Kusama stated that the project would give a very strong return, yielding $10 for every $1 invested over a decade.
By Temitope Olatunji
Edited by Julia Sakovich
Updated
3 mins read
Shiba Inu’s lead developer Shytoshi Kusama has written a proposal to the next US president. The proposal entails strategic steps towards creating the world’s blockchain hub in the United States. This initiative likened to a “Silicon Valley for blockchain” would transform the US into a global epicenter for blockchain technology, attracting both high-tech investments and skilled talent from around the globe.
The crypto industry has been one of the major deciding factors in the US election, as users prefer to go for candidates with the industry’s interests at heart. However, Kusama has instead written the proposal to whoever emerges victorious in the election. He stated that the initiative will capitalize on blockchain’s transformative potential to make the country a global leader in blockchain and sustainable development, boost the economy, create jobs, and improve security.
Kusama’s proposal also features both physical and digital infrastructure development. The physical infrastructure includes the construction of a modern research lab, incorporating green building services, and improving public transportation links. The digital infrastructure includes establishing secure and efficient data centers, setting up fast internet networks, and also setting up a blockchain network such as Shibarium, along with similar systems across the entire city. The estimated cost for infrastructure development will be between $700 million and $1.2 billion.
The proposal also includes incentives that could help businesses grow. Kusama recommended reduced corporate tax rates and the allocation of funds to startups, small businesses, and research institutions developing blockchain. The developer also suggested more collaborations between the private and public sectors. The estimated cost of the economic incentive is between $300 million and $600 million.
The Shiba Inu developer also talked about the need for local and digital universities to join forces in creating a special degree program focusing on blockchain technology. Investment in K-12 STEM education and other developmental programs to train workers for blockchain careers was also advised. According to Kusama, the talent development program will require $100 million to $200 million.
The proposal also mentioned regulatory clarity, which has been one of the major issues the industry is battling. Kusama called for clear and supportive regulation. A regulatory sandbox was also suggested to allow companies to test their new technologies under regulatory supervision.
Other key points, such as sustainable practices and marketing, are also discussed, with estimated costs of around $150 million to $250 million and $50 million to $100 million, respectively.
Kusama noted that the project’s outcome can be realized in short-, medium-, and long-term phases. Within the short term, which is between 1 and 2 years, the project could have created up to 5,000 jobs, launched blockchain courses, and even injected $500 million into the local economy.
In the medium term, which is between 3 to 5 years, the outcome would be an expansion to over 20,000 highly skilled jobs, a yearly contribution of $2 billion to the local and national economy, and the completion of key facilities and technology. Furthermore, the long-term outcome, expected to be 5 years or more, would see the establishment of S.H.I.B as the global headquarters for blockchain innovation, and the project could have grown to be a self-sustaining system contributing over $5 billion annually to the economy.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Temitope is a writer with more than four years of experience writing across various niches. He has a special interest in the fintech and blockchain spaces and enjoy writing articles in those areas. He holds bachelor's and master's degrees in linguistics. When not writing, he trades forex and plays video games.
