Ethereum co-founder proposes a "crypto city" revolution - the application of blockchain technology in city governance
With this idea, each city can have its own coin, a separate NFT with a record that is kept continuously on the blockchain, making the operation of cities more transparent and easier to control.
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Vitalik Buterin, co-founder of Ethereum has just released a document titled "Crypto Cities", describing the growing interest of many governments around the world in a variety of new technologies, especially cryptocurrencies. chemical. In it Buterin proposes integrating many of the best technologies of these cities with cryptocurrency technologies to build crypto cities – crypto cities.
“ Another interesting trend from last year was that many of the ideas of cryptocurrencies quickly became mainstream, such as coins, NFTs and decentralized autonomous organizations (DAOs), Buterin said . So what happens if we combine these two trends?Is it logical for a city to have its own coin, its own NFT, its own DAO, with a persistent record kept on the blockchain to anti-corruption, or even apply all four technologies above? "
One of the examples of cities that have experimented with cryptocurrency integration is the Miami Coin, a cryptocurrency token built on Bitcoin for the purpose of developing the city of Miami. Likewise, Reno – a city in the state of Nevada – is also testing RenoDAO and NFT projects.
The crypto cities proposal comes just days after Facebook changed its name to Meta – a move that shows its focus towards building a truly digital world using blockchain technology.
On the contrary, rather than aiming to create new virtual worlds, Buterin's proposal is about using decentralized technologies in existing cities to turn them into real crypto cities. Metaverse - Facebook's idea of a digital super universe - where people can interact and do whatever they want in the form of their avatar. But the idea was not well received by the general public because of the scandals in Facebook's history of managing user data.
In his document, Buterin also highlights one of his projects that has attracted the most attention, called CityDAO. Unlike Miami Coin or RenoDAO which was built from the ground up and is still not operational, CityDAO is a DAO company with legal status, existing under Wyoming DAO law, in an effort to create members. Brand new town from scratch.
Unlike other companies, the company's regulations and laws are encrypted with blockchain, instead of paper as usual. In this way, instead of a CEO running the organization, the rules are formed by consensus among a group of individuals. This is the attraction of CityDAO.
Sharing the same vision with Buterin are also other names in the world of cryptocurrency, such as Brian Armstrong, co-founder and CEO of cryptocurrency exchange Coinbase, billionaire Mark Cuban, who has always been enthusiastic about money projects. potential encryption.
Vitalik Buterin said that, while the above examples show the growing influence of the cryptocurrency market, it also shows the potential of many other cities to integrate blockchain technology into their existing systems. . He paid special attention to two specific use cases:
- Apply blockchain to existing processes to create a more reliable, transparent and easily verifiable version.
- Blockchain application to implement new and experimental forms of ownership of land and other scarce assets, as well as new forms of governance.
Metaverse discussion is growing, but Buterin's crypto cities proposal could prove to be a viable solution in the short term.
NEW TECHNOLOGY ELECTRONIC REPORT
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