currencies” changing in response to the market. We exhaustively research coins to find the most profitable and do not disclose which ones we mine as to maintain our comeptitive advantage.
How does VARIO make money?
VARIO’s value lies in the digital currencies we hold. We acquire digital currencies through mining and profit as their values increases.
Why hold coins as opposed to selling them?
We only convert or sell the amounts of digital currency required to cover our operating costs. By holding a diverse portfolio of high potential coins, VARIO stands to increase in value as the digital currency market increases in value.
How do you secure your coins?
We deposit the coins that we mine into secure offline digital wallets and instill stringent security measure to protect against cyber security threats. Our COO is a security operations specialist with international experience building and maintaining military-grade data centres and our data centres are enterprise class.
Mining altcoins allows us to punch above our weight class because we’re not in competition with huge global miners. These huge miners tend to focus on a few of the more dominant coins. By choosing the right coins, we are able to profit as they rise in value.
How do you select currencies to mine?
We select high potential cryptocurrencies that we believe are undervalued and overlooked. Our team of founders and advisors exhaustively research the market, coins and their underlying technology to find the coins with the greatest future potential.
How will you source hardware?
We’ve developed a strong relationship with our suppliers, allowing us to purchase units in a very competitive market. We source directly from the manufacturers allowing us to keep our costs low.
Why GPU mining?
GPU allows us the flexibility to switch beteween coins reletively easily and not locking us into proprietary Hardware that could become obsolete with and blockchain fork.
What are your assets?
We operate a mining facility in Vancouver, British Columbia and will operate another mining facility in British Columbia. The exact locations are kept confidential for security reasons.
Glossary of Terms
Blockchain: Software that first emerged as the system underpinning Bitcoin. Also known as distributed ledger technology (DLT), it is a shared record of information that is maintained and updated by a network of computers rather than a central authority. It is protected and secured by advanced cryptography.
Distributed Ledger Technology: A term often used interchangeably with “blockchain,” although technically blockchain describes the public ledger powering Bitcoin.
Public Ledger: A distributed ledger that is open to everyone on the internet. Bitcoin’s blockchain is a public ledger.
Digital Currency: A virtual currency that relies on cryptography to validate and secure transactions. There are different types of cryptocurrencies. Bitcoin and Ethereum are among the best known.
Cryptocurrency: See digital currency.
Coin: A digital currency type that operates independently of any other platform. In other words, a coin has its own platform which is called blockchain.
Token: A digital currency type that requires another platform such as Ethereum or Omni to exist and operate. Crypto Tokens are created over an Initial Coin Offering (ICO).
Altcoin: A digital currency other than Bitcoin.
Mining: The process through which transactions are verified and added to the blockchain and new units of a digital currency are created.
Miners: Term used to describe the devices or the people that own the devices that validate digital currency transactions. Miners are rewarded with coins for the computing power consumed during mining.
Digital Currency Mining: A process in which transactions for various forms of cryptocurrency are verified and added to the blockchain digital ledger.
Blockchain Mining: See digital currency mining.
GPU mining: A type of digital currency mining using Graphics Processing Units. Can be used to mine a variety of digital currencies.
ASIC (or Application Specific Integrated Circuit) Mining: A type of digital currency mining using a single-purpose chip built for Bitcoin mining.
Initial Coin Offering: Similar to an Initial Public Offering (IPO) for stocks. Projects launch an ICO by issuing crypto-tokens on the blockchain (usually the Bitcoin or the Ethereum blockchain).
Digital Wallet: Software that allows users to make electronic payments, purchases and store their digital currencies online.
Private Keys: A form of cryptography that allows users to access their cryptocurrency and is an essential part of its security.
Sources: Investopedia, Blockgeeks, Blockchaintechonologies.com, webopedia, Citowise