Vitalik Buterin visualizes the concept of crypto cities with native cryptocurrencies hosted on decentralized networks. In particular, Vitalik Buterin praises projects like CityDAO, which aims to build entirely new crypto cities from the ground up. Last week’s Facebook announcement to build a Metaverse has taken the crypto space by storm and sparked new controversy.
Vitalik Buterin’s “crypto cities”
cryptocoin.com After Facebook’s announcement, cryptocurrencies like Decentraland (MANA), which is linked to the metaverse, have gained solid momentum in the last four days. However, Ethereum co-founder Vitalik Buterin is thinking along similar lines. On Sunday, October 31st, Vitalik Buterin published a similar article titled “Crypto Kitties”. Here, he talks in detail about his different governments’ growing interest in experimenting with new technologies, especially crypto. The Ethereum co-founder visualizes the idea of these local governments and emerging crypto technologies coming together to build what he calls “crypto cities,” and writes in his latest article:
Another interesting trend of the past year has been the rapid spread of crypto ideas such as cryptocurrencies, Non Fungible Tokens (NFTs) and decentralized autonomous organizations (DAOs). So what happens if we combine the two trends? Cryptocurrency, NFT, DAO, does it make sense to have some record keeping on the Blockchain to fight corruption, or even a city with all four?
A number of cities and local governments around the world are eager to adopt cryptocurrencies. Vitalik Buterin gives the example of cities like Miami where he owns his native cryptocurrency Miami Coin. Another example of this is Reno experimenting with RenoDAO and NFT Projects.
What does Facebook’s Metaverse announcement mean?
That being said, Facebook’s rebranding of its parent company as Meta has created ripples in the crypto space. Meta focuses on creating a completely virtual digital world, the Metaverse, by leveraging the power of Blockchain technology. In the Metaverse, people will be able to interact with their virtual avatars and do anything.
In his proposal for “crypto cities,” the Ethereum co-founder talks about leveraging decentralized technology in existing cities. He also mentions a particular crypto project that impressed him a lot. A project called CityDAO aims to build entirely new crypto cities from the ground up, which will still be implemented.
This is a clear indication that the crypto market has an increasing influence on local government. Many such local authorities have already boarded the crypto train. Vitalik Buterin states in his latest article that local governments can also incorporate blockchains into their existing systems, focusing here on two main use cases:
The first is to use blockchains to create more reliable, transparent and verifiable versions of existing processes. The second is to use Blockchains to implement new and experimental forms of democratic governance, as well as new and experimental forms of ownership for land and other scarce assets.
It will be interesting to go further and see if Vitalik Buterin’s suggestion becomes a practical reality.
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