In early 2018, a group of crypto millionaires and billionaires announced their intention to create a crypto utopia on the island of Puerto Rico. The project would be called “Sol,” or “Puertopia” as some have named it.
The idea is to incorporate a decentralized city that will run solely on cryptocurrency and blockchain technology. The crypto-rich investors are buying properties all over Puerto Rico and have their hearts set on a certain 9,000-acre piece of land.
Their reasons for creating a crypto utopia in Puerto Rico are for their own gain as much as they are for that of the world. Puerto Rico offers many tax incentives to those who have made fortunes in crypto. Without any capital gains tax or personal income tax, it makes sense that those with large holdings of crypto would want to call the island home.
But these entrepreneurs aren’t just moving there to escape American taxes, which they see as a means for the U.S. government to choke the life out of this new economy. Allegedly, they’re trying to create a freer economy that could work for people of all socioeconomic classes. And they’re not the only ones trying to turn such an idea into reality.
Akion: The Crypto Utopia Coin
Some crypto utopia projects have a more singular focus. Instead of involving a group of wealthy individuals and an island nation, Akoin will be the cryptocurrency of a city in Senegal, Africa. Spearheaded by grammy-award winning artist Akon, the city will allegedly use only cryptocurrency for financial transactions.
So what exactly is Akoin and how does it intend to create a crypto utopia? According to Akion.io, TheEcosystem is described as:
“a unique global project that offers an abundance of digital and in-real-life platforms and experiences that create opportunity and inclusion for youth entrepreneurs by allowing consumers to buy, hold, and spend cryptocurrency right from their smartphone through a suite of blockchain-powered apps.”
As we have noted, mobile phone adoption in Africa is quite high <link>, meaning that Akon could be on to something here. Akoin could potentially be part of the solution to the problem of how to reach the unbanked with crypto.
Crypto Utopia with Avesta
Avesta also aims to solve some of the same problems addressed by Akion. When it comes to banking and e-commerce, for example, Avesta will provide a pay for the unbanked in Africa and beyond to achieve their goals using crypto.
Avesta allows you to buy anything online at any e-commerce store that has integrated Avesta into their backend. All payments are recorded in the blockchain, meaning there are no issues with warranties, receipts, or proof of payment.
The Avesta blockchain is incredibly secure, fast, and affordable. Transaction fees come at a flat rate rather than being proportionate to the number of funds you intend to send. This will allow everyone from large businesses to individual users to transfer value efficiently and immediately.
Platforms like Akoin and Avesta can create a real crypto utopia.