NORWEGIAN LIBERTARIAN CITY LIBERSTAD PRODUCES ITS OWN TOKEN

Norwegian libertarian city Liberstad issues its own cryptocurrency, called CITY for a fixed asset calculations.

According to the head of the city John Toralf Holmesland, the use of national paper currencies in the territory of Liberstad is completely prohibited, and the city token is the only way to pay.

All visitors of Liberstad interact with the platform urban network using municipal application. The toolbar allows the community to perform many different tasks, such as managing identity documents, voting on various city initiatives, registering property, and other services.

The city token uses the Proof-of-Stake (PoS) consensus method, which allows block validators to earn tokens for their work, although their choice is based on the current number of tokens in their wallet.

However, there are some countries working on “genuine” blockchain adoption. Thus, the UAE is creating a “smart city” based on blockchain, and in China a Research Institute was recently founded, which is engaged in improving the development of such cities. This initiative is focused on artificial intelligence, big data and blockchain technologies.

Recall that in 2018 more than 100 people from Brazil, Sweden, the UK and other countries have acquired land in Liberstad, where payment was taken on 27 cryptocurrencies.