Liberstad claims to be the first smart city to officially adopt a cryptocurrency as its sole medium of exchange for the payment of city services and workers’ wages
Liberstad, Norway’s first private city, has adopted City Coin as its official currency.
City Coin is a secure and innovative cryptocurrency based on City Chain, a smart city platform that enables the design, implementation and use of next-generation services for smart cities and their inhabitants.
Whereas cities currently rely on public services operated by government entities, according to issuer City Chain Labs, the platform gives existing and emerging cities like Liberstad the opportunity to build and offer services conducted on a private, internal and voluntary basis.
The autonomous city, located in southern Norway, is said to be being built with “efficiency, transparency and community in mind”.
At City Chain’s core is the principle that while governments and rulers come and go, cities endure. The key ingredient for the development and prosperity of sustainable and free city-societies went undiscovered until the recent invention of blockchain technology.
Blockchains are immutable and decentralised networks that allow people to interact with each other in a disintermediated, peer-to-peer fashion by way of inherent trust.
Using blockchain as its basis, City Chain said it has created a smart city platform that hosts a suite of features for emerging cities like Liberstad. Foremost among those features is City Hub, an intuitive and simple-to-use dashboard for smart city inhabitants.
By accessing City Hub using a municipal app, citizens can interact with the community, manage their identities, create city-wide initiatives or vote on existing ones, register property, contract insurance and more.
"Liberstand is built with “efficiency, transparency and community in mind”
While the broader features of City Hub are under development by the City Chain Foundation, the platform’s native currency, City Coin, is tradeable and functional today.
As the first cryptocurrency to be officially adopted by a smart city, City Coin is the only medium of exchange within Liberstad. It will be used for the payment of city services and worker wages and for funding civic projects.
City Coin is available for trading on p2pb2b exchange and Liberstad’s Block Exchange (LBX).
With the City Chain main-net already live, users can view and explore the blockchain along with transaction history using the City Chain Explorer or the City Chain Insight tool.
More than 100 land plots have already been sold within Liberstad and more will become available to purchase in the future.
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