A private, anarcho-capitalist city in Norway named Liberstad is in our crypto news today after announcing the adoption of a cryptocurrency that is native to the blockchain-powered city platform as the official medium of exchange.
Liberstad was founded four years ago as a part of the Libertania project that is run by a nonprofit organization named Liberstad Drift Association which has a goal to create an autonomous society from government and use the tax funds for improving the private sector services. The city is extremely popular know after 100 residents bought into the project by 2018.
The head of Liberstad Drift AS John Toralf Holmesland said that the inspiration for the project comes as a libertarian ideology by saying:
“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.”
Liberstad has now adopted the ‘’City Coin’’ (CITY) which will be the only one used as a medium of exchange in the city’s closed market where all of the fiat currencies will be banned. The coin is interoperable with the city’s blockchain platform ‘’City Chain’’ that will allow for all of the inhabitants to offers services on a private basis and will replace government-run provisions.
The City Coin uses a proof-of-stake consensus algorithm that rewards the stakeholders with tokens in return for making the network secure. Liberstad is one of the most popular smart cities to embrace blockchain along with Dubai as the first blockchain-based megapolis.
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