Satoshi Crypto Island, Private Crypto Haven In Vanuatu

This is like a dream coming true for those eagerly waiting for cryptocurrency to become a legal tender. A tropical paradise in Vanuatu, (a country in Oceana) between Fiji and Australia, a private Island named Satoshi Island is all set to become a crypto economy or better said, ‘Crypto Capital’.

Interestingly, the Island has been named after Satoshi Nakamoto who is the pseudonymous developer of bitcoin. Although, cryptocurrency hasn’t got the status of legal tender to be used as a normal currency considering the risks it contains. However, it is being recognized by various governments as the money of the future.

On this note, the 32-million square foot Satoshi Island is reportedly being turned into the ‘Crypto Capital of the world’ by a group of people who are blockchain enthusiasts. It names James Law Cybertecture, an architectural firm as its partner in the planning and development process.

What is Cryptocurrency?

Cryptocurrency, also termed ‘crypto-currency’, or ‘crypto’ is a digital currency that is not tangible and denotes a unit of currency working as a medium of exchange using a computer network. Unlike any other currency, cryptocurrency is not reliant on any government or a bank and is monitored by blockchain.

Clearing out the intentions behind the island, the company on the website asserts, 

Satoshi Island is poised to become the crypto capital of the world, intended to bring together thousands of crypto professionals and enthusiasts worldwide.

A website of Satoshi Island mentions that the island is owned by Satoshi Island Holdings Limited, and adding to that it states that, “it is intended to become home for crypto professionals and enthusiasts, with a goal to be considered the crypto capital of the world”. It also highlights the support from the Vanuatu government it has received recently. The website mentions,

After years of preparation, a green light from the Vanuatu Prime Minister and Minister of Finance, and all approvals in place, Satoshi Island is now ready to be developed into a real-world crypto economy and blockchain-based democracy 

Furthermore, the details add that the company welcomes crypto projects to set up their base on the island as it will be surrounded by other projects that will present networking opportunities.

In a promotional video on the website and social media platforms, the company, showcases, traditional-style villas, ultramodern smart homes, and offices. The video contains the first stage of the development that has been completed. The ownership of assets on Satoshi Island will be determined through Non-Fungible Tokens (NFTs).

What is NFT?

In simple words, NFT or ‘Non-fungible token’ is everything that can be converted into a digital form. NFT may include, any artwork, drawing, photos, videos, GIFs, music, and even a social media post that can be traded digitally using cryptocurrency like Bitcoin.

NFTs have a unique identity and are backed by Blockchain, which is a digital form of ledger. Also, each trade on the blockchain is recorded and can be seen by anyone, also, no changes can be made once recorded.