Aside from El Salvador, a new bitcoin-focused trend is on the map. As a 32 million square foot privately protected island in the remote South Pacific, Satoshi Island is “a place where the crypto community can call home.”
A mix of honeymoon, evil Bond’s cave and a naturalist’s paradise. Satoshi Island has one mysterious exception: it is 100% cryptocurrency. In an interview with the Cointelegraph, the Satoshi Island team, consisting of Dennis Troyak, James Lowe, Taras Filatov and Benjamin Nero, mentioned that these are:
“A real crypto-economy where everything is paid for in cryptocurrency and all property rights on the island are represented by NFTs.”
With its name inspired by Bitcoin (BTC) creator Satoshi Nakamoto, the team added that “the island intends to host events throughout the year, host and host crypto projects, and be a gathering place for crypto enthusiasts from around the world. . ”
From now on, the island can “function as an autonomous, decentralized organization”. So far, they have bought the island, secured building permits and reached the milestone of 50,000 applications for non-fungible tokens (NFTs) to become crypto-permanent residents. The NFT market is currently closed.
The infrastructure construction of Satoshi Island has been strengthened. Source: SI
Creating a crypto utopia can seem insurmountable even for the aspiring crypto community. However, the founders have already received “50,000 applications for our free NFT citizenship, which serves as a whitelist to participate in the sale of Land NFT, in addition to allowing the owner to live on the island with many other benefits.”
Each house will have an NFT or “NFT on Satoshi Island” that can be traded. For traditionalists, NFT holders can “transform their digital rights into physical documents in the official land registry in Vanuatu.”
Unlike well-known failures such as Fyre Festival or CryptoLand, or any other fantasy bug project by an overzealous VC team, Satoshi Island planned a strategy by celebrating key events in an organized manner. The team traveled the world and chose the place, respected legal procedures and avoided paid marketing campaigns or influencers.
The vision for Satoshi Island began during the bull run in 2017, where “the concept began as an idea of a place where the crypto community could call home, and the actual island was chosen years later.” In fact, “it took many years to find the right island and put it together in order to bring it to the public.”
First, the island had to be far enough for privacy, but not so far that development was very difficult. Secondly, the island should not be exposed to the danger of climate change and be protected from natural disasters. The difficulty of finding a suitable place was exacerbated by the realization that although it was “undoubtedly exciting” to explore the world in search of an island for sale, they had to “be realistic”.
“This project started as a crypto project looking for an island, not an island that wants to become a crypto city.”
In addition, the government that governs the territory should be “open to the idea of a crypto city.” Finally, after years of research, the winning team decided with Vanuatu: “The government showed a willingness to innovate and was immediately open to discussion.”
In fact, Pacific Island countries are gaining a reputation as crypto-friendly countries. Nearby, in Tonga, bitcoin has been widely discussed as a legal tender, while the Marshall Islands, located above the same body of water, “opened the gates” for DAO.
Vanuatu lacks “jobs and tourism”, while in terms of fauna, the island formerly known as Lataru has been exposed to poaching and poaching. The coconut crab population appears to be “on the verge of extinction” before the land is purchased.
The Vanuatu government was excited about the idea of creating a future-oriented space that would provide many jobs. When it comes to cancer, the plan is to revive declining wildlife.
“The Minister of Finance was very interested in the idea of the digital economy and the use of blockchain technology when we spoke to him, so he was very excited about the idea that our company and many of the geniuses in our industry call Vanuatu their home.”
The team has since received a letter of support from the government to start building on the island using “the latest and best sustainable technology”, as the solar energy features are just one example of modular houses being added to the new buildings. “This is a great opportunity for them to build the country from scratch,” added the project’s architect.