Norway Private City Liberstad To Use PoS Coin


Liberstad is the name of a new city currently being built in Mardnardar municipality in Norway. This new populated area is promised to have only private maintenance services and to be fully independent from the state budget. However, it will still have to follow the basic laws of the state. This ‘smart city’will have its own cryptocurrency called City Coin (ticker: CITY) made by City Chain Labs and based on the source code of Stratis Coin (ticker: STRAT, Coinmarketcap’s #52). According to the website of Liberstad, 80% of initial property purchases were made with Bitcoin payments but in the future, CITY will be used as a main tool to buy land in Liberstad.

This cryptocurrency is likely to have a stable price due to its main purpose to serve as an actual day-to-day means of payment between the residents of Liberstad. Only time can show if this libertarian economic project can become successful.

Potential central bank-issued digital currencies (CBDC) have been researched by the Bank of England experts last year, and it’s safe to say that City Coin does not meet the majority of design principles outlined in that paper. We can, however, call it a digital currency with a limited access within a single city — and this is remotely similar to the Economy-Wide Access Model described in the paper.

18-02-2019

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