Norway’s Private City Issues Its Own Cryptocurrency
Norway’s first private city, Liberstad, aims to focus on the individual rather than government, and will be utilizing a cryptocurrency called “City Coin” for its residents to encourage efficiency and transparency. This is the first digital currency to ever be adopted by a “smart city,” per a press release published February 12, 2019.
The concept of “privacy” is more relevant than ever, considering that there are all sorts of companies that have been making international headlines due to the fact that there have been data breaches that has compromised the personal information of millions of individuals. This includes powerful and influential companies such as Uber, Equifax, and Yahoo. It appears that the city of Liberstad in Norway wants to take privacy to the next level.
Specifically, Liberstad wants to be the first “private city” in Norway, meaning that it is completely owned and operated by private individuals and/or organizations. The city is part of the larger Libertania project, which has been influenced by anarchic principles and aims to create a society free from government intrusion and surveillance. It appears as though Liberstad will officially adopt a cryptocurrency as its “official currency.”
About City Coin
The coin that will be adopted is called City Coin (CITY), a coin that is based on City Chain, a “smart city” platform encouraging transparency for the city. The idea is that the infrastructure of the city will be developed on a private and voluntary basis rather than through involving government entities. This will also help users utilize the City Hub, an app where they can interact with other community members, vote on initiatives, and more.
This is historic, as it is the first time that a city has issued a cryptocurrency. City Coin is based on a proof-of-stake algorithm, and is already tradeable and functional.
The Liberstad city is globally known, and the city was established in June 2017. There was considerable global support, with over 100 investors from all over the globe contributing to the city’s creation. As of press time, Liberstad boasted 123 landowners, as well. The plots can be purchased using CITY, as well.
The city itself is quite picturesque, boasting beautiful lakes and landscapes. The idea behind the city is that government tends to interfere and provide obstacles to true individual freedom, and Liberstad literally translates to “freedom”. Ultimately, Liberstad aims to become a city “where life is easier, more relaxing, and without high cost of living.”