CityDao: The New Ethereum Blockchain Challenger
Ethereum’s blockchain used to be private, but a startup named CityDao recently attempted to challenge that. The goal of this project is to construct a virtual landscape that is based on a digital depiction of the real thing. That they want to sell it to everyone with an interesting chequebook and term them “citizens” as the icing on the cake.
People would be paid for the right to rule a genuine property that they own, which is essentially a piece of land they already own in Wyoming. A certificate of citizenship, which is issued in the form of NFTs, must be purchased in order to participate in the “government”. There are only a limited number of certificates, which indicates that the company is trying to entice investors with a sense of urgency by limiting the supply.
It appears like the creators are trying to test the boundaries of how much they can inflame the cryptosphere. However, the Ethereum timeline has shown a lot to blockchain participants. In order to amaze anyone at this stage, every idea must be near-radical in terms of implications.
How Does CityDao Work?
CityDao contains a slew of unique mechanics that, upon closer inspection, may cause some puzzlement.
Even if it’s founded on questionable foundations, ambitious ideas on Twitter tend to go astray. Each block of land on the blockchain is connected to a real-world piece of land using a cryptographic hashing algorithm. To become a citizen of that country, users can purchase a certificate. Keep in mind that you wouldn’t actually own any land; rather, you’d have a say in how it is used.
Policy, rules, and laws can all be put to a public vote. Buildings and structures were later permitted on that land, as well. Obviously, there would be additional fees involved.
As of right now, CityDao owns a piece of land in Wyoming, United States. The organization’s concept has been authorized by the state, which has recognised it as a legitimate LLC.
Cost Of CityDao
It’s not always cheap to be a part of something as big as the blockchain city. Citizenship might be obtained for as little as 1ETH within the first month. When the First Citizen was auctioned off and sold for a little over 6 ETH, it was the most expensive Founding citizenship available.
Those numbers have now been updated. Because each of these certificates is a non-fungible token, their value will rise as more people buy them.
Founders’ citizenship is now available on OpenSea, an NFT platform that is backing the CityDao project. It costs 28 ETH (about $123,000).
First Citizenship and naming the territories would cost roughly 1,200 ETH (about 5.2 million USD).
CityDao’s Smart Contract
The most intriguing aspect about CityDao is this. When it comes to NFT tokenization, most people choose ERC-721.
Despite its technological mer
its, the ERC-1155 is commonly misunderstood by those who are unfamiliar with the concept of NFT ownership. The idea of being the only one in the world is more than just a matter of pride or creative confidence.
Using the ERC-721 standard, a single NFT can be verified. Each code set requires its own item. The ERC-1155 solves this problem by grouping tokens together, whether they are NFTs or fungible, to save space on the network. Increased productivity comes at the expense of the uniqueness that an NFT is supposed to provide.
Although there have been concerns, we can only wait and see if the developers would negotiate in the future.
Conclusion: Final Thoughts!
In the future, when CityDao gets more attention and support, these values are going to skyrocket. An entire pension might be wiped out in just a few years by the cost of basic citizenship.
That’s a good thing for the dreamers because it’s taking a long time. At the most leisurely pace, the number of users is slowly approaching the 10,000 mark. There’s still time to weigh the benefits and drawbacks of making such a significant investment.