- Telecommunications Giant Vodafone Leaves the Libra Association
- Group of Central Banks Assesses Developing Central Bank Digital Currencies
- South Korea Might Impose 20 Percent Tax on Cryptocurrency Profits
- Report: Terrorists Increasingly Use Crypto to Raise Funds Anonymously
- Canadian Securities Administrators Subject Crypto Exchanges to Securities Laws
As weeks roll into months which in turn roll in years, more and more use cases of the blockchain technology emerge from the blocks.
A few decades ago, anyone who predicted a city without the traditional government system and solely governed by a decentralized platform would be referred to as delusional. Fast forward to today and Norway’s first and only private city known as Liberstad is set to operate on a blockchain-based platform called City Chain. Thanks to innovation!
The official currency at Liberstad is a crypto coin dubbed City Coin. The coin is currently the only currency in the city. It will be used for typical day-to-day activities such as payment for groceries, fees, haircuts, utility bills, wages, funding civic projects, and other things necessary for running the city without any hassle.
Besides Liberstad, City Coin is also made available for trading on other platforms such as p2pb2b exchange.
City Chain is the blockchain-based company responsible for creating the innovative platform focused on smooth-running of existing and emerging cities like Liberstad. Although the City Chain’s platform is yet under development, it houses some sophisticated features such as the City Hub that allows inhabitants of smart cities to perform relevant tasks within the city. Through City Hub, inhabitants of smart cities can register properties, manage their identities, get the necessary insurance, interact with the community, and do a whole lot more. They also have the opportunity to create city-wide initiatives as well as to vote on existing initiatives.
The City Chain Insight tool (or its explorer) is also made available for users to explore the technology behind the platform together with their transaction histories.
The city currently trades solely on City Coin, a crypto coin created by City Chain. Unlike Bitcoin which operates on proof-of-work (PoW) algorithm, City Coin operates on proof-of-stake (PoS) algorithm. This makes it easy for every inhabitant to use the coin. Also, City Coin is Eco-friendly as it does not require high-end mining rigs which usually consume a buck load of energy. In addition to its already amazing features, City Coin rewards inhabitants from time to time. Stakers are rewarded 20 City Coins for every staked block.
It is no wonder that over a hundred plots of land have been sold in the city already. A report has it that more plots are being made available for purchase using the city’s official currency, City Coin.