Blockchain incubator and investment company Blockchains LLC are ramping up plans to build a smart city in the Nevada desert east of Reno.
In an interview with the Associated Press published on Saturday, Blockchains CEO Geoffrey Burns said he had asked the state of Nevada to allow him to form local government on the 67,000 acres the company owns in Story County. If his petition is successful, the blockchain company will be allowed to operate as an “innovation zone”, where the company will be able to levy taxes and establish courts – in addition to integrating digital currency payments for goods and services and maintaining records on the blockchain.
Burns claimed that the way government is now created is not ideal for creating a society based on blockchain, cryptocurrencies, and other innovative technologies. He suggested a cryptocurrency city as a place “where people are ready to start from scratch.”
Blockchains originally purchased the land for $ 170 million in January 2018. At the time, Burns said the proposed coded city would include a Blockchains campus, a content creation studio, esports arena, and residential properties. Although the CEO said he hopes to build 15,000 homes in Crypto City within 75 years, residential development is currently not permitted on most company land, and it appears he is limiting the property to 3,500 homes.
If Nevada lawmakers approve these innovation parks, three people will likely “rule” the holdings of private tech companies of more than 50,000 acres that also promise a billion dollar investment. This legislation could affect Tesla Gigafactory located in the same county given CEO Elon Musk’s apparent affinity for cryptocurrencies like Bitcoin (BTC) and Dogecoin (DOGE). Amazon also has a fulfillment center in the area.
Burns said he wants blockchain to start operating in the smart city by next year.