|Oct 29, 2018 06:00 AM||By: John Patrick Mullin | 1720 Views|
A so-called “micronation” known as Liberland, looks to use crypto as its native currency.
The president of Liberland, Vit Jedlicka, was said to have found the tiny plot of land - between the Serbian and Croatian borders - by scouring Wikipedias “no man's land” list, a catalog of areas which are either disputed or no nation lays claim to.
The micronation is yet to be recognized by any UN nation, although they have established relations with similarly unrecognized, Somaliland, (you gotta stick together, I guess).
Over half a million people have applied for citizenship so far, 205,000 of which are eligible, making this a little more than a whimsical venture.
Liberland has traditionally taken donations in the form of cryptocurrencies such as Bitcoin, Ethereum and Bitcoin cash in order to fund the micronation. Jedlicka himself has been a large proponent of the ideals behind crypto, stating in an interview with Sputnik:
“I'm not the only one saying that Bitcoin and cryptocurrencies will in 10 or 15 years replace the whole banking sector, which is amazing how much energy will have freed through that, how many unnecessary things will be basically replaced by a new technology that makes it completely possible for people to transact without using a bank in the middle.”.
However, now Jedlicka wants to move from existing cryptocurrencies to the nations own native digital asset; one which will we be instrumental in the governance of Liberland.
Instead of a mandatory tax, citizens will acquire “shares of the country” via the native cryptocurrency ‘Merit’. The amount of Merit a citizen holds correlates to their voting rights. A decentralized autonomous organization (DAO) will control the amount of Merit distributed throughout the nation.
Jedlicka believes this participatory system, will empower people “that actually make the country possible and have contributed to its creation”.