A pilot project aims to develop offshore housing using its own cryptocurrency, and operating outside government regulation. The initiative is taking shape within the government of French Polynesia. Under the guidance of two startups, France’s overseas collectivity is developing its own financial system based on a new cryptocurrency and an Initial Coin Offering (ICO).
A floating island, its own government, its own cryptocurrency and 300 houses
Going offshore would be a suitable solution for the highly polluted environment and policies that hinder business growth. Two startups, Blue Frontiers and Seasteading Institute, create an artificial island hosting more than 300 dwellings. Their ambition: to launch their own government and their own cryptocurrency.
Island builders are turning to digital currencies as these alternatives have proven effective.
“Our mission is to foster the long-term growth of the maritime movement. Our current goal is to allow the first seaports to research on critical challenges in engineering, law and business, increase awareness and build an offshore base community, ” can we read on the Blue Frontiers website.
The Polynesian Islands were specifically chosen as the starting point for this project. Mezza-Garcia, researcher and political scientist for the Blue Frontiers Floating Island Project and Seasteading Institute, gave an interview to CNBC’s Matthew Taylor to discuss the subject.
“It is important that this project be tested in the Polynesian islands. This is the region where the land rests on coral and disappears with rising sea levels, “ she said, adding, ” once we can see how this first island will work, we will have a conceptual proof for planning islands that will host climate refugees. “
Launch of an ICO
In order to raise funds, an ICO was launched by Blue Frontiers – selling the tokens of the Varyon cryptocurrency (VAR). The project is funded by philanthropic donations through the Seasteading Institute and Blue Frontiers according to the announcement:
Blue Frontiers plans to use the proceeds of the sale to develop its ecosystem and create SeaZones and seasteads, and will only accept Varyon (VAR) for its products and services.
The pilot island is expected to be built by the end of 2022. According to current estimates, it will cost about $ 50 million.
What do you think of establishing a utopian government and own cryptocurrency with 300 dwellings on an artificial island in Pacific? Let us know in the comments section below.