owned by teA radical experiment is being considered in the US state of Nevada. It would allow new local governments to be formed on landch firms. Jeffrey Berns, the cryptocurrency millionaire who proposed the idea, is convinced of its revolutionary potential. The challenge now is changing the minds of sceptics who are not. For some, one man’s utopia is their dystopia.
Loosely translated from Ancient Greek, utopia means “nowhere”. A place that doesn’t exist.
For now, this is an apt description of the place Mr Berns and his software company, Blockchains, believe could become somewhere extraordinary.
That place is a barren plot of land spanning 67,000 acres (271 sq km) in Nevada’s rural Storey County. Mr Berns bought the land for $170m (£121m) in 2018.
On this site, he hopes to develop a “smart city” from the internet up.
Named Painted Rock, it would include all the trappings of a typical city — homes, schools and businesses — but with one fundamental difference. Residents would use the city’s services and cryptocurrency on digital applications built with database technology known as blockchain.
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How important will blockchain be to the world’s economy?