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Vitalik Buterin Shares His Positive Thoughts on City Tokens

Thinking that city tokens can be beneficial in many ways, Vitalik Buterin stated that city tokens are very important both in terms of socio-economic terms and in terms of providing better local governments.

Vitalik Buterin Shares His Positive Thoughts on City Tokens

The Ethereum co-founder said that city tokens that can be issued by local governments are important tools in promoting social enterprises and better governance.

City Tokens Explained by Buterin

In a blog post published on Sunday, Vitalik Buterin noted that local governments can use cryptocurrencies to serve the interests of citizens . In particular font in the town tokens and the DAO ‘s (decentralized autonomous organization) to discuss Butera, the town tokens of claims he should meet three of at least five goals: sustainable for the government to create a source of income, to facilitate economic cooperation among city dwellers, encouraging social initiatives citywide , reducing wealth inequality, aiming to create wealth for all stakeholders.

Vitalik Buterin
Vitalik Buterin

CityCoins

The closest project to the city token outlined in the blog post is CityCoins, which is built on the Stacks (STX) blockchain. Stacks aims to add smart contracts to the power of the Bitcoin blockchain. The protocol allocates 30% of BTC mining revenue forwarded to STX holders to wallets designed for each city. Theoretical uses include discounts and benefits for CityCoin holders.

Already one such city token , MiamiCoin, has been launched. Miami Mayor Francis Sanchez openly endorsed this, saying it could “revolutionize the way governments are financed.”

Besides the socio-economic impact, Buterin noted that city tokens can also improve the current administration:

“With city tokens, 21st century digital democracy can do a better job than 20th century democracy. And of course you will use blockchain to ensure security in voting. Starting a new type of voting will be much safer than retrying existing voting systems.”

Samuel Hegi

Samuel Hegi , who first became acquainted with blockchain technology in 2014, is highly critical of blockchain technology. Samuel Hegi, a journalism graduate from the University of Brighton Theblockchainnew.com he is the editor-in-chief of the news portal. Blockchain is love.

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