Buterin explored the concept in detail, along with providing updates on any ongoing developments in the space.
“Blockchainifying” the City
Ethereum’s co-founder Vitalik Buterin elaborated on the idea of Crypto Cities and the many developments that are currently ongoing in hand with the concept. Could this concept of crypto city-state kill the idea of the nation-state?
Buterin took to Twitter to share his recent blog post from Halloween about his latest passion and an idea with magnitudes of potential. It’s safe to say, Buterin hasn’t stopped thinking big about Ethereum to transform the world.
“One simple idea that plenty of people, including government officials around the world, have brought up to me on many occasions is the idea of governments creating a whitelisted internal-use-only stablecoin for tracking internal government payments. Every tax payment from an individual or organization could be tied to a publicly visible on-chain record minting that number of coins,” stated Buterin in his blog post.
Buterin also mentioned that two distinct features of blockchain ideas can help combat the problems caused today by inefficient governance.
First is their use to create “more trusted, transparent and verifiable versions of existing processes,” and secondly, to implement new, experimental forms of ownership for land and scarce assets, even for democratic governance
“Blockchains can be very useful in both the more incremental and more radical ideas that were proposed here, even despite the inherently “trusted” nature of a city government. Running any new or existing mechanism on-chain gives the public an easy ability to verify that everything is following the rules. Public chains are better: the benefits from existing infrastructure for users to independently verify what is going on far outweigh the losses from transaction fees,” Buterin further elaborated.
The Ethereum network recently underwent the Altair upgrade on Oct. 28th, that’s the first upgrade to the Beacon Chain, marking the first step to the network’s complete transition to a proof of stake (PoS) network.
As previously reported by BSC News, in response to this upgrade and possible ETH-ETF approval, the token set another all-time high of $4,455 as per data from CoinMarketCap. Since then, the token has rallied even further to hit a new all-time high of $4,636 on Nov. 2.
About Vitalik Buterin
Vitalik is the co-founder of the Ethereum network. He is a Russian Canadian programmer and writer who co-founded the Bitcoin Magazine in 2011 before launching Ethereum along with Gavin Wood in 2014. Since he has grown to become one of the most prominent figures in the cryptocurrency and blockchain markets.
Find more about the Vitalik here:
Source : solana.news
