InstaForex

November 2, 2021

Ethereum Founder Wants to Establish ‘Crypto City’?

 When Facebook founder Mark Zuckerberg announced his dream of making Facebook (now known as Meta) a ‘metaverse’, the founder of Ethereum was no exception sharing his views on the crypto city.


In the ‘Crypto Cities’ partnership, Vitalik Buterin has proposed an idea that combines two trends-crypto coins, and non-fungible tokens (NFT), as well as decentralized autonomous organizations (DAOs), in a new city:


“What will happen if we combine the two at once? Does it make sense or not to create a city based on a crypto economy-coins, NFT, DAO, and record keeping on the chain for anti-corruption prevention, or all four? ”


Buterin also gave the closest reference, Miami which already has a cryptocurrency named Miami Coin. Another example is Reno which is testing RenoDAO and NFT Projects.



The proposal aims to encourage existing countries or cities to take advantage of the greatness of blockchain technology.


An example of a crypto project that excites this figure is CityDAO - an urban development project on the Ethereum blockchain.


Buterin himself expects the growing influence of crypto technology to grow rapidly into existing government systems.


Here are the details of the use cases that Buterin focuses on:


Use blockchain to offer existing processes that are more reliable, transparent and verifiable.

Using the blockchain to implement new forms of ownership of real estate and other assets, including tested and new democratic governance.