A Norwegian City Becomes The First City To Accept Cryptocurrency As Official Exchange Medium

Liberstad is a city in Norway that is known for having a government, which supports self-ownership. Nonetheless, they have chosen to settle on a noteworthy choice in their position on cryptographic money – to offer it as an official vehicle of trade. As per a public statement on last Tuesday, February 12th. The city is ready to release its local Cryptocurrency, on the recently launched Smart city platform, which is already running on Blockchain technology.

Founded in 2015, Liberstad was made after the Libertania venture finished, which is controlled by the Liberstad Drift Association. This charitable gathering assists with the self-governance of the city-society without the previous government impedance. The freehold plots of the city were sold in 2017 for either Bitcoin or Norwegian krone. The report demonstrates that roughly 100 planned inhabitants purchased in by April of a year ago.

The head of Liberstad Drift AS, John Toralf Holmesland, has executed the libertarian belief system and non-hostility standards into the general public.

About the decision he wrote :

“We want a society where people decide over themselves and can live together without government authorities. We want a society without government coercion, blackmail, surveillance or unnecessary violence.”

The new city currently has a “City Coin” (CITY) as their digital currency. Fiat currencies are altogether disallowed, and the best way to pay inside the city is with the CITY token. It works flawlessly with the blockchain-controlled “Smart City Platform”. Local people have the chance to utilize CITY “on a private, interior, and intentional premise,” however it supplanted open arrangements that would some way or another be offered by the administration. The official statement said that the Blockchain’s major properties of being Trust-less and Decentralized were the key elements for a free-city society.

Any new residents that are welcomed into Liberstad interact with a platform for the City Chain through a municipal app. The dashboard lets the community perform many different needs, like managing identity documents, voting on various initiatives in the city, registering their property, and other services.

With the City Coin, the blockchain uses a proof-of-stake (PoS) consensus algorithm that allows block validators to earn tokens for their work, though their selection is based on the current number of tokens in their wallet. This full embrace of blockchain is what makes Liberstad so unique, considering that there are very few locations in the world to do so.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: