Hence, Praxis, being an organization ready for innovation, has reportedly signed $525M to build the world’s first crypto-native city. This grand plan is to prove the idea of the network-state model which might bring change to the nations and cities. However, with the partners on board and modern technology, Praxis is set to revolutionize this initiative that brings out the virtual and the physical.
This $525 million funding is a major step for Praxis, it is a very important event in the history of the concept of the network state. The initiative claims how it will revolutionize the current unprecedented governance paradigms with the help of blockchains, AI, and other innovations.
Praxis’ Vision for a Network State
It has begun with the vision of Praxis based on Balaji Srinivasan‘s network state model to build a city of people with the right values using decentralized technologies. Well, this is not an idea only on paper; recently, Praxis Fund invested $525 million in the construction of crypto-native city. The funds are from key investors such as Arch Lending, GEM Digital and Manifold Trading amongst others.
“Praxis will create a city unto itself that sparks small business formation and ignites innovation in the AI, crypto, biotech, energy, and advanced manufacturing industries,” the organization said. This would be situated in what they call an “acceleration zone”, free from bureaucratic constraints within governance typically associated with cities.
Such an approach applied to Microsoft could bring talented individuals from all over the world and turn the so-called ‘brain drain’ process into its opposite – encouraging creativeness and the use of new technologies.
How the Crypto-Native City Will Function
Thus, Praxis has a plan for the future crypto-native city; it is tokenization, on-chain governance, and permissionless innovation. These elements will be the linchpin of the city’s administrative structure, decentralization of decision-making, and financial system based on the tokenization of RWA.
Zaha Hadid Architects, who have some stunning projects of high-tech style, will be the city’s architects, and the process of development will be managed by David Weinreb. Their objective is to build a smart city which serves as a centre of development for different innovative spheres such as AI blockchain, and bioengineering.
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The existing Praxian community of more than 14,000 people in 80 countries and 400 cities is already designed to achieve this vision. Combined, these people have created over $400bn of value for different corporations, proving that decentralized networks can produce tangible value.
Crypto-Native City: Challenges and Criticisms
However, the idea of a network state is inspiring despite the following challenges. It is not easy to put up a city from scratch and there are practical issues of doing so beside regulatory issues that Praxis may encounter. Decentralized structure will also be a challenge to the project meaning that the governance and accountability aspect of the project will have to be addressed.
Of the aforementioned issues, one of the most critical ones is to determine what role such a city will play on a global stage. Of course, it is an audacious vision; however, Praxis’ vision must be realistic and operable within the context of global law and regulations. Some of its critics comment that, despite the fact that the creation of a crypto-native city seems to be quite engaging, its realisation may be much more challenging.
But the organization is hopeful. “And that is why we think that with the help of decentralized technologies, everyone can guarantee their own well-being and prosperity for all,” added a spokesman for Praxis.
Crypto-Native City Final Takeaway
This latter is a crypto-native city for $525M by Praxis which is also a development of the network state model. The project has incredible support from the cryptocurrency community and its goal to incorporate innovative technology to change the course of cities and nations.
Despite the mentioned challenges, Praxis has set out into the world with this vision, aiming to build a city for inspiration, which will attract the world’s brightest talents, as well as causative agents of Change in the scientifically significant fields such as artificial intelligence, biotechnology, and blockchain. This will be a practical implementation of the network state model, and its success or failure may significantly affect further social and political development.
Because the world is becoming interested in decentralized technologies and different forms of governance, Praxis’ city could mean a new direction in how to view nations, economics, and society. Keep following TheBITJournal and keep an eye on crypto-native city.
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