A cryptocurrency or crypto coin is a digital medium of exchange. The first cryptocurrency that began to operate was Bitcoin (BTC), in 2009, and since then many others with different characteristics and protocols have appeared such as Litecoin (LTC), Ethereum (ETH), Ripple (XRP), and so on. Now, the French Polynesian government support the Floating Island Project which plans on implementing a community with its own government and “Varyon” cryptocurrency in Tahiti.
In the traditional crypto-verse, the security, integrity, and balance of the financial statements are guaranteed through a network of agents, miners, who verify (distrust) each other.
These agents are mostly the general public and actively protect the network (the blockchain) by maintaining a high rate of algorithm processing, in order to have the opportunity to receive a small tip, which is randomly distributed.
Floating Island Project – The first self-governing community with its own “Varyon” cryptocurrency
This is the Floating Island Project is a programme supported by the French Polynesian government and it consists of building 300 homes in the Tahiti region, on an island in the middle of the Pacific that would be regulated by its own government and cryptocurrency called “Varyon”, according to some sources.
Tahiti would have a government of its own but it would function as a mere service provider allowing the Floating Island Project community to be self-governing.
The project is funded by donations collected by the Seasteading Institute and Blue Frontiers, which sell tokens of the Varyon cryptocurrency via an ICO. The goal is to complete the island by 2022, a project that will cost about $50 million.
This is the first project of its type but those involved in it are very confident that in the future there will be hundreds of new self-governing countries floating in the Pacific running with the Varyon cryptocurrency, making it the ideal home for entrepreneurs.