Liberstad has adopted a cryptocurrency native to its blockchain-powered smart city platform.
Liberstad, a private, anarcho-capitalist city in Norway, has actually adopted a cryptocurrency native to its blockchain-powered smart city platform as its main legal tender, according to a news release published on Feb. 12.
Founded in 2015, Liberstad is the result of the Libertania project, run by the nonprofit Liberstad Drift Association, which aims to produce a city-society autonomous from government interference, eschewing taxes in favour of private sector moneyed services. As reported, the city’s freehold plots were first sold for either Bitcoin (BTC) or Norwegian krone in 2017, with around 100 potential homeowners said to have purchased into the project by April 2018.
John Toralf Holmesland, head of Liberstad Drift AS, has imputed the project’s motivation to libertarian ideology and non-agression concepts, composing:
“We want a society where people decide over themselves and can live together without government authorities. We want a society without government coercion, blackmail, surveillance or unnecessary violence.”
The nascent city has actually now adopted the cryptocurrency “City Coin” (CITY), which will be the only medium of exchange in Liberstad’s closed market: nationwide fiat currencies are prohibited.
CITY is interoperable with Liberstad’s blockchain-powered smart city platform, “City Chain,” which allows city inhabitants and business owners to develop and offer services “on a private, internal and voluntary basis” to change government-run, public arrangements.
Journalism release declares the disintermediated and trustless architecture of blockchain is the “essential component for the development and success of sustainable and free city-societies.”
Future homeowners will supposedly interface with the City Chain platform by methods of a municipal app “City Hub”: a dashboard which will permit the community to perform a variety of civic functions, including identity management, creating and voting on city-wide initiatives, registering residential or commercial property, contract insurance coverage, and more.
The City Coin uses a proof-of-stake (PoS) consensus algorithm in which block validators are picked based on the number of tokens a provided node has staked in their wallet, fulfilling stakeholders with tokens in return for protecting the network.
As previously reported, Liberstad is among numerous potential smart cities to embrace blockchain around the world: especially, the United Arab Emirates is actively pursuing the improvement of Dubai into the first blockchain-based smart megapolis by 2020.
In China, a division of e-commerce giant JD.com just recently established a Smart City Research Institute to speed up the development of smart cities with the use of artificial intelligence, big data, and blockchain innovations.