A blockchain-based project Cabin has announced a “Network City” according to cryptocurrency governance for Non-Fungible Token (NFT) holders. The new city will operate as a worldwide alliance of self-governing neighborhoods mimicking the operations of cryptocurrency networks.
The project backers touted the network city to be cheaper and accessible, comprising tight-knit communities.
How The Blockchain-Based Project Works
Cabin’s founder, John Hillis, said the aim is to combine tiny homes with blockchain-based membership allowing residents to take active parts in what goes on around them.
The citizens will hold Cabin governance crypto tokens to vote on treasury management and other decisions regarding neighborhood composition.
Reports by the creator: “We’re using these bottoms-up polycentric governance structures where we are essentially playing games that are governance but do not necessarily look like governance. Like building on the crypto token curated registry of the city directory – that’s something that is essentially fun to do.”
Cabin will utilize the blockchain tech and crypto tokens to keep track of membership and impart a “marker of legitimacy” on all the neighborhoods existing in the city.
Every residence in the Network City will be a neighborhood different from others and owned separately. On the other hand, for a residence to become a “neighborhood,” the property must amass 1000 CABIN crypto tokens votes from others.
Although while Cabin’s ethos is the same for all the neighborhoods, the caretakers can create different regulations and regulations to guide each place.
Cabin Citizenship is a subscription membership to Cabin’s network city.
It includes access to our worldwide properties, year-round coliving alternatives, signature experiences, and more.
To become a Cabin Citizen, you need get vouched for by an existing Citizen. pic.twitter.com/xqROFDTimR
— Cabin (@cabindotcity) May 23, 2023
Hillis said the project had given the Network City citizenship to 300 longstanding Cabin community members. These citizens can now refer other interested Non-Fungible Token (NFT) holders to the group.
Cabin To Revolutionize Community Living
Although while describing the approach of combining the blockchain tech, and community living, Hillis indicated that the blend would unleash the “fountain of human creativity,” which has been silenced by modern cities.
Hillis additionally stated that Cabin will organize numerous cabins in the woods and offer them to “like-minded digital nomads and their friends.”
That way, Cabin will solve people’s loneliness while living in “single-family homes and car-centric suburbanites.” Reports by Hillis, the people Cabin targets are already singling themselves out through online communities, especially in the cryptocurrency space.
As a result, Cabin now intends to provide-a real-world setting for these online communities to come together, live and work in the Network City. Projects such as Cabin could drive more adoption and utility for Non-Fungible Token (NFT) projects.
As of now, the Non-Fungible Token (NFT) market cap sits at $2,987,106,663.70, while the overall sales volume has reached $54,373,766.35, depicting an increase of 11.97 percent in 24 hours.