Cryptocurrencies could easily become the money of the future. Due to their global appeal and increasing popularity, it seems to be only a matter of time until such a transformation takes place. The Floating Island Project, however, is taking a slightly different approach. It will become the world’s first floating nation and apparently use its own cryptocurrency as a form of payment.
THE FLOATING ISLAND PROJECT AND VAYRON
For those unaware of what The Floating Island Project entails exactly, there are some interesting aspects to take into account. First of all, it is bankrolled by PayPal founder Peter Thiel, who has made some interesting comments regarding Bitcoin and other cryptocurrencies in the past few months. Additionally, it is expected to cost $50 million to build over the coming years.
If everything goes according to plan, the Floating Island Project will “launch” in late 2022. The nation will be located in the Pacific Ocean and is being assisted by the government of Polynesia. Despite this connection, the island nation will be completely independent and operate outside of any government’s regulations. How that will be achieved in real life remains to be seen, as it is a very ambitious goal. While the floating nation’s infrastructure is still under development, the ultimate goal is to offer 300 homes as well as various hotels, restaurants, and offices.
Interestingly, the Floating Island Project will not use an existing currency, nor will its economic model rely on natural resources or precious metals. Instead, a new cryptocurrency will be created, one which goes by the name of Vayron. This is a remarkable approach, considering that Peter Thiel recently made some interesting remarks regarding Bitcoin and similar currencies.
Although most specifics regarding Vayron have yet to be disclosed at this point, it is evident the business model has some merit in the long run. Creating money out of thin air is nothing new in the financial sector, but it is very different to use it as an actual means of exchanging value in an entirely new nation. It will be rather interesting to see how this venture plays out, as there are still a lot of unknowns.
Creating a new cryptocurrency without having to adhere to any existing government’s rules is a dream come true for a lot of people. It also sounds pretty great on paper, but in reality, things tend to work out quite differently. Peter Thiel may have bitten off more than he can chew here, although it is certainly an interesting venture which could set a remarkable precedent.