SATOSHI ISLAND: A real-world Crypto Heaven

Satoshi Island is a dream come through, which presents an opportunity to live right in the hub of creativity and development. The island is found in the southern pacific, Vanuatu tucked between Australia and Fiji island. Satoshi Island offers a host of things ranging from a crypto Paradise to free citizenship, tourists attractions, and a fully cryptocurrency-based economy… Learn more in the body of the article.


Welcome to Satoshi island, an 800 acre tropical Paradise providing access to pristine water, modular houses, relaxation villas, and a decentralized crypto-based economy. The island boasts a 100% crypto-economy built on a decentralized financial system and an equally decentralized blockchain-based democratic system. Satoshi island is envisioned to host everyone from crypto enthusiasts to professionals, even tourists, etc. All who are welcome to visit, work, live, and even own property.

It comes with a promise of NFT assets, aka non-fungible property tokens (NFPT). Each land NFT is physically big enough to build a house on, and if you were to own more than one plot of land, it would be large enough to hold whatever building you had in mind. -Apartment complexes, a home, offices, etc. Depending on your preference and if you have obtained citizenship.

Something to note is that a Land NFT owner must not abandon their land and should perform a period calling function in the smart contract to prove that they still own the land. If a Land NFT owner cannot call a function in the smart contract to confirm their wallet address, the land will be claimed by a beneficiary. If no beneficiary was set, it reverts into the custody of the Satoshi island community after twelve months, this was explained by the firm in a statement saying; "If they cannot [call a function in the smart contract], their beneficiary will be able to claim their NFTs to ensure the assets are not abandoned.

If no beneficiary is set, the NFTs will be subject to a decentralized redemption period of 12 months, where previous owners can retrieve their NFT if a mistake was made. Once lapsed, NFTs will be the responsibility of a DAO controlled by the Satoshi Island community."

The entrance of the island possesses traditional-style villas meant to welcome people to the island and give them a chance to relax and rewind before exploring all the opportunities the island presents. The design for the remainder of the island is based on a housing style that consists of modular buildings in different arrangements by the architectural firm James Law Cybertecture. Hence it is uncertain whether it is permitted to erect a brick-and-mortar building on the island.

Satoshi island has publicly welcomed all startups and establishments willing to start a business on the island once they open their borders. They said companies of all sizes are welcome and that the island had spaces dedicated to startups, even up to campuses for large projects, company retreats, and permanent headquarters. The firm behind the project made statements on their official website, expressing support for business on the island; "Crypto projects are also welcomed to set up a base on the island, and being surrounded by other projects will present networking opportunities like no other."

FREE CITIZENSHIP IS WORTH ABOUT $130,000.

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The island permits people to obtain permanent citizenship by applying for a non-fungible citizenship token (NFT) for free. As said in a tweet on their official Twitter page, you can apply here. The company disclosed that there would only be 21,000 Satoshi island citizenship NFTs ever created. The first collection will be distributed through airdrops and the others created at a later date.

On their official website, they also disclosed that they had received over 50,000 applications for permanent citizenship on the island.
It is worthy to mention that possession of citizenship NFT is not equivalent to Vanuatu citizenship, and anyone who hopes to visit or live on the island must also have a visa to travel into Vanuatu's borders or apply for the visa at $130,000 per applicant.

Some of the benefits of attaining citizenship NFT are access to the private opening of the island later this year, when the citizens are treated to a short trip around the island, also the ability to transform digital ownership to physical ownership because people who own Satoshi Land NFTs are eligible for physical documentation in Vanuatu's land registry making them legal property owners. Finally, "addresses that hold a Citizenship NFT are automatically whitelisted for early access to all Satoshi Island NFT mints and airdrops," Satoshi islands explained on their website.

WHO ARE THE POLICYMAKERS

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The blockchain-based democratic system is a democratic system like any other. The.- Each citizen can own only one citizenship NFT, which counts as a vote. One NFT, one vote. The governing policies are voted on by the citizens of Satoshi island just as in any normal democratic society. Each wallet can hold only one citizenship NFT, which can be sold, meaning only the current holder is a citizen so if sold. The seller is no longer a citizen, and the new owner inherits all the rights.


Note: Anyone is allowed to own an NFPT, but only citizens can develop the Land (build on it)

CLOSING THOUGHTS

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Satoshi Island offers free citizenship based on certain criteria, and it is profitable to be a citizen thanks to the opportunities attached to being one. The island also serves as a great vacation spot for all those who are searching for comfort in the hub of activity.



Author: Gate.io Observer: M. Olatunji
Disclaimer:
* This article represents only the views of the observers and does not constitute any investment suggestions.
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