Satoshi Island is a project that aims to turn an island located in the Pacific into the first official cryptocurrency island managed by a DAO in the hands of bitcoiners. So far, more than 50,000 applications have been made to inhabit the place. Today it sounds a bit like science fiction and time will tell if it is finally carried out. If it were to become a reality, El Salvador would no longer be the only nation to adopt Bitcoin as legal tender.
Satoshi Island, a DAO for bitcoiners
A group of crypto enthusiasts intends to create a true crypto economy on an island inhabited by bitcoiners who want to make a community. Satoshi Island is an island of about 300 hectares, located in Vanuatu, an island country of just over 300,000 inhabitants located in the South Pacific Ocean.
The objective of the project, according to its developers, is to find innovative solutions to revitalize the economy of the place and that in 2023 the island begins to be populated with the first bitcoiners. The idea is that as the territory is occupied, the island begins to operate as a decentralized autonomous organization (DAO).
To do so, you will need to obtain favorable regulation from the Vanuatu government that allows you to trade cryptocurrencies and not fiat currencies. The idea is that the island hosts events throughout the year and is the headquarters of various cryptographic projects.
Satoshi Island announced last March the support of the Prime Minister of the Republic of Vanuatu, to turn this private island into crypto territory. The developers of the Satoshi Island project reproduced a letter signed by Vanuatu Prime Minister Bob Loughman Weibur showing his support for the project.
NFT as ownership certificate
According to the plans outlined, no fiduciary currency will be used on the island, only digital currencies. The accommodations on the island will be attributed to those who have an NFT that represents a certificate of physical property. In this way, the owner of a plot will be able to decide if he wants to live, sell or rent the land from him. He will also be able to build a house on his plot. To do this, you will need to possess a citizenship token called Satoshi Island Citizenship.
Satoshi Island Citizenship
21,000 NFTs called Satoshi Island Citizenship will be created that will grant island citizenship to whoever owns one of them. To obtain one of these NFTs, it is necessary to meet a series of requirements. Such NFTs offer a number of benefits. For example, access to airdrops or being part of the social and work life of the island.
Thus, the holders will be able to participate in the work projects focused on blockchain that take place on the island. They will also have the right to vote on government policy decisions they make. However, the mere possession of one of these digital collectibles does not grant citizenship of the Republic of Vanuatu, whose legislation reaches as far as Satoshi Island. Obtaining citizenship in Vanuatu costs approximately €120,000.
A sustainable approach
Located between Australia and Fiji, in the South Pacific, it will be a tropical paradise focused on Bitcoin. Satoshi Island has a sustainable approach and all energy will be obtained through renewable sources. Thus, it does not focus on opening crypto mining operations, but on using solar panels built on houses. In this way, the community could function through a shared network.