Every cryptocurrency venture is worth exploring. While not all ideas turn into viable projects, the opportunities cannot be overlooked. Blue Frontiers, a company looking to build a floating city, will not issue a native cryptocurrency. It is unclear what will happen to the issued Varyon currency in circulation.
The Floating City Concept Hits a Roadblock
Several months ago, Blue Frontiers surprised the entire world with its plan to build a floating city in French Polynesia. An active and ongoing dialog with local officials can make this venture happen in the years to come. The idea of a floating city is not new, but Varyon is different for a specific reason. It was slated to use a native cryptocurrency to fund the economy of the floating city.
During the pre-sale in 2018, the project raised $600,000. In exchange for contributions, investors were set to receive the native currency. That plan has now been scrapped altogether, with Blue Frontiers acknowledging that the time is not right to launch this native currency. All investors are set to receive a refund over the coming weeks and months.
Launching a new cryptocurrency is a very risky and time-consuming process. Thousands of such currencies exist at this time and most of them do not serve a specific purpose. Blue Frontiers is keeping the Varyon reserves in their back pocket, for the time being. It may be used or distributed at a later date.
Project Faces Multiple Setbacks
It is not the first time Varyon faced a setback. Earlier this year, the floating city plan had to be altered in a significant manner. Blue Frontiers intended to build this structure in Tahiti but that plan fell through after discussions with the local government officials. The search for a new location has been ongoing ever since.
Maintaining an open dialog is vital for this project. Building a floating city is no easy feat. Although Varyon will be its own jurisdiction, the development stage needs to adhere to existing regulations. It appears that discussion is going according to plan in French Polynesia, for the time being. Finding the correct location for a floating city is anything but straightforward.
The cancellation of the native cryptocurrency has had no immediate impact on the project’s progress. It is an unfortunate development, but its launch has to be timed perfectly. Tying an entire micro-economy to such a currency requires a lot of careful thought and consideration. For now, the utopian dream of a floating city with a cryptocurrency-based economy remains well out of reach.
Do you think that the Varyon project will get back on track? Will they be able to adhere to their ideal of a cryptocurrency-based economy? Let us know in the comments below.
Images courtesy of Shutterstock, Blue Frontiers