City Coin is reflected as a safe and secure medium of exchange which is issued by City Chain Labs. As per the announcement of the blockchain firm the City token would be used within the city and is considered as a singular form of exchange to offer services to the inhabitants of Liberstad.
Reportedly, a dashboard called “City Hub” would facilitate the forthcoming residents of the city to execute various civic functions inter alia voting, identity management, insurance contract, property registration along with participation in other city-wide ideas, and proposals.
To secure the network the “City Coin” employs a proof-of-stake (PoS) consensus algorithm and the block validators are chosen based on the number of tokens a given node has staked in their wallet, while in return rewarding the stakeholders with tokens.
The Libertania project is the invention of the private and non-profit Liberstad Drift Association based on anarchy capitalism model and non-aggression principles, founded by John Holmesland and SondreBjellås. The association’s objective is to give rise to an autonomous city-society which is free from the government impositions.
As per the Liberstad’s website:
“The anarcho-capitalist city in Norway powered by blockchain- smart city platform would be the place where anarchism can get a physical foothold in one of the world’s most socialist countries while having an easier, more relaxing, and low cost of living and where national fiat currencies are completely prohibited.”
The founders want to build a society which would be free from high and filthy government tax regulations where people are the decision makers and with complete influence can live together without government intrusion.
With an aspiration to have a society without government coercion, blackmail, surveillance or unnecessary violence the freehold plots of the city were initially traded in 2017, with BTC or Norwegian krone.
The official “City Coin” currency in an autonomous city is projected as an efficient, transparent, and community-oriented medium of exchange which has come out due to the disintegrated and unreliable status quo which seems to follow the footsteps of Liberland which is also founded in 2015.