Between pleasure and investment, in the Republic of Vanuatu there is a small rock named “Satoshi Island“. The project, whose name is inspired by the creator of the world’s first digital currency, Satoshi Nakamoto, is a private sanctuary of almost 3 million square meters which aims to become the “place for the crypto community to call home”.
This archipelago is located in the South Pacific and keeps the application for citizenship open, which is granted as NFT. After the strategy of Nayib Bukele, president of El Salvador, to bet on bitcoin in the country, now this island seems to join the list of crypto nations.
Within a few years, the utopian vision became a reality, thanks to the explosion of cryptocurrencies. In 2017, the Vanuatu authorities granted the first permits to begin construction of housing complexes and other real estate.
The call for those interested was launched through the official Twitter account where there were many interested in finalizing their arrival in this terrestrial paradise.
Apparently, about 50,000 people they would have already shown interest in living in this place. The island, which is expected to be physically visitable by 2023, can now only be inhabited through the metaverse.
It is estimated that about 21,000 citizens from Satoshi Island will be able to live in original modular houses that are currently being built by developers.
Satoshi Island: how to get citizenship
However, it is noted that these NTFs will not grant citizenship for Vanuatu, whose legislation extends to the island. According to the official government website, a citizenry currently It is listed for no less than about $130,000.
In the future, and as people begin to populate it, the island could operate as a decentralized autonomous organization (DAO), with governance sealed by the blockchain.
However, some challenges remain for the project, as the island largely still requires favorable regulation from the Vanuatu government in order to completely abandon fiat currencies and fully operate with cryptocurrencies.
According to the project’s website, the creation of this crypto nation aims to “become the home of professionals and enthusiasts of cryptocurrencies, with the aim of being considered the world capital of cryptocurrencies.”
The promoters also assure that “after years of preparation, the green light from the Vanuatu Ministry of Finance and all the permits in place, Satoshi Island is ready to become a real-world crypto economy and blockchain-based democracy.”
In addition to being a bitcoin-focused tropical paradise, the island has a sustainable focus. All The energy generated will be from renewable sources.
To do this, they have not focused on opening crypto mining operations. The plan is to use “solar panels built on top of houses to run the entire community basically on a shared network,” the team said.
This island is located between Australia and Fiji, owned by Satoshi Island Holdings Limited, led by Denys Troyak, James Law, Taras Filatov and Benjamin Nero.