Why Ethereum Creator Vitalik Buterin Is Excited About “Crypto Cities” Running On DAOs and NFTs

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In a speech by Vitalik Buterin at SG Blockchain Day 2021, the co-founder of Ethereum addressed key crypto issues and explained how major cities in the United States and around the world are embracing cryptocurrency technology and blockchain to simplify financial transactions.

Buterin suggests new ways to implement crypto technology

Buterin praised the new Miami and New York Coins, which were built as independent crypto coins and are powered by CityCoins.co to streamline financial transactions. “It would encourage people in those cities to do things to make these parts of the city useful,” Buterin said.

Recently, Miami Mayor Suarez said in an interview that he will distribute the additional income earned on Miami Coin to its residents.

A similar statement was made by Mayor Hillary Schieve of Reno, Nevada, where she proposed a plan that includes using NFT sales to support local projects. Wyoming, known for its favorable crypto laws, is officially a CityDAO and is actively working to establish blockchain cities in the real world.

“Instead of being governed by a token, governance is based on citizen NFTs, and eventually governance could even be limited to a maximum of one vote per person,” Buterin noted. Lots of experimentation, but this is still an area that is still in its infancy, which on the one hand means there is no playbook, but on the other hand means that there are a lot of opportunities, he added.

More crypto use cases

Buterin also highlighted some potential use cases the government could implement to make crypto cities a reality. “When taxpayers pay taxes, there would be a chain strike event that would hit an amount equal to their tax payment,” Buterin said.

There would be a crypto receipt that would prove that the number of coins minted equals the amount of taxes paid. If you don’t want to reveal exactly how much people paid in taxes, there are even ways to do it knowingly.

Buterin also mentioned that such transactions will maintain transparency in their processing, which will instill a sense of trust among people when it comes to adopting cryptocurrency transactions.

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