Why most ‘crypto cities’ flop — and the blueprint execs say might work
Crypto executives argue that a self-sovereign city powered by cryptographic and decentralized systems is technically possible but would be immensely challenging.
While there have been multiple attempts over the years at building “crypto cities” — special zones that rely on blockchain technology to function —most experiments have failed, and crypto executives think they know why.
One of the more recent high-profile projects was Akon City, the brainchild of Senegalese-American singer Akon. Announced in 2018, it was supposed to be a $6 billion smart city with a crypto-powered economy, but was officially abandoned in July.
Satoshi Island, a project to acquire an entire island near Vanuatu, launched in 2021 with the aspiration of creating a home for crypto professionals within a blockchain-based economy. Its last update was in July, and the project was still working to establish essential services and secure its license agreement with the island’s stakeholders.