Earlier this year, news was released that Blockchains LLC purchased 67,000 acres of land in Nevada, USA. The precise plans remained a mystery until now. Jeffrey Berns, the CEO of Blockchains LLC, paid $170 million for this vast space making up part of the Tahoe-Reno Industrial Center.
Coming out of their “stealth mode”, the company announced they will not be used for mining as was speculated, but to erect what has been called an Innovation Park, a Sandbox City, an experimental community or a smart city with blockchain technology embedded into its very infrastructure. The “Global Launch” announcement took place in Prague’s Blockchain Week, on November 1st, accompanied by a set of sensationalist videos mysteriously promoting what seems to be a monumental project.
What will this city look like?
Spanning over 100 square miles, the Nevada tech-oasis will hold living areas, schools, commercial districts, production studios, an office park and e-gaming arena, The Real Deal portrays. The New York Times further explains:
“He is promising to give away all decision-making power for the project and 90 percent of any dividends it generates to a corporate structure that will be held by residents, employees and future investors. That structure, which he calls a “distributed collaborative entity,” is supposed to operate on a blockchain where everyone’s ownership rights and voting powers will be recorded in a digital wallet.”
This futuristic utopia will be based on technologies such as artificial intelligence, 3D printing, nanotechnology and a groundwork of blockchain technology. Specifically, the desert settlement will be highly dependent on Ethereum’s blockchain. This allows each resident and employer to have access to Ethereum to use as a platform to store their personal data, make automated agreements and vote on local measures.
Perks of Nevada
Nevada is a liable choice for such an endeavour given its comfortable tax benefits and lack on income tax. Storey County in which the land is located holds a sparse population of 4000 people – a figure likely to drastically change in the coming years. It is currently best known for its mining and brothels – an elements which is also bound to transform with the radical plans being sketched out. Furthermore, the city will have highly-esteemed neighbours such as Google, Apple, Switch, and predominantly Tesla’s Gigafactory.
Berns has already gotten approval from officials to begin development of the land. So far, he said, he has spent $300 million on the Nevada property, offices, planning and a staff of 70 people. The project is funded by Bern’s successful investment in Ethereum sales in 2015.
Blockchains LLC and NV Energy have already signed an agreement to collaborate and work on energy projects powered by blockchain technology. The system in creation will “place the customer in control of energy creation, consumption, storage and transactions.”
Berns said that construction on the Nevada property won’t begin until late 2019. Meanwhile, the master plan and national approvals is still in progress.
He tells The New York Times:
“This will either be the biggest thing ever, or the most spectacular crash and burn in the history of mankind. I don’t know which one. I believe it’s the former, but either way it’s going to be one hell of a ride.”