M

ore and more people all over the world are investing in Bitcoin because it has advantages like low transaction fees and high security with no regulations. It's also becoming popular across countries which makes sense due to its popularity among investors everywhere you go.

Even El Salvador, Central America's smallest country, has embraced Bitcoin in a more significant (and contentious) way than anywhere else on the planet. However, a tiny island may have surpassed the Central American country.

A small private island in the middle of the South Pacific Ocean—32 million square feet to be exact—will soon become a crypto-haven. Formerly a part of Vanuatu, the lush 800-acre plot of land has been renamed Satoshi Island after Bitcoin's anonymous developer.

Though it was only recently that Satoshi Island was given the go-ahead for development, the owners, Satoshi Island Holdings Limited, want the small island to grow into the world's crypto capital.

The island, which will have a crypto economy and a blockchain-based democracy, is nearly complete and will be led by the Hong Kong-based design firm James Law Cybertecture.

Law, whose work is a little ahead of its time, believes that modular development, rather than the more conventional method of architecture, is the future of city development since it will take only a few short years to construct instead of decades.

Law's version of these building blocks is anything but typical. They're sustainable glass-walled blocks that can be combined to create hundreds of different positions - from a family home all the way up to sprawling office space.

Not to mention that the island's energy will be generated entirely by renewable means, such as solar panels and highly specialized waste management systems.

According to Law, "the style we will be constructing is called cybertecture, a type of architecture that blends modular architectural style innovations, sustainable concept technologies, and a metaverse-based owner design paradigm to create a completely decentralized city."

Ownership of the land—or any assets on Satoshi Island, for that matter—is only possible through NFT ownership, which may appear to be a security risk, but Satoshi Island has a mechanism in place that makes acquiring and selling NFTs simple.

A recipient is similar to the idea of a last will and testament, but it does not require the authorization of a third party. Alternatively, the holder can appoint trustees to act as co-signer. The NFT system is quite traditional, particularly when used in this manner.

The first collection of land on Satoshi Island will be released in phases, and it’s called “NFTs. Seven different collections represent each parcel available for purchase; they'll start coming out with the next few releases- the first ones being south wing territory.

Take into account that Vanuatu seems to have no tax on profits, dividends, or revenue for corporations or individuals who want to play a more active role in the community. There are also no capital gains, withholding, or death taxes.

Satoshi chose this location to fulfill their imaginative new way of life because of this and the pristine tropical environment. The island has even set aside a portion of its land for crypto-related projects. And businesses of any size—whether a few or hundreds of people—can establish their headquarters there.

There are massive ambitions for the future on this small island, and it's just beginning. The crypto community is slowly taking over the world one region at a time--and maybe not such a bad thing if we can someday see how things turn out.

What do you think of this tropical island that's developing into the world's first Bitcoin economy? Do you think other countries will follow suit? Let us know your thoughts by sharing this article on social media.

Posted 
Sep 27, 2022
 in 
Digital Lifestyle
 category

More from 

Digital Lifestyle

 category

View All

Join Our Newsletter and Get the Latest
Posts to Your Inbox

No spam ever. Read our Privacy Policy
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.