Real-world crypto democracy looks to become the crypto capital of the world

The saying “cash is king” may soon become a thing of the past – at least if the team behind Satoshi Island has their way.

The group of blockchain enthusiasts are turning a privately owned 32-million square foot island into a fully crypto-based country of its own, which they hope will become the “crypto capital of the world.” 

The team has gotten a green light from the Vanuatu Prime Minister and the Minister of Finance, meaning all approvals are now in place to turn their dream into a reality.

But whether that happens or not remains to be seen. It’s an ambitious goal with plans for 21,000 permanent residents to live in futuristic luxury housing stacks. These residents would ultimately create a sustainable, smart city built entirely around crypto.

All trade and commerce on the island would revolve around cryptocurrency,  and all assets and rights would be issued through NFTs – including the homes being built.

“Anyone can own a piece of the island through the availability of an NFT collection made up of 2,100 uniquely identified blocks of land. Each of these blocks are large enough to build a home on, and holders of multiple blocks can combine adjoining NFTs to create larger blocks capable of accommodating expansive homes, commercial spaces or apartment complexes,” the island’s promotional video states.

The island is accessible by direct flight from the US, Canada, Asia, and Australia. Stage one of development is already completed.  Current visitors can explore the island already and are able to check in at “traditional-style villas” before exploring the rest of the island, which is as yet undeveloped. 

Will a real life world built around a virtual concept work?

It could be the ultimate case study for the power of blockchain in everyday life.