The aspect of creating one’s DAO is very enticing, and Bit Bastion is one of the more appealing use cases in existence right now. Creating an entire city run by a DAO sounds great on paper, but the team still has some kinks to work out.
The Bit Bastion DAO City Initiative
The concept of Bit Bastion was shared with the world on Reddit a few hours ago, and the idea sounds quite enticing. A physical city – including living quarters and what not – governed by an autonomous decentralised organisation concept. The Bit Bastion team has some interesting ideas; that much is certain.
It has to be said; the Bit Bastion team is keeping a close eye on the Zone for Employment and Economic Development in Honduras. This particular programme can give land to organisations to build their city in the country, which opens up a lot of exciting opportunities. But can this programme be merged with a DAO, and what would it look like in the future?
That is the question a lot of people are asking themselves. Running a city with a high level of autonomy and its political system is very appealing, and there is room for free market capitalism as well. Moreover, this initiative by the Honduran government is aimed at attracting investors and bring additional jobs to the table in uninhabited parts of the country.
It will take quite some effort by the Bit Bastion team to run a city through a blockchain-based protocol. At the same time, a DAO concept allows anyone to mold the city to their liking, ranging from the laws to the way trading relations with other cities are to be established. Moreover, this allows for a new city to be created where cryptocurrency and blockchain companies are more than welcome.
One issue people may have with the Bit Bastion concept is how the team wants to issue their own national currency. There is absolutely no need for this, as they can use bitcoin, Ethereum, Litecoin, or a combination of all three. What they could do, is issue separate “citizen tokens” for which participants pay a small amount to be an official member of the city, including all of the rights that come with it.
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