Sanaa is a chemistry major and a Blockchain enthusiast. As a science student, her research skills enable her to understand the intricacies of Financial Markets. She believes that Blockchain technology has the potential to revolutionize every industry in the world.
The issued paper mentioned CityCoins.co, an idea that is already being worked upon and involves combining government with crypto technology.
Vitalik Buterin, the famous Ethereum founder, has put forward a paper that engages in a discussion on “crypto cities” which can be run through decentralized technologies established in a metaverse. Taking inspiration from Facebook’s recent change in branding to Meta, where they are believed to be creating a metaverse organization, Buterin explains that the governments are indulging in newer technologies like crypto that will have a huge impact on the DeFi systems around the world.
In his paper, he acknowledges the rising trend of hasty mainstreaming of crypto ideas like coins, Non-Fungible Tokens, and Decentralized Autonomous Organizations (DAOs). Buterin presses on creating a city that has all of it in one place, the coin, NFTs, a DAO, and some kind of record-keeping on-chain for anti-corruption. The Canadian-Russian programmer included several examples of government collaboration with crypto to help develop cities. It also mentioned CityCoins.co, an idea that is already being worked upon and involves combining government with crypto technology.
Other cities that are known to take inspiration from crypto-based projects include Miami, which is using a digitized token called Miami coin, supported on Bitcoin Blockchain, with a fraction of the issuance given back to the city government. Buterin also named Reno in the paper and explained how it is also investigating NFT projects and RenoDAO.
The paper comes shortly after Facebook’s disclosure on the name change to Meta. Mark Zuckerberg, the Founder, and Chief Executive Officer of Facebook, in the recent announcement, included a letter for the public, where he explained the vision of the metaverse. The letter emphasizes the future of technology, where Facebook is aiming to accelerate the development of fundamental technologies, social platforms, and creative tools to bring the metaverse to life, intricately weaving all the technologies together through social media.
Zuckerberg’s vision for Facebook acknowledges the establishment of the metaverse through the participation of many creators and developers. Bringing up the problem of privacy and security, which has kept Facebook on the edge lately, Zuckerberg says that transparency should be added to the metaverse from the very beginning.