Crypto Fun Facts | Crypto Floating Island

Crypto Fun Facts

Crypto Fun Facts

There are so many ways in which cryptocurrencies can change the world. The majority of these are well publicized, even if they are quite intangible. Admittedly, it is hard for economic policy to be quite as tangible and as easy to grasp as an actual floating island. And that is exactly what Blue Frontiers hopes to build in the French Polynesia. The Floating Island Project’s ultimate goal is a self-sufficient island with an independent government and its own cryptocurrency. Dubbed the “crypto floating island”, the proposed community would have a completely new system of governance, using blockchain technology to get rid of centralized authority and replace it with a form of direct democracy. In a recent development, the crypto floating island project secured a pilot project with the French Polynesian government, after a memorandum of understanding was signed by Blue Frontiers and the government. The Floating Island Project takes the notion of “seasteading” and develops it into a solution for the proposed new system. Blue Frontiers has developed a token called Varyon (VAR), an ECR-20 token, as a general purpose coin for the exchange of goods and services. The project will use the funds raised from the Varyon sale to fund new seasteads. Although seasteads were initially dismissed as a sci-fi notion, they are quickly becoming reality, with Shell launching a similar project called Prelude. Blue Frontiers hopes that seasteads will lead to the development of new societies and forms of governance.

There are other, perhaps less radical ways, in which cryptocurrencies and blockchain technology are already changing our systems of government and influencing activism. A 2017 Oxfam report showed that the world’s wealthiest 1% own 82% of wealth in the world. There are many proposed crypto solutions to share the rewards of the so-called booming economy and to give power back to the people. In February, it was reported that the UN was experimenting with sending Ethereum to 10,000 refugees in Jordan. Ethereum can be exchanged between mobile phones, which offers a great advantage. Platforms such as BitPesa, M-Pesa, and MicroMoney are used in Asian and African countries to exchange cryptocurrencies, helping the unbanked and changing the lives of populations suffering from rampant inflation which makes the money they earn worthless.

Blockchain technology could also be used for an immutable voting system, an idea which has been endorsed by Tim Draper. He said that blockchain technology could replace bureaucrats who keep track of data, contracts, and financial transactions.

In Georgia (the small nation in the Caucasus, not US Georgia), the government in Tbilisi decided to use blockchain technology to completely rebuild its land registry. BitFury, a blockchain development company, developed a private blockchain for Georgia on Exonum, a custom blockchain. The entire land registry is automatically backed up to the Bitcoin blockchain, which makes it both secure and immutable.

Although, same as ever, money and prices seem to be filling up crypto-related headlines on a day-to-day basis, it is apparent that in the long run, changes like these will be the most impactful and most talked about in the history books.

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Author: Martin Simons
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