A decentralized Utopian island is here! A floating island is being built which will exclusively use the cryptocurrency, Varyon. Varyon is backed by a company that is currently working on a Floating Island Project.
Floating Island Thesis
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Blue Frontier is building the floating island in Tahiti with the intention to reduce people’s reliance on centralized systems. While the decentralized Varyon digital currency will power the economy of the island, there will be no centralized government calling the shots, as is the case all over the world.
Varyon is the currency of choice that will be used for the construction of the island where no government will have a monopoly. The digital currency will also act as the currency of use in the SeaZones.
“A core structural feature of current models of government is centralization. Too much-centralized authority leads to inefficient bureaucracies and representatives disconnected from the people they are meant to serve. Given a suitable technological solution, governments are ripe for decentralization. That technological solution is seasteading,” wrote Blue Frontiers on .
A group of academics investors and philanthropists under the Blue Frontiers umbrella have already entered into a memorandum of understanding with French Polynesia for the creation of the cryptocurrency powered island.
Varyon Token
Varyon is the payment token for the exchange of goods and services in the Blue Frontiers Ecosystem, available through the blockchain. The company has already unveiled an sale for Varyon that is to be used to generate funds for the development of the decentralized island.
The public sale is to take place in June 2018. However, there will not be bonuses in the public sale. Proceeds from the offering are to be used to expand the ecosystem and for the creation of SeaZones and seastead. Blue Frontiers is to prototype the first seastead using only funds raised from the Varyon Crowdsale.
According to the company, seasteading will bring decentralization beyond the digital world of bits and into the world of atoms by providing floating structures. The end game is to come up with territories where the evolution of new societies and forms of governance will occur.
Property Construction
Development of the floating island is to begin this year with the city expected to be made of modular platforms of either 50 by 50 square meters or pentagons with 50-meter sides. Squares and pentagons are to be connected in with each expected to cost $15 million equivalent to $393 per square foot of gross space.
Seastead concept for 2022
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Blue Frontier settled on concrete as the material of choice for the construction because of its price and durability. Concrete structures according to initial designs will be molded into sturdy hollow boxes. The modules are expected to support three-story buildings. The design will result in 11 modules which could host between 225 and 300 full-time residents combined, as well as additional hotel beds. The total cost projected for the properties currently stands at $167 million. The first project is to be by 2022 and could cost up to $50 million holding 300 homes.
The ambitious project has already started to arouse regulation scrutiny from international bodies. The United Nations, for instance, artificial islands are bound’ by-laws of the closest coastal state, within 200 nautical miles. That said it would be interesting to see whether Blue Frontier Island will come into being and operate without any government.
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In recent years, the cryptocurrency space has undoubtedly drawn considerable attention, with media reports generally focusing on the monetary aspect of digital assets, as opposed to its underlying . However, investors looking to make a quick buck have been targeted by hackers and scammers, either with the lure of a fraudulent digital currency or with a pyramid scheme disguised as a virtual currency.
Watchdog Watching Out for Retail Investors
On May 18, 2018, financial cyber-theft division, the National Internet Financial Risk Analysis Technology Platform (), released an to educate investors and enthusiasts about the rampant scams in the space, alongside obvious fraud giveaways. As part of its function, the watchdog continuously monitors cryptocurrency platforms.
As per the document, the IFCERT’s findings indicated that a total of 421 cryptocurrencies displayed all characteristics of a pyramid scheme. The agency also claims that the majority of fraudulent cryptos have their servers in overseas jurisdictions, making it difficult to trace their exact location.
As part of its findings, the agency distinguished between popular fraudulent schemes.
First: Pyramid Scheme Cryptocurrencies
The IFCERT notes that the adoption of a pyramid-based, multi-level marketing (MLM) model marks the main feature of this type of platform, which relies on a false promise of investing in a digital currency to ensure high returns at a later date.
Most of these platforms attract investors by offering “high rebates” and commissions to members who persuade others to invest in the platform.
As shown below, the top tier, in terms of hierarchy, is highly rewarded, in addition to offering investors both a “dynamic [more rewarded with more investment amount]” and “static [returned on a fixed basis]” income.
A pyramid development membership platform.
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Second: Fraudulent “Coin Splits”
For this type of cryptocurrency scam, the underlying technology has been observed by IFCERT to have no “real code,” in addition to an inability to run a blockchain. Hence, promoters of this type of platform promise returns on the pretext of a “” to pump the coin’s price, which can “only rise without falling.”
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Third: Institution-Controlled OTC Digital Currencies
The cryptocurrencies issued by these platforms are inherently fake, and not tradable on crypto-exchanges, leaving only Over-The-Counter () trading as the option. However, IFCERT notes that these particular coins are controlled by institutions or wealthy investors, who “pump” the price by rapidly purchasing huge amounts, causing an illusion of real percentage gains. However, investors later find out that they can’t withdraw their money easily, or conduct transactions with the coins they receive. IFCERT notes:
“The fake virtual currency issued by this platform can only be traded on its website. The trading system is rough and its security is extremely poor.”
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In conclusion, BTCManager reminds its readers to carefully consider all aspects of a cryptocurrency before investing any money. In particular, reviewing the platform, searching online for information on credible websites, and not investing more than what you can afford to lose.
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