Cryptocurrencies could easily become the money of the future. Due to their global appeal and increasing popularity, it seems to be only a matter of time until such a transformation takes place. The Floating Island Project, however, is taking a slightly different approach. It will become the world’s first floating island and apparently use its own cryptocurrency as a form of payment.
THE FLOATING ISLAND PROJECT AND VAYRON
For those unaware of what The Floating Island Project entails exactly, there are some interesting aspects to take into account. Past seasteading ventures have tried to build something in the open ocean to take advantage of the international waters. But the Floating Island Project takes a phased approach. Initially it will start in a host country’s protected lagoon so that it can test the waters without jumping in with both feet so to speak. Once all of the engineering and initial difficulties are worked out the phase 2 of the project will be to move 12 nm away from land to get a bit more sovereignty. And once the engineering and logistical problems are figured out from there it will move into international waters 200 nm away from the host nation. It is only at this point that the individual seasteads will have full sovereignty and this could take decades.
If everything goes according to plan, the Floating Island Project will “launch” in 2021. The seastead will be located in a calm lagoon in an atoll in French Polynesia under a Special Economic Zone (SeaZone). The SeaZone will give some autonomy but they will still be under French Polynesia criminal law and under French Polynesia military protection. While the floating nation’s infrastructure is still under development, the ultimate goal is to offer homes for 300 people as well as various hotels, restaurants, and offices.
Interestingly, the Floating Island Project will not use an existing currency, nor will its economic model rely on natural resources or precious metals. Instead, a new cryptocurrency will be created, one which goes by the name of Vayron.
The specifics about Vayron can be found in their white paper located at varyon.io. It is evident the business model has some merit in the long run. Creating money out of thin air is nothing new in the financial sector, but it is very different to use it as an actual means of exchanging value in an entirely new location. It will be rather interesting to see how this venture plays out.
For more information about Varyon you can get all of the facts at: varyon.io