The autonomous decentralized organizations that run on the Ethereum blockchain are not only powerful, but they could be transformative. They’re also giving rise to a new type of game – crypto cities! These games explore different types of virtual economies and allow players to build their own worlds with its very own rules. Vitalik Buterin is excited about it because he believes these will help humanity transition into an era where people can work together online without relying on external institutions for support or governance.
Ethereum creator Vitalik Buterin is excited about “crypto cities” running on DAOs and NFTs. These crypto cities will be built by communities of users that are incentivized to work together.
Vitalik Buterin, the Ethereum co-founder, spoke at SG Blockchain Day 2021 about key crypto concerns and how major cities across the globe are embracing cryptocurrencies and blockchain technology to streamline financial operations.
Buterin proposes new approaches to using blockchain technology.
Buterin praised the recently launched Miami and New York currencies, which were created as stand-alone crypto coins and are powered by CityCoins.co to simplify financial transactions. Buterin remarked, “It would inspire inhabitants in those towns to do things to make those municipal currencies valuable.”
In a recent interview, Mayor Suarez of Miami announced that he would distribute more yields made on Miami Coin to the city’s people.
Mayor Hillary Schieve of Reno, Nevada, made a similar remark, proposing a strategy that involves leveraging NFT sales to fund local initiatives. Wyoming, a state recognized for its crypto-friendly regulations, has become an official CityDAO and is trying to construct blockchain cities in the real world.
“Instead of being ruled by a token, the governance is based on citizen NFTs, and the governance may ultimately be restricted to one vote per person,” Buterin said. “There are a lot of experiments, but it’s still a very early stage,” he noted. “On the one side, it means there isn’t a playbook, but on the other hand, it means there are a lot of options.”
Buterin also mentioned several possible use cases that the government may utilize to help crypto cities become a reality. “When taxpayers pay taxes, an on-chain minting event occurs, which mints a sum equivalent to their tax payment,” Buterin said.
“A cryptographic receipt would be issued that verifies the quantity of coins created matched the amount of taxes paid.” There are even methods to do it in zero-knowledge if you don’t want to tell precisely how much someone paid in taxes.”
Buterin also said that such transactions would be processed in a transparent manner, instilling confidence in individuals when it comes to using bitcoin for transactions.
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