Maximise your Metaverse potential, giving you daily rewards and a passive income of 0.5% daily I'm going in!

Vitalik Buterin shares positive views on creating a crypto city

3 min reading

Vitalik Buterin, co-founder of Ethereum expressed his opinion on creating a crypto city and his interests in seeing cryptocurrency develop.


In a blog post published on Sunday, Ethereum (ETH) co-founder Vitalik Buterin spoke in favor of using the cryptocurrency phenomenon to serve the interests of local authorities and their citizens.  In particular, Buterin discusses the formation of city tokens and decentralized autonomous organizations known as DAOs. A DAO is a self-managed organization where users create and enforce their own rules, e.g.

The idea is still in its infancy. However, Buterin argues that city tokens must fulfill at least three of the following five objectives:

  • Act as a sustainable source of state revenue
  • Facilitating economic cooperation between residents and cities
  • Promote savings and wealth accumulation for all
  • Promoting social initiatives throughout the city
  • Reduce wealth inequality

Regarding the last point, Buterin suggested that most of the newly issued city tokens go to residents as a form of universal basic income. The co-founder of Ethereum criticized the current mechanics of the economy for favoring "the rich over the poor". The most famous Crypto City project described in the blog post is CityCoins, which is based on the blockchain stack (STX). The stack is a one-tier solution that enables smart contracts on the Bitcoin (BTC) network. The protocol distributes 30% of the proceeds from BTC mining, which will be passed on to STX owners in the portfolio provided for each city.

Theoretical uses include discounts and benefits provided by local businesses to CityCoin owners. The group has released one type of city token, MiamiCoin. Miami Mayor Francis Sanchez has publicly supported him, saying he could "revolutionize the way government is funded". In addition to the socio-economic impact, Buterin also praised the potential of urban tokens to improve existing governance: “Digital democracy is the 21st. And if you're using blockchain to secure voting, it seems much safer and politically feasible to start with a fantastic new kind of voting than reconfiguring an existing voting system.

Currency Exchange rate Buy cryptocurrency

Buy crypto now

Dear customer,

We use cookies to provide our services correctly and safely. Cookies are small text-based data sets that shall be saved on the device you are using in connection with the use of this instnat website. Cookies are created in order to ensure proper functioning of thes instant website. By clicking the button "I accept and go to the website", you implicitly agree to creation of the cookies on your computer and to deploy automatic tracking and data collection and processing on behalf of the Lushup Holdings FZ LEE. Click the above-captioned button is also tantamount to accepting website's privacy policy. Closing the notification by means of "X" is unequivocally connected with your consent. If you do not agree to any of the above, please discontinue using our Website.

“Cookies” shall make an identification of the software used by you and to customization of this instant website to your needs. Cookies contain the name of the domain from which they origin, duration of period of their storage on your computer and an assigned value.

Third party cookies:
We also use third-party cookies for the following purposes:

  • creating statistics - helping to understand the way Users use the Website, which allows to improve its structure and content with use of the analytical tools
  • defining a user profile - in order to display custom-tailored content in advertising networks.

External entities that might be source of any third-party cookies on this instant Website are as follows:

Using a settings of your web browser or by using pre-set configuration tools available in our service you can independently and at any time change the settings concerning your use of the “cookies”, specifying the conditionsof their storage and how your device is creating and downloading them. These settings can be changed to block the automatic handling of cookies in the settings of your web browser or inform about their placement on your device each time.

Detailed information about the options related to use of “cookies” is available in the settings of your software (web browser).

Service privacy policy

This instant document lays out the principles of the Privacy Policy on the website (hereinafter referred to as the "Website" or "Service"). The administrator of the Website is Lushup Holdings FZ LEE, Fujairah - Creative Tower, P.O.Box 4422 Fujairah, United Arabs Emirates.

The full document to read the ommyo privacy policy is available in this document.

Advanced settings can be changed in your browser.