Blockchains LLC, an investment firm funding and supporting blockchain technology, hopes to build a smart city that uses crypto as its muse.
The 67,000-acre plot in Storey County, Nevada wouldn’t just use crypto and blockchain as a payment system, it would also be governed with this technology. And this governance would be separate from county, state, and federal jurisdictions.
If the state of Nevada passes the proposed petition, the city would also create its own educational system and police force as well as recording keeping—like medical and financial data—on its blockchain.
The crypto town would also elect its own officials, initially being governed by 3 committee members—two being from Blockchains LLC itself.
One of which could be CEO Jeffrey Berns who plans to use this space as an “innovation zone” or as some would call it a place for experimentation and implementation.
His plans: develop the city over the next 75 years eventually building 15,000 homes (however residential restrictions only allow 3,500 at the moment), an arena, and a Blockchain campus. The largest sector of over 50,000 acres would be devoted to business development with a $1 billion potential investment.
Inspiration for the smart city, explained Berns, stems from the limitations and inflexibility of governments to allow people to introduce and use new technologies.
“There’s got to be a place somewhere on this planet where people are willing to just start from scratch and say, ‘We’re not going to do things this way just because it’s the way we’ve done it,’” Berns said.
Lawmakers in Nevada display open-curiosity and caution to such a worth-wild and potentially risky venture. Despite the skepticism, the project has received support, mainly due to its job creation and economic restoration abilities.
Gov. Steve Sisolak referred to the smart city in a January address, referring to “innovation zones” like Blockchain’s proposal that promote high-paying jobs in the technology sector.
Nevada is known for its tourism industry, which has been hit hard this past year, so a new “big idea” is needed to restore the economy. And with big tech companies like the Telsa factory right next door, the county shows much appreciation for companies of the future.