All filler, no pillar: Why blockchain cities fail
Regulations, hype cycles and pie-in-the-sky promises have scuppered blockchain city projects across the globe… but one has succeeded.
The blockchain industry has long strived to build its “city on a hill” — idealistic communities where blockchain provides a foundation and code is law. But they’ve not always panned out, as regulations, unrealistic expectations and other factors often make them dead on arrival.
For several years, idealistic, would-be founders have strived to build communities on blockchain. Some of these projects have been more grounded, using blockchain as a means of land registry, while others sought to build entire cities that would run solely on blockchain and crypto.
One of the most recent — and perhaps controversial — examples is US President Donald Trump’s alleged plan to build a “Gaza Riviera” in the embattled territory that would incorporate a token into its fundraising and property investment model.