Norway’s autonomous city, Liberstad adopts its own cryptocurrency, City Coin as its official currency. City Coin is a secure and innovative cryptocurrency that is based on City Chain.
Liberstad Own Cryptocurrency
City Coin is the first cryptocurrency on the City Chain platform. The adoption by Liberstad makes it the only medium of exchange in the autonomous city. The residents of Liberstad will utilize it for the payment of city services, workers wages and funding of the city’s project. They can use it to pay for anything ranging from hair cuts, a dozen local eggs or an artisan loaf of bread among others. At the moment over 100 plots of land have been purchased already with cryptocurrency in Liberstad.
The cryptocurrency is based on the Proof-of-Stake algorithm. This is different from the Bitcoin’s Proof-of-Work algorithm with its environmental friendly feature and simplicity for participation for those without high-end mining rig.
City hub, a dashboard that enables the citizens of Liberstad to have easy access to all the city’s facilities is still under development. However, the City Coin is already available for trading on the P2P exchanges and Liberstad’s block exchange.
The City Chain
City chain is a smart city platform that enables the design, implementation and the use of next-generation services for smart cities and their inhabitants. Cities at this moment rely on public services operated by government entities, in contrast, city chain provides existing and emerging cities such as Liberstad the opportunity to build and offer services conducted on a private, internal and voluntary basis.
City chain utilizes the blockchain to create a smart city platform that hosts a suite of features for emerging cities such as Liberstad. One of the leading features is the city hub, which is intuitive and simple to use dashboard for smart city inhabitants. Citizens can access the city hub through a municipal app that enables them to interact with the community, manages their identities, create city-wide initiative or vote on existing ones, register property, contract insurance and more.
National Crypto Adoption
Crypto adoption has seen drastic growth in recent time. Iran has adopted its national cryptocurrency while the Republic of Marshall Island is also underway with its crypto project despite the negative stance of IMF and the U.S. Treasury.