City Coin becomes the official currency in a Norway city
Chris Wheal
Since their introduction in 2008, blockchain and cryptocurrency have transformed many industries worldwide. However, additionally to revolutionizing the already existing areas of our lives, cryptocurrencies also gave a birth to completely brand new ones, too. One of these phenomena is blockchain cities, also known as smart cities.
One of them is Liberstad, located in Norway. Self-described as "an autonomous city being built with efficiency, transparency and community in mind," it's announced City Coin as their only officially accepted currency. As stated in Liberstad's press release on February 12th, City Coin is to be used for workers' salaries, payments for city services, as well as for funding of civic projects. Residents of Liberstad are able to pay for all goods and services within the city limits using City Coin, whether it's a haircut, fresh loaf of bread, or a land, adding a multitude of our day-to-day activities to cryptocurrency real-life use cases. As of today, Liberstad has already sold over 100 land lots to over 120 landowners. More lots will become available soon, as stated on the Liberstand's website.
Unlike Bitcoin's Proof of Work base, City Coin is based on Proof of Stake algorithm. Holding City Coin is easy and rewarding, Liberstad's press release says. All City Coin holders receive 20 CITY for every staked block, being able to add up passive income while securing the network.
As we covered in October, Jeffrey Berns, Los Angeles lawyer turned millionaire, owner of Blockchains L.L.C., is currently building U.S.-based smart city centered on blockchain and crypto, located in the Nevada desert, just a little over 400 miles from Las Vegas.
Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.