The cryptocurrency industry has been expanding at a rapid pace as people’s faith in technology grows strong. The potential of cryptocurrencies and the underlying blockchain technology is limitless. As such, the concept of blockchain powered smart cities is a reality now. Blockchain incubator and investment firm Blockchains LLC is the latest to reinforce these efforts as it has stepped up its plans to build a smart city in the Nevada desert east of Reno.
According to an interview with the Associated Press on February 13, Blockchains CEO Jeffrey Berns has revealed that he had asked lawmakers of the State of Nevada to let him form a local government on the 67,000 acres his company owns in Storey County.
If the state gives the petition a green light, Blockchains LLC would be able to operate as an “innovation zone,” where it would be able to impose taxes and create courts besides incorporating digital currency payments for goods and services and maintaining all records on the blockchain.
Be your own government
According to Berns, the present government isn’t prepared to build and develop a community based on blockchain, cryptocurrencies, and other innovative technology. He continued that the crypto city would be a place “where people are willing to just start from scratch.”
“For us to be able to take risks and be limber, nimble and figure things out like you do when you’re designing new products, that’s not how government works. So why not let us just create a government that lets us do those things?” he said.
Blockchains LLC purchased the land back in January 2018, for $170 million. Back then, Berns noted that his proposed city would constitute the Blockchains campus, a content creation studio, an e-sports arena, and residential properties.
Berns has proposed to build 15,000 homes and 33 million square feet of commercial and industrial space in 75 years, but as of now, residential development isn’t currently allowed on most of the company’s land. This puts the limit to 3,500 homes.
Blockchain LLC’s petition has been met with intrigue and skepticism from the state’s lawmakers, even though the legislation is yet to be formally filed or discussed in public hearings. If the lawmakers accept this proposition, three people would able to “govern” private technology companies’ properties with more than 50,000 acres which also promise a $1 billion investment.
These legislations could affect some major companies including Tesla, which has the Tesla Gigafactory located in the same county, and Amazon, with its fulfillment center in the area.