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Crypto City

Description​

Crypto City is a free city operating with a decentralised community on Isla Margarita in Venezuela.

Discussion​

Crypto City is working towards a society which facilitates freedom, innovation and sustainable living.

Implementation​

State jurisdiction​

Isla Magarita has been designated a special economic zone since 2022, although it had been tax-free zone since the 1970s.

Entry​

Individuals who want to own property in Crypto City must formally apply and receive community approval to be eligible.

Many applicants are refused on the grounds of insufficient financial means or because of their misalignment with the community's freedom-oriented values.

DAO​

Crypto City operates through a decentralized autonomous organization (DAO) using qualified majorities and tokenized fractionalized investments. The model allows any landowner the authority to contribute to governance decisions decide and to invest in a project.

The Crypto City DAO makes decisions concerning:

  • urban planning and architectural design;
  • public facilities;
  • security;
  • rental guidelines;
  • environmental sustainability;
  • business development policies;
  • events and entertainment; and
  • community services.

Each lot of land purchased includes a token the buyer's digital wallet. This token grants participation in the DAO, verifying the owners' interest in Crypto City.

The Crypto City DAO requires 66% for decisions to pass, as opposed to a simple majority of 51%.

Further Resources​

  • https://cryptocity.land/en*
  • Ley Orgánica de las Zonas Económicas Especiales, Official Gazette No. 6,710 (Extraordinary on 20 July 2022.