The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
FIRST RELEASE TICKETS ON SALE FOR URBANITY-25 CONNECTING PROPERTY LEADERS ACROSS THE ASIA PACIFIC
FIRST TICKETS ON SALE FOR URBANITY-25 WHERE THE PROPERTY INDUSTRY CONNECTS
SEE DETAILSDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Partner Lab
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ResidentialTed TabetThu 08 Nov 18

Crypto Millionaire Wants to Build a Blockchain Utopia in Nevada

TUD+ MEMBER CONTENT
2fe3dbd7-b32e-45c8-93cb-c3ceafc6c1e3
SHARE
128
print
Print

A cryptocurrency millionaire has spent $400 million on an enormous plot of land in the Nevada desert with the intention of building a utopian community based on blockchain technology.

The 27,000-hectare site in Storey County, outside of Reno, has been purchased by Jeffrey Berns, a lawyer and new-found cryptocurrency millionaire who has announced plans for an experimental community with decentralised blockchain infrastructure.

Blockchain, which began as a digital ledger on which all bitcoin transactions are recorded, has now been touted as the future of digital economy, making it possible for ordinary people to control their own data without relying on big companies or governments.

Berns, who is 56, made his millions buying and selling Ether tokens, which are used on computing platform Ethereum, before their value crashed.

He now envisages a new city spread over about 260 square kilometres, where houses, schools, commercial districts and production studios will be built.

The centrepiece of this giant project will be the blockchain, with real-world laboratories and research helping to push the boundaries of the fledgling technology.

Related: Blockchain Powered Eco-Towers the Next in High Rise Development

Something inside me tells me this is the answer, that if we can get enough people to trust the blockchain, we can begin to change all the systems we operate by.

--Blockchains LLC chief executive Jeffrey Berns told The New York Times
A rendering of the proposed blockchain-based community in Storey County.Image: EYRC Architects + Tom Wiscombe Architecture


Berns will have some high-profile neighbours with Nevada already home to Tesla's Gigafactory, considered one of the largest world's largest building by footprint, as well as industrial park's for the likes of Google, Apple and Switch.

The crypto-millionare's sprawling property was purchased for $236 million in cash earlier this year and has had further millions injected into the project in the shape of offices, planning and a staff of 70 people to help manage the ambitious masterplan.

The desert city, dubbed Innovation Park, will be split in two parts, a residential smart city with homes and schools, and a commercial sector with a campus for researching emerging technologies such as blockchain, AI, 3D printing and nanotechnology.

The tech campus will also feature an eSports arena to host international competitions.

Related: NSW Trials Blockchain for Conveyancing

A rendering of the proposed blockchain-based community in Storey County.Image: EYRC Architects + Tom Wiscombe Architecture


Communal living facilities with shared amenities, civic centres and green courtyards to gather and develop ideas, are all promoted in the proposal.

While plans include self-driving electric cars and a drone delivery system, adding unparalleled technological comforts, Ethereum will be the city's common denominator with every resident and employee provided with an Ethereum address.

“Our land in Innovation Park will be a smart city with a decentralised blockchain infrastructure underlying all interaction,” Berns said in a statement.

“Efficiency, sustainability, transparency and provenance will not be compromised, but guaranteed.”

“Multiple innovative technologies will change the way its residents interact on a daily basis and blockchain technology will be at the centre of it all – keeping systems honest, fair and democratic.”

Related: Blockchain on the Cusp of Revolutionising Housing

This will either be the biggest thing ever, or the most spectacular crash and burn in the history of mankind, I don’t know which one.

--Blockchains LLC chief executive Jeffrey Berns told The New York Times
A rendering of the proposed blockchain-based community in Storey County.Image: EYRC Architects + Tom Wiscombe Architecture


Berns also announced a memorandum of understanding with one of the Nevada's main power companies, NV Energy, to team up on projects that will run energy transactions through a blockchain.

"The goal of this collaboration is to create technology solutions that will produce customer-centric energy platforms powered by public blockchain, all with the intent of integrating approved incubations into Nevada's energy framework," Berns said.

Once built, Berns has said he will relinquish all decision-making power for the project and 90 per cent of any dividends it generates to a corporate structure that will be held by residents, employees and future investors.

That structure, which he calls a "distributed collaborative entity", will operate on a blockchain where everyone's ownership rights and voting powers will be recorded in a centralised digital wallet.

Berns has already received preliminary county support for the masterplan and, if approved, expects construction to start late 2019.

ResidentialInternationalTechnologySector
AUTHOR
Ted Tabet
The Urban Developer - Journalist
More articles by this author
website iconlinkedin icon
ADVERTISEMENT
TOP STORIES
Potts Point Coliving EDM
Exclusive

Co-Living Shrugs Off Stigma as Overseas Money Moves In

Clare Burnett
6 Min
Bankstown cbd in Sydney NSW EDM
Exclusive

Breaking Delivery Crisis Chokehold on NSW’s Biggest Housing Market

Vanessa Croll
7 Min
Healthscope Hospital EDM
Exclusive

‘Once-in-a-Decade’ Opportunities Rise in Wake of Healthscope Collapse

Clare Burnett
7 Min
Exclusive

Parking Upsize Threatens Fatal Blow to Project Feasibility

Phil Bartsch
6 Min
One New Zealand Stadium BESIX Watpac
Exclusive

Rising to a Challenge: How BESIX Watpac Topped Australia’s Builders

Clare Burnett
7 Min
View All >
NDH Property Group, a joint venture partnership between Evri Group and KDN, plans for two 13-storey towers in part 2b of the linq development.
Residential

Next Stage of Belconnen Precinct Goes Public

Renee McKeown
Potts Point Coliving EDM
Exclusive

Co-Living Shrugs Off Stigma as Overseas Money Moves In

Clare Burnett
A rendering of the top floors of SP Setia's Atlas skyscraper at 383 La Trobe Street, in Melbourne's CBD.
Residential

SP Setia Flags Changes to 72-Storey Melbourne Skyscraper

Marisa Wikramanayake
The amendments for Atlas are the latest development in the twists and turns for the Melbourne CBD site…
LATEST
NDH Property Group, a joint venture partnership between Evri Group and KDN, plans for two 13-storey towers in part 2b of the linq development.
Residential

Next Stage of Belconnen Precinct Goes Public

Renee McKeown
3 Min
Potts Point Coliving EDM
Exclusive

Co-Living Shrugs Off Stigma as Overseas Money Moves In

Clare Burnett
6 Min
A rendering of the top floors of SP Setia's Atlas skyscraper at 383 La Trobe Street, in Melbourne's CBD.
Residential

SP Setia Flags Changes to 72-Storey Melbourne Skyscraper

Marisa Wikramanayake
3 Min
Brekky Creek Highrise DA Approval hero
Development

Historic Brekky Creek Hotel’s Highrise Neighbour Greenlit

Phil Bartsch
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/crypto-millionaire-wants-to-build-a-utopia-in-nevada