Crypto City: How Blockchain Technology Improves Government Approval and Citizen Engagement

Vitalik Buterin, founder of the Ethereum cryptocurrency, recently wrote about the future role of blockchain technology in the city. He's not just a fan. "There are many experiments today, both private and governmental, that fall under the justice of the future. Crypto 'cities'. Crypto 'cities'.

Cryptocurrencies, smart contracts, NFTs (technologies that make digital assets such as GIFs, memes, audio clips, videos, or tweets a single device), popular Movies Now and pay in virtual currency, in recent years , it was a challenge. The technology was born from the hand of various design blockchains. In fact, some experts have argued that the Bitcoin exchange business is not the cryptocurrency itself, but a blockchain that acts as a list that anyone can identify and no one can steal, secure the company.

There are a few places that don't learn how to create this technology. Everyone from the music industry to NGOs, many banks and even the government blame him for joining the regime.

We will start talking more about the concept of Crypto Cities here. Although controversial for some time, the noise around this topic is one of the most important cryptocurrencies in the world, and Ethereum founder Vitalik Buterin recently published a personal blog post on the construction of the city of the future.

Buterin wrote, "Many governments around the world are inefficient and slow to respond to major changes in people's basic problems and needs." He also asked, “Is it beneficial for cities to have digital assets, NFTs, Autonomous Bodies (DAOs) and certain signatures (using blockchain) to fight corruption? finance ? For now, these are just questions. In some countries, such as El Salvador, Senegal, Nigeria, Barbados or municipal governments in the United States such as Miami, Reno or New York, governance models based on this technology are adopted.

The CityDAO flag rests on 15 acres of land in Wyoming, USA, which is set to become the world's first cryptocurrency city. (Image courtesy of CityDAO)

Juan José Mendez, director of Ripio, the platform for buying and selling cryptocurrencies, said: “Companies in many sectors are starting to use blockchain as a solution. “The next step, starting with grassroots organizations, is for government agencies to start using these technologies to address issues around working conditions in public life,” he added.

Bitcoin City and Miami Coins

And in fact, we are seeing a lot of experimentation with this technology. El Salvador is the most obvious example. Not only did it become the first country in the world to adopt Bitcoin as a valuable asset under the leadership of President Nayib Bukele, but only a few days ago he announced that he would create a city called Bitcoin City, which will be located in the city. . on the coast of Conchagua. , which will initially be funded by Bitcoin-based funds. At present, not much is known about the city where almost all taxes are removed. “If you want Bitcoin to spread around the world, you have to build Alexandria,” Bukele said. In other words, Bitcoin City is just an idea and a place for now, and if established, it will first become a test site for the crypto world.

Vitalik Buterin, founder of Ethereum cryptocurrencies, called for blockchain technology to make government more transparent.

Re-elected Miami Congressman Francis Suarez wants to make the city look like a new Silicon Valley, and one of his biggest challenges in getting there is cryptocurrency. That's why he decided to pay in Bitcoin. "I want us to become the cryptocurrency capital of America and the world," Suarez said in a press interview. Indeed, it has indicated its intention to invest part of the city's public finances in Bitcoin. This makes Miami the first city in the United States to convert part of its investment into the most important cryptocurrency in the market.

This is how Miamicoin, the cryptocurrency designed to aid its holders while supporting city operations, was born. The president's office was not involved in the move, but Suarez told Fox that "as Miami has become the world's largest investor in bitcoin, the city of Miami can generate millions of dollars from Miamicoin instead."

Japan is also following this path. Starting in 2020, a consortium of public and private companies and some of Japan's largest banks came together to develop their own cryptocurrency called DCJPY, sponsored by the Japanese yen.

What is this for?

There are many examples of this, but is it worth using cryptocurrency or blockchain in a country? Santiago Ciri, the founder of the UBI cryptocurrency, who spoke about the social media role of these devices and was born in the concept of international income, and hackers The project, led by the Democratic District Initiative, answers: "The blockchain allows all businesses to be monitored or explored in a place where all citizens can access and see the flows of money. logically everything is still green too: "I think it's interesting research and we have to pay close attention to how they change."

The best innovation and capabilities of cryptocurrencies for security and transparency are promised through technologies that can be used for the over-management of the financial instruments themselves.

And in addition to the obvious Siri talked about, Buterin mentioned another unique feature that uses blockchain to facilitate new data and membership attempts. From land use to other assets, “a new form of democratic management”.

internet freedom

One of the main issues of transparency in governance is voting. The security issues associated with electronic voting are huge, but people like to say they can be solved by using a transparent system like blockchain. “For example, you can build systems that use unknown groups and multiple proprietary technologies, which are procedures that identify voters without identifying who is voting,” Siri said.

"Voting today will be permanently on the blockchain. DAOs are independent organizations. They are companies or companies affiliated with the blockchain. Financial decision making. that based on the knowledge of online freedom working on blockchains today is declining and growing, this will have a greater impact on democratic standards,” says Siri.

“However, we are still in the early stages of this area and in recent years we have advocated for freedom of speech or online elections, fair voting, recognition and speed. Privacy is one of the three most important factors of the vote.

Engagement with cutting-edge technology in local government governing bodies, membership documents and the electoral process can be the first step to public engagement, as can people talking about the city of cryptocurrency.

Mendez agrees: "In the long run, a general election or popular vote certificate would look more like a model of criticism as we know it today than a major election (organizations, organizations, businesses) can. try these ideas.

Perhaps the biggest cryptocurrency experiment today is CityDAO, a company that builds cities from the ground up based on blockchain. To this end, more than 15 hectares of land in Wyoming was purchased. Each region is better proof than the so-called NFT, a blockchain-based crypto asset with unique tokens. In other words, when a buyer purchases land in a crypto city that CityDAO is developing, the membership is identified by the blockchain.

Why put land on a blockchain? “Digitizing physical assets democratizes access, improves focus, eliminates middlemen and reduces complexity,” the company said. But that's not all. As a DAO city, a decentralized city, it is up to the people to decide what land and what to do with it. At the same time, we will see how this incredible expectation comes true.

Miami Mayor Francis Suarez wants to make the city a "crypto capital".

What will happen in the future? Siri replied, "Experiments with communities and cities that use different cryptocurrencies are really happening. I think it can do anything. We're trying to put new technologies into practice. communities, even cities and countries of power. Obviously, more and more.. have been happening around the world in this century.

With the huge market behind cryptocurrencies that are generally open to finding solutions that exist in many communities around the world, these new developments need to be slowed down, in stable steps to affect all citizens, not just humans. . Learn the skills, adopt them, and make the most of them early on. So-called early adopters, tech enthusiasts.

"It's better to start by controlling yourself and spending your time, but at the same time it's important to take advantage of this time. The city has a lot of things that can be improved and need to be improved. There are challenges, and the cryptocurrency city comes from itself,” Buterin said. It is an idea."