The Ethereum co-founder said that city tokens, which can be issued by local governments, are important tools for promoting social initiatives and better governance.
Description of City Tokens from Buterin
In a blog post published on Sunday, Vitalik Buterin said that local authorities are committed to serving the interests of citizens in crypto currency he noted that they can use their units. In particular, he wrote about city tokens and DAOs (decentralized autonomous organization) claimed that the city should meet at least five of tokenlar Buter discussing the end of the target: create a sustainable revenue source for the government, to facilitate economic cooperation between the residents of the city across the city to promote social initiatives, to reduce wealth inequality, to create wealth for all stakeholders to target.
The project that is closest to the city token outlined in the blog post is, Stacks (STX) is CITYCOINS built on a blockchain. Stacks aims to be able to add smart contracts to the power of the Bitcoin blockchain. The protocol allocates 30% of the BTC mining revenue transmitted to STX owners to wallets designed for each city. Theoretical uses include discounts and benefits provided to CityCoin owners.
Already this kind of city the tokenMiamiCoin, which i have, has been released. Miami Mayor Francis Sanchez has publicly endorsed this, saying it could ”revolutionize the way governments are funded.”
In addition to their socio-economic impact, Buterin noted that city tokens can also improve the current management:
“21st with city tokens. digital democracy of the 20th century, 20. it can do a better job than century democracy. And, of course, you will use the blockchain to ensure security during the voting. It will be much safer to start new types of voting than to retry existing voting systems.”