Vitalik Buterin Proposes “Crypto City”
Vitalik Buterin published an article entitled “Crypto Cities” which shows the growing interest of various governments in experimenting with new technologies, especially cryptocurrencies.
Vitalik Buterin suggests “crypto city”
Buterin suggests combining the best of these local governments with emerging crypto technologies to build crypto cities. He says:
“Another interesting trend over the past year has been the rapid integration of cryptocurrency ideas like coins, non-fungible tokens, and decentralized autonomous organizations (DAOs). So what happens when we combine the two trends? Does it make sense to have a city with a Coin, NFT, DAO, permanent anti-corruption record, or even all four? “
Buterin also gives examples of several cities that have implemented various cryptocurrency integrations, possibly Miami Coin, a Bitcoin-based crypto token used for the development of the city of Miami. Reno is also experimenting with RenoDAO and NFT projects.
The proposal for crypto cities comes just days after Facebook changed its name to Meta, with an emphasis on building a truly digital world with blockchain technology. In contrast, Buterin suggests using decentralized technology in existing cities to turn them into real crypto cities. Metaverse promises to be a future where people can interact and do whatever they are currently doing in a virtual avatar. However, the idea was not well received by the public as Facebook has misused user data in the past.
Vitalik Buterin speaks about CityDAO in the proposal “Crypto City”
The renaming of the parent company from Facebook to Meta has caused waves in the crypto space. Meta focuses on building a fully virtual digital world, also known as Metaverse, by leveraging the power of blockchain technology. In Metaverse, people can interact with their virtual avatar and do anything.
In his “Crypto Cities” proposal, the Ethereum co-founder speaks of the use of decentralized technology in existing cities. He also talked about a specific crypto project that made a big impression on him. A project called CityDAO, which is still active, aims to build brand new crypto cities from scratch.
This is a clear sign that the cryptocurrency market is increasingly influencing local governments. Many of these local governments have joined the crypto train. In his most recent article, Buterin noted that local governments could also incorporate blockchains into their existing systems. He focuses on two main use cases:
Use blockchains to create more trustworthy, transparent, and auditable versions of existing processes.
Use blockchain to implement new and experimental forms of ownership of land and other scarce assets, as well as new and experimental forms of democratic governance.
The metaverse discussion is building, but Buterin’s proposal for crypto cities could prove to be a practical solution in the short term.
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