Blockchains LLC is planning to develop 67,000 acres of Nevada desert into a smart city powered by blockchain technology. The company’s founder and CEO, Jeffrey Berns, an astute class-action lawyer turned cryptocurrency investor, envisions a society that will transact in cryptocurrencies with all the structures of governance running on blockchain technology. The Amusement Park (as it has been referred to) will have residential houses, schools, commercial districts and production studios stretched over 100 square miles. Mr. Bern’s company bought the parcel of land for $170 million.
Blockchains LLC is not offering ICOs to raise funds for development. Mr. Berns has already splashed over $300 million of his own cash on the project. The money bought on land, a workforce of 70 and office buildings. The man behind the project made most of his fortune from a smart cryptocurrency trading in 2015. He reportedly bought Ether, the original coin for Ethereum (ETC) and made a killing. The Utopia he is looking to build in Nevada is not necessarily a money making scheme for him. Berns will practically relinquish everything he is building to the future residents of the community, employees and future investors.
By the people, for the people
Upon completion of the project, 90% of decision making authority vests with a “distributed collaborative entity”. This is akin to a Trust-like structure that will be held by residents, employees and investors. The entity will run on blockchain technology. A digital wallet safely keeps individual’s ownership and voting rights. Mr. Berns is already warming the hearts of locals including Brian Sandoval, Nevada’s governor. The Governor believes that Blockchains LLC’s project will help spark the economic development the state so needs. Mr. Berns is now in the company of another tech visionary Elon Musk, Tesla CEO whose Tesla Gigafactory operates in Nevada.
Blockchains LLC is gaining traction in Nevada. The company is already partnering with NV Energy, Nevada’s giant power company on a project that will see all energy transactions operate on blockchain technology. Through the collaborative project energy consumers will have control of energy creation, consumption, storage and transactions. Furthermore, the company will work in collaboration with the county of Nevada in the development of a modern town along the Truckee River. The town will comprise of residential units, school, and a drone delivery system among several other amenities.
Work on the blockchain-powered town will commence in the last quarters of 2019. Mr. Berns is hopeful that the society’s economy will smoothly run through Ethereum. He is however, aware of challenges like security and inadequate real-world labs. Mr Berns owns vaults to store Ethereum holders’ digital devices. The Nevada establishment will have a state of art real-world laboratories that will be used for the advancement of Ethereum.