In the summer of 2017 in Ulaanbaatar, Mongolia people were starting to talk about cryptocurrencies, in particular, Bitcoin was becoming a hot topic on Facebook. Mongolian’s are one of the highest per capita facebook users in the world, everyone is on facebook, from 8-year-olds to 80-year-olds. Bitcoin seemed interesting and exotic, people did not understand how it worked, but people saw it as something they could make money from it.

We started looking for formal training and reading material in Mongolian about cryptocurrencies, bitcoin, and blockchain. There was none, even though it had garnered huge interest, no one was officially talking about Bitcoin and giving lessons on what it was. The first movie we watched on Bitcoin was “Banking on Bitcoin” which was on Netflix. Very well made documentary about the origin of Bitcoin and the whole idea behind the cryptocurrency and why it was created, who uses it and so on.

“Banking on Bitcoin” 2016 Documentary film

It was the first piece of material that gave me true understanding and insight of what Bitcoin was and what is envisioned, I instantly fell in love. Coming from a traditional mining background, it was a totally new industry for me. My very first “Bitcoin class” was in August of 2017, just 2 weeks after I watched the Banking on Bitcoin documentary. There were over 40 people in attendance, we posted the event on my newly created facebook group “Cryptocurrency Mongolia”. We were inexperienced in speaking in front of people and I was not 100% on how the blockchain behind Bitcoin worked. Nevertheless without knowingly, my bitcoin-blockchain path had begun. The “class” was held on every Sunday from then on, some days there would 5 people, and some days it would go up to 20 and 30. Few months fast forward, my class turnouts were averaging 80 to 100 people per class. Our Facebook group now had over 2,000 members, which gradually went up to 14,000 Mongolians interacting with each other about cryptocurrencies and bitcoin.

Now Mongolian’s were more interested in investing in cryptocurrencies, and investing in mining cryptocurrencies. There were a few talks here and there about creating a Mongolian project and putting it out on the crypto market, none of them came to fruition. After the boom and bust of 2017–2018, so many people lost a lot of money and the interest on bitcoin was gone, it became a sort of joke to a lot of people. Our team and a few others were still in love with this new industry, it didn’t matter if we lost money, because that was not the reason we entered this space.

National broadcaster “MONGOL TV” Cryptocurrency Discussion, October 2017

Several young entrepreneurs educated overseas came together to discuss a potential project that can be developed from Mongolia. We had to be realistic when it came down to what kind of innovation or revolution we were going to make with blockchain technology. It’s a hard sell when it comes to global reach in regards to a little project from an all Mongolian team and a Mongolian project. It was hard for us to be innovative and creative, we had to rely on what we have best: Mongolia. The 2nd least densely populated country in the world after Greenland. A country rich with land and natural resources, famous for traditional mining and Chinggis Khaan.

Chinggis Khaan — Founder of the largest contiguous empire in history.

We saw a problem, cryptocurrency mining and the energy consumption of it, currently consumes more electricity than the entire nation of Switzerland. We wanted to fix it, we wanted to develop sustainable infrastructure, the underlying ground for blockchain. It made sense, the land in Mongolia is cheap, huge capabilities in producing renewable energy, a peaceful democratic nation with the coldest capital city in the world, Ulaanbaatar. Putting together a strong team was a must for us, our goal is to make this project a success, a story to tell and open the doors for future projects. The most experienced energy professional, the largest IT development company, the best blockchain crypto professionals, and the entrepreneur who has a network of connections around the globe.

Developing an industrial park in the traditional sense is not easy, developing a blockchain industrial park seems harder. We also want to develop our platform, the Karvuon Smart Grid platform. Mongolia’s central electrical grid is operated by a State-Owned Enterprise (SOE) as well as the main power plants. It’s control system was last updated in 2003, and more than half of the total grid is controlled manually. The country needs an updated system, a proper smart system where all stakeholders can manage their usage, production, and distribution. End-users would be able to manage their energy consumption and so on. All payments made on the network will utilize the Karvuon token, settlements made on the blockchain, a new SCADA+blockchain technology is in the works of Karvuon team.

Karvuon started off as a cryptocurrency project, with goals to deliver a wide range of energy-producing plants to the ever-growing hunger of blockchain and cryptocurrencies. Fixing an outdated central grid system with the use of blockchain technology. This technology is not only for Mongolia, once developed, it will also be implemented in many developing countries in need of such systems.

Karvuon intends to become the 1st sustainable infrastructure for blockchain technology. The 1st SCADA+blockchain platform that will be utilized by countries, companies, and individuals. Our goal is to bring blockchain to our everyday lives, which is inevitable.

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