Noah City: Building Cryptocurrency Utopia
The blockchain technology is gradually being introduced to various industries with many players trying to be the first in implementing new tech solutions across niche markets.
Most of these companies focus on particular segments or use cases, which enable them to obtain a competitive advantage in that particular area. Some coins focus on overall industries, for example, on banking, finance, healthcare or shipments.
But is it possible to establish city-wide ecosystems that are powered by distributed ledger technology, blockchain and cryptocurrencies? The answers might come from projects that are underway already today: the Noah Project started by Noah Foundation to develop Noah City, a crypto-driven real estate complex in Manila, and Sol City, a crypto community being formed in San Juan Puerto Rico.
How will these cities look? How will they work? In what ways will they differ from today’s cities?
Let’s find out.
Virtual currencies are gradually winning acceptance by countries around the world with legal frameworks being developed and adopted.
Cryptocurrencies have strong real-life use cases, and it might take several decades to uncover the full benefits that they bring forward. Even today cryptocurrencies offer a wide range of advantages, including fast transaction processing, low fees and anonymity. Thanks to projects like Shapeshift, it’s easy to exchange virtual currencies between each other with minimum fees.
All cryptocurrencies are powered the decentralized ledger technology, which means that the transactions, performed within such ecosystems, are recorded in the logbook stored on multiple computers. It’s not possible for a bad actor to make changes or delete such a logbook because it’s being constantly updated based on the data from other computers.
In future, crypto cities might use their own local currencies. Users will have no problem with exchanging them into other cryptos. At the same time, people living in particular locations will win from discounts and similar promotion campaigns, offered by merchants.
In Noah City, users will be able to transfer value both in crypto and fiat. Those who use our native Noah Coin will benefit from significant discounts.
#2 Smart contacts
A smart contract is a piece of code, which specifies that if a certain event occurs, then it will result in certain consequences.
There’s no need to contro of the execution of code. It can’t argue with you, refuse to do something or take you to the court. This means that you don’t need to hire negotiators, managers and controllers.
Today, Ethereum is the most famous platform where you can create smart contracts for any circumstances that you need to deal with.
It’s quite plausible that in several years smart contracts can be used across many industries. Whenever a bank, mobile phone carrier or HR agency starts using smart contracts, other competitors will need to immediately catch up with such first movers. Otherwise, they will risk being squeezed out of the market by a disruptive wave.
The Noah Project successfully used smart contracts to carry out its tokensale. The contributors purchased the native token in exchange for Ethereum. After the ICO completion, the smart contract automatically distributed tokens to contributors. This is a great example of the trustless networks being used to carry out financial transactions without any need in intermediaries (banks, lawyers, clearance, hedging, etc.).
In Sol City, smarts contracts are expected to run the majority of financial, legal and administrative transactions. Naturally, it’s hard to predict how exactly this will shape up in reality but this project may show the path for other towns to follow.
#3 Crypto city rises where it’s needed most
There is no doubt that such projects can deliver the highest value in those areas where local population has to deal with a number of major problems. In this way, blockchain and cryptocurrencies act similar to white cells, which are drawn to where “the action is”.
The biggest benefit that cryptocurrencies can bring to population is value storage and quick transfer of their savings across borders (virtually, for any distance). As a rule, most of cryptocurrencies charge much lower fees as compared to more traditional alternatives, such as banks and money transfer systems.
In the Philippines, we see both high growth rates and low penetration of banking services, coupled with popularity of smartphones. This means that the population will be quick to see the benefits that cryptocurrencies can bring since they enable to carry out fast and economical transfers.
Notably, 10% of the Philippines’ GDP accounts for the remittances. Using cryptocurrencies like Noah Coin significantly reduces both fees and waiting time.
#4 Tokens incentivize the networking effect
The more a cryptocurrency is used within a local area, the more popular it will grow among the local population. Merchants will benefit from capabilities to offer discounts for those users that make transactions with a particular token.
Notably, Noah Coin will move freely throughout all projects, being delivered by the Noah Project. Thus, contributors will be able to support long-term infrastructure ventures directly, without any need to move outside the internal ecosystem.
As you can see, blockchains and cryptocurrencies can help cities and towns to improve the ways they operate and grow. Lower fees and faster processing times empower the most vulnerable social groups, leaving more money in the pockets of local communities and small businesses.
It is conceivable that only in a couple of years similar projects might start appearing all around the world, gradually changing the very fabric of city-dwelling societies of today.