Blockchain incubator and investment firm Blockchains LLC are ramping up plans to build a smart city in the Nevada desert east of Reno.

In an interview with The Associated Press published Saturday, Blockchain CEO Jeffrey Burns said he asked the state of Nevada to allow him to form a local government on the 67,000 acres the company owns in Storey County. If his petition is successful, the blockchain company will be allowed to operate as an “innovation zone” where the company can levy taxes and establish courts – in addition to integrating digital currency payments for goods and services and keeping records on the blockchain. …

Burns argued that the way government is created is not ideal for creating a society based on blockchain, cryptocurrencies and other innovative technologies. He proposed the crypto city as a place “where people are ready to start from scratch.”

Blockchains originally acquired the land for $ 170 million in January 2018. At the time, Burns said the proposed coded city would have Blockchains campuses, a content creation studio, an esports arena, and residential buildings. While the CEO said he hopes to build 15,000 homes in Crypto City within 75 years, construction is currently not permitted on most of the company’s land, and that appears to limit ownership to 3,500 homes.

If Nevada legislators approve these innovation zones, three people will be able to “run” more than 50,000 acres of private technology holdings, which also promises a $ 1 billion investment. This law could affect Tesla Gigafactory in the same county due to CEO Elon Musk’s apparent affiliation with cryptocurrencies such as Bitcoin (BTC) and Dogecoin (DOGE). Amazon also has a fulfillment center in the area.

Burns said he wants blockchain to work in a smart city by next year.

Source: CoinTelegraph