“Capital of Cryptocurrencies”: 50,000 people volunteer to live on an island

An island project dedicated exclusively to cryptocurrencies is emerging. It is not the first of its kind, but all previous similar plans have been failures.

Announcements about new crypto projects are usually about money raised or purchased items. The creators of the Satoshi Island project have announced with great enthusiasm that they have received applications. It’s not just any old town: pr. March 23, 2022, more than 50,000 people have volunteered to live on Satoshi Island, an urban project that would eventually become a “ cryptocurrency “And extraordinarily, the project is not located in Metarverse, but in real life on an island in Vanuatu.

Satoshi Island, named after the inventor of bitcoin, is certainly one of the most ambitious crypto projects at the moment. Its creators bought an island that they want to turn into a real city and a ” cryptocurrency paradise “. The project is said to have been under development for years and the founders believe that Satoshi Island is ready to”. welcome to real crypto projects and blockchain-based democracy But similar projects have been real failures in the past.

A popular project, but still uncertain

Specifically, the founders of the project want Satoshi Island to host “ blockchain events all year round “and” the headquarters for crypto projects “.” Life on the island will be an unparalleled experience, giving members of the crypto community the opportunity to meet, live and work with like-minded people. “, Boasts the creators of the site dedicated to Satoshi Island. All companies will use cryptocurrencies and there will be no fiat currencies on the island, it is explained.

Satoshi Island is an extremely ambitious project, and it has been met with great enthusiasm in the crypto community – to the point where the project’s founders estimate that the first inhabitants could start living on the island in early 2023. The future homes have even been planned: they are all designed by one of the co-founders of the project, the architect James Law, and are presented as ” environmentally friendly, solar-powered homes “.

A housing project on Satoshi Island. // Source: Satoshi Island

Within the crypto community, Satoshi Island is a dream, to the point where no one has yet really mentioned its boundaries, which however are numerous. Even if the creators of the project have already bought the island and received the agreement from the president of Vanuatu on the installation of companies related to cryptocurrencies, the development of the project is likely to take time.

There is currently only one building on the entire island, no one has yet been able to visit the premises to ensure the images are realistic and there is no infrastructure on the island yet. : no pipes, no road, no running water, no internet. The island is also extremely isolated: it is located in the northern part of Vanuatu, far from the capital and the country’s main airport. There is no guarantee that the houses will arrive on time, or even that the facilities can actually be built.

Similar projects have failed in the past

So far, the story of Satoshi Island is not unlike the story of similar previous projects, but which all turned out to be huge failures.

In Senegal, the Akon City project appears to be stalled for more than a year after the announcement of the start of work. The plans for the future city, which was to function in part thanks to cryptocurrencies, provided that the first buildings were to be fully constructed in 2024. But no construction site has been started on the site, the initiator of the project is suspected of fraud and residents doubt the project’s future .

Another project, CryptoLands, which was to settle on an island in Fiji, also fell through. Presented as a plan similar to the one for Satoshi Island, CryptoLand should also welcome a community of cryptocurrency fans in an island paradise. But the group behind the project failed to buy the island they wanted, and since February 2022, CryptoLand’s Twitter account has not been updated and no information has been released. The project has been widely compared to a ” Fyre Cryptocurrency Festival referring to a fraudulent event that captured hundreds of influencers in 2017.

So far, the only crypto project that has really seen the light of day is Bitcoin Beach in El Salvador – but the success is not there. The country is the first (and only) to recognize bitcoin as an official currency in September, meaning purchases across the country are expected to be made in bitcoin. But a Rest of the World report revealed that six months after cryptocurrency adoption, most merchants across the country are still reluctant to accept bitcoin transactions – even in Bitcoin Beach, a city believed to be the country’s flag for cryptocurrencies.

For Satoshi Island, all the past failures do not bode well – but the project teams wanted to reassure future residents. In particular, the founders pointed out that they already owned the island and that they already had ” experience in the industry At the moment, and despite the certain enthusiasm of the crypto community, there is no guarantee that the project will succeed or that it will not become a Fyre Festival again.

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