It is in the Republic of Vanuatu, on a small island of about 300 hectares, that the future of cryptocurrency may be played out.
Satoshi Island, named after the alleged inventor of Bitcoin Satoshi Nakamoto, will be the 1st real case study where an entire economy will be based on the blockchain. All economic transactions will use cryptocurrency and even the property certificates will be NFTs.
"The island, owned by Satoshi Island Holdings Limited, is destined to become the home of cryptocurrency professionals and enthusiasts (...) After years of preparation, a green light from the Prime Minister and Minister of Finance of Vanuatu and all approvals in place, Satoshi Island is now ready to be developed into a real-world crypto-economy and blockchain-based democracy," explained Satoshi Island Holdings Limited in a press release.
The new land of blockchain
Initially expected to accommodate 21,000 people, the creators of the concept have received more than 50,000 applicants who are interested in living there starting in 2023.
The brilliant minds behind this crazy project include James Law, who will design the architecture of the island, Denys Troyak, who will be in charge of logistics, Taras Filatov, the technological development and blockchain supervisor, Daniel Agius, who will be in charge of investment and migration, and Benjamin Nero, the communication director. Together, they hope to make Satoshi Island the “El Dorado” of blockchain.
On the island, all transactions will be in either Bitcoin or Ethereum. The creators of the concept explain that "Life on the island will be an unparalleled experience, offering the crypto community a way to live and work among like-minded people in a place designed around the industry we love."
With blockchain events scheduled throughout the year and a call to all project holders using this technology to set up shop on the island, it aims to be a place apart.
The choice to create Satoshi Island on the island of Vanuatu, a South Pacific country and member of the United Nations, is not insignificant. The government of this country supports innovation and has laws favorable to cryptocurrency.
"After extensive research into the feasibility of creating a company based entirely on cryptocurrency, Vanuatu was chosen out of all other countries because of the government's willingness to allow such a place to become a reality," explain the project's carriers.
Vanuatu offers a significant advantage for those wishing to set up blockchain projects, banks, or other businesses associated with cryptocurrency. This is because the country has no taxes on profits, dividends or income from companies or individuals. There is no capital gains tax and no withholding tax. All these advantages and tax benefits are meant to attract people.
However, in order to be part of this community, you will have to pay a high price. Vanuatu citizenship is required to live on the island, which is attainable for $130,000, and purchasing land starts at $60,000.
Watch our video & see how we're turning a dream into reality!— Satoshi Island (@satoshiisland) January 27, 2022
Yes, we already own the island
Yes, we can develop as advertised
Yes, the government supports our plan
Yes, our team has relevant expertise
🏝️#satoshiisland a home for crypto enthusiasts & professionals worldwide! pic.twitter.com/1O05kmfrN1
Everything you do, do it with blockchain!
In addition to crypto-currency transactions, Satoshi Island has decided to make property titles NFTs. So whatever property you own on the island, it will be in the form of NFT. With this in mind, Satoshi Island NFTs are equipped with special security features to keep them safe.
Another unique feature is the "Beneficiaries" feature, which is intended to function much like a last will and testament. It will not require a third party to authorize the transfer. Basically, it's a kind of will in the form of an NFT.
Another advanced NFT security feature is "Trustees". This allows the holder to designate up to three addresses to act as co-signers, protecting users from unauthorized transactions. When used properly, this optional security measure means that even if the holder's wallet is compromised and all other tokens and NFTs are stolen, their Satoshi Island NFTs will be safe.
Ownership and Citizenship via NFT
The use of NFTs on the island goes even further. Satoshi Island is taking the next step by introducing a way to turn digital ownership into physical ownership. Anyone can own a piece of the island by acquiring Satoshi Island NFTs that can be bought and sold easily, without any of the complications associated with transferring traditional real estate.
Each block of land is divided into 10 NFTs which can be converted into an NFPT. This gives the holders the same rights as a physical land title. This includes the right to build houses or apartments that can be lived in or rented out. NFT holders who make up multiple blocks can also combine their NFTs to create larger NFPTs that can then be developed to accommodate larger homes.
Owning NFPTs offers a multitude of advantages over traditional land ownership, but for those who prefer a more conventional recognition of rights, it is even possible for NFPT holders to turn their digital rights into physical documents on the official Vanuatu land registry.
Although NFPT was conceptualized for use on Satoshi Island, the possibilities are extensive and could be adapted to work with anything that has a long transfer process. Therefore, the technology and intellectual property associated with NFPT will be freely available, under an open source license, to private companies or governments that see the value in its application.
Beyond ownership, citizenship itself on Satoshi Island will be held as NFTs. This provides its holder with exclusive benefits, including the right to live and work on the island, early access to currencies, advanced NFT security, and more.
Citizenship NFT holders will be able to vote on policies that govern the island. Each wallet can only hold one citizenship and that NFT will count as one vote. One NFT = One Vote.
Citizens of Satoshi Island have the right to live and work permanently on the island. Citizenship also allows the holder to access long-term housing at lower rates than short-term visitors.
Only 21,000 NFTs of Satoshi Island citizenship will be created initially. The NFTs will be published in collections, with the first edition of citizenships to be granted via airdrop to early supporters of the project. Additional collections of citizenship NFTs will be released at a later date.
How do you become a Satoshi Island citizen?
To become a Satoshi Island Citizen, you must have an active Twitter account with at least 21 followers, follow @satoshiisland, and follow other cryptocurrency-related Twitter accounts. To apply. You'll need to tweet your application and make sure it stays on your page for the duration of a verification process.
You will also need to be an active member of the NFT community. The NFT wallet address you submit must have a recorded transaction on OpenSea within the last 12 months.
Finally, you will need to provide a valid Ethereum wallet address.
An umpteenth idea for an umpteenth flop?
Even though the idea of Satoshi Island looks very interesting, it could easily fail.
Other ideas of this kind have already emerged in the past and have all ended in flop.
This was the case for "CryptoLand" in Fiji which was supposed to become the first island based on cryptocurrency. Having been a big failure, the project was transposed to the Metaverse and physically put on Standby. Created by Helena Lopez and Max Olivier, CryptoLand has had many detractors and some investigations have even questioned its legitimacy. The island supposedly purchased for the project in Fiji still belonged to the state in question and was not officially sold. Moreover, the financing of the project was the subject of numerous journalistic investigations highlighting the dubious nature of the source of the funds, which may not exist.
Another famous flop is the MS Satoshi, a ship launched off the coast of Panama that was supposed to become a floating home for the Bitcoin community. The ship would be capable of hosting and housing a community in its rooms, work spaces, bars, and restaurants. In short, a "city" on the sea dedicated to the blockchain. But despite an expensive investment to acquire the ship, the project fell through due to a lack of insurance companies willing to insure it.
Finally, on the African continent, the idea of a city dedicated to cryptocurrency was launched by the American rapper of Senegalese origin Akon. "Akon City '' was supposed to be the first African Smart City based on Akoin, a cryptocurrency that was supposed to invade all of Africa. Despite the Senegalese government's agreement to the project, nothing has happened more than 2 years later. This has even made some local representatives wonder about a "scam". In the meantime, the rapper defends himself, explaining a delay and a project that was supposed to see the light of day in 10 years. In the meantime, he also announced the creation of another "Akon City'' in Uganda.