A blockchain firm has asked Nevada’s state for permission to build a crypto Smart City in Storey County.
Knowing that a crypto “smart city” could become a long-anticipated reality in Nevada’s desert is perhaps great news t crypto enthusiasts in the United States.
A blockchain firm has applied to make this nearly impossible feat a reality despite the fight against the adoption and regulation of cryptocurrencies.
This investment company has requested permission from Nevada to build a local government in Storey County.
According to the report, which the Associated Press published, Blockchains LLC intends to build a massive crypto city within its 67,000 acres of land situated in Reno’s east.
However, the company’s application is not limited to Blockchains LLC. The Blockchains LLC CEO, Jeffrey Berns, requests that local authorities grant other companies the opportunity to do similar projects within the state.
As the company’s CEO, if they get approval from its state government, the firm will be allowed to establish its own laws and regulations, as they will be granted the power to set up schools and law enforcement.
History of Blockchain Litecoin Cash
The Blockchain Litecoin Cash (LCC) is a Litecoin fork that occupies a higher maximum supply, which runs the SHA256 mining algorithm, and has a better difficulty adjustment if need be.
Forks were everywhere in the year 2017 and was a record year, especially for cryptocurrency forks.
IFO‘s or Initial Fork Offerings were the new buzzwords among many cryptocurrency communities.
It shows that the Litecoin Cash crew were actually trying to ‘cash in’ due to this alternative system of raising capital for itself.
The Litecoin Cash is considered a breakaway or fork, most commonly called from the initial Litecoin project (Fork Meme, Fork it).
A fork occurs when developers who have different ideologies are motivated to take a snapshot of their existing code from a cryptocurrency that is already established (In this case, Litecoin).
Then continue a development based on their different ideology to carry this newly built cryptocurrency in another direction.
Litecoin Cash expressing their views in their official whitepaper:
“Using a wide and ready to move pool of mining power to tap into a state of the art difficulty adjustment to respond to the network hash dynamics, a fair and matured distribution, as well as a modern feature setting, channeled to respond to everyday use with fast transactions and having low fees we (Litecoin cash) we are confident that the legitimacy of our ideas, will be borne out by success in the wider market.”
An initial fork offering is simply like an alternative ICO.
Instead of transferring funds to the project, all you need to do is hold the original coin during the snapshot time.
After which, you will receive the new coin at a specific exchange rate placed by the developers.
In this instance, for every single or 1 of the original cryptocurrency you hold (Litecoin), you will be liable to get 10 of the new cryptocurrency, Litecoin Cash.
How It Works
The 10 for 1 swap was to simplify the mathematics when you are working with the coin.
For example, in the Bitcoin system, you most times need to work in fractions of a bitcoin when you are transacting.
This does not even amount to a problem for the crypto nerd who is amongst us, but the common person actually needs a currency that is easy to work with without difficulty.
The act of trying to work in fractions of a bitcoin (satoshis) is most likely not always practical.
The Litecoin cash, which the symbol LCC popularly knows) runs on its own blockchain technology, and LCC combines its features from several already well-established coins.
It has Lower transaction fees, mined with SHA256 when compared to Litecoin, and better difficulty adjustment.
Why Litecoin is better than most Crypto coins
It’s is cheaper, faster, has more bandwidth and better difficulty retargeting when it is compared to Bitcoin.
Litecoin Cash supports Segwit and has much faster block times as well when it is compared to Bitcoin Cash.
The Litecoin Cash mining algorithm has moved from the initial Litecoin’s Scrypt system to Bitcoin‘s SHA256.
The Litecoin Cash team now claims that this switch will create recycling of those old bitcoin mining hardware that can also be used to secure the LCC network.
This difficulty adjustment is just a setting in a proof of work network which is aimed at miners.
As the hardware speeds continually increase, the difficulty goes up.
This will ensure the network’s stability over time and secure the block times at an ever-steady rate.
The history of Bitcoin’s difficulty adjustment can also be found in the setting proof of work.
LCC actually has borrowed the DarkGravity difficulty adjustment, which Dash originally pioneered.
This claims to make a network super secure than it used to be as block times are much more consistent Irrespective of the large swings in the mining power as the network grows.
The Litecoin Cash was forked at a block of 1371111 of the Litecoin blockchain technology.
Origin of Litecoin
The originators claimed that one of the major benefits of working from an existing coin is an even distribution of new coins.
Since Litecoin is a well-crafted brand in the cryptocurrency ecosystem, the builders cannot be accused of having to hoard coins since new coins are distributed to existing Litecoin holders during the time fork.
The crypto city is also expected to deploy an economy based on digital currencies, whereby residents could buy goods and pay for services through the use of crypto assets.
However, they do not want to limit the project only to an economy’s digitalization.
As a matter of fact, this smart city aims to have a transparent record of financial statements, medical records, and personal data on its blockchain technology.
The city will be situated 12 miles east of Reno.
This Blockchain LLC proposal also aims to build 15,000 homes beginning from 2022, that’s if the firm gets the approval earlier enough.
For the long-term period, within 75 years precisely, Blockchains LLC would want to build 33 million square feet of the industrial and commercial economy.
Berns commented on this idea that Nevada changed the legal framework to allow “innovation zones” around the state; We bought 70,000 acres of land in the county.
What exactly did the Nevada authorities think LLC was going to do as a company?
For LLC to be able to take risks and be nimble and figure things when designing new products, They would have to create an atmosphere that allows for innovation.
Hence a crypto smart city.
Future of Crypto City
Since that’s not how the government sector works, They have decided to build a government that allows innovation.
Nevada Governor Already had this discussion about the Idea of ‘Innovation Zones.’
Though Ben Kieckhefer, who is a blockchain-friendly Nevada Republican senator, did not go into in-depth details on Blockchains LLC’s smart city proposal, he made the following statement;
I do not know enough to say whether I am comfortable with this as the next step. But, look, this is a big idea, and Nevada has been built on big ideas, so let’s hear it out and see what it proposes.
This “innovation zones,” as mentioned by Berns, is not a new concept in Nevada, at least when it has to do with the local political sphere.
Steve Sisolak, the state’s governor, highlighted the idea when he was giving his State of the State address on the 19th of January 2021 to “diversify the economy” and take advantage in a post-pandemic era.