Blockchain LLC
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Blockchain LLC is an American technology company headquartered in the state of Nevada. It is noted for its plan to build a semi-autonomous smart city without governmental oversight, and what its supporters regarded as invasive municipal privacy practices.[1]
History
[edit]Blockchain LLC was founded in 2014 and started developing applications, services, and systems developed for the Web3 platform.[2] It gained traction in late 2018 during the height of the blockchain hype. Its founder and CEO Jeffrey Berns was a former consumer protections lawyer, who found success litigating banks after the 2008 financial crisis.[1]
In 2019, the company purchased the German blockchain development company Slock.it. Slock.it is known for developing a decentralized autonomous organization project called The DAO.[3] The acquisition was aimed at linking the internet of things to blockchain networks. It was also designed to bolster the governance model of the company's planned distributed collective entity.[4][5][6]
Experimental smart city
[edit]Blockchains LLC proposed a plan to build what it called as semi-autonomous jurisdictions in rural northern Nevada to be called “Innovation Zones”.[7] The company purchased a large estate in Storey County for $170 million.[8] This was to be the location of the experimental smart city where companies can develop new technologies without governmental oversight.[9] Blockchain LLC lobbied state lawmakers to enact a law that would allow the smart city to form a local government of its own and the authority over everything within its jurisdiction.[10]
According to Berns, the “Innovation Zone”, which would be administered by an elected board of local citizens, would host companies that would create technologies in the areas of housing, energy, and transportation, among others.[11] Residents of the smart city would have access to the city's services on digital applications using blockchain.[12] It would operate as a network-based, decentralized digital technology that uses cryptocurrency to conduct business transactions.[13]
Blockchain LLC's plan initially drew state support. Governor Steve Sisolak promoted the concept, saying that it would transform Nevada into “the epicenter of this emerging industry and create the high-paying jobs and revenue that go with it.”[14] Citing public opposition and a lack of state support, Blockchain LLC scrapped the plan in October 2021.[9] Instead of a law supporting the smart city, the state legislature passed a bill that would study the concept.[15]
References
[edit]- ^ a b Munster, Decrypt / Ben (March 1, 2020). "Nevada's $170 million "Blockchain City" Cuts Employee Count By 10 percent". Decrypt.
- ^ "Blockchains | Our Story". Blockchain.com.
- ^ "Blockchains Acquires Development Firm Behind 'The DAO' Project".
- ^ "Blockchains LLC". www.cybersecurityintelligence.com.
- ^ "Blockchains Acquires slock.it | News, Press & Media".
- ^ "Blockchain Firm Planning to Build 'Smart City' Buys Slock.it". June 3, 2019 – via www.bloomberg.com.
- ^ "Blockchains CEO discusses lobbying effort for new city, company funding, efforts to acquire water in rural Nevada, claims about technology". The Nevada Independent. March 10, 2021.
- ^ Popper, Nathaniel (November 1, 2018). "A Cryptocurrency Millionaire Wants to Build a Utopia in Nevada" – via NYTimes.com.
- ^ a b Metz, Sam. "Tech company asks to withdraw 'Innovation Zones' plan for Northern Nevada". Reno Gazette Journal.
- ^ https://www.marketwatch.com/story/in-nevada-desert-blockchains-llc-aims-to-be-its-own-municipal-government-01613252864
- ^ "'Innovation Zones' promoted by Sisolak would create semi-autonomous county at behest of Blockchains LLC". The Nevada Independent. February 3, 2021.
- ^ "Nevada smart city: A millionaire's plan to create a local government". March 18, 2021 – via www.bbc.com.
- ^ "In Nevada, a Utopian Vision Gets a Blockchain Twist". March 9, 2021 – via www.bloomberg.com.
- ^ Hartman, Jim. "Follow the money with Blockchains LLC's proposed 'Innovation Zones' (Voices)". www.nnbw.com.
- ^ Rothberg, Daniel. "Blockchains, Inc. withdraws 'Innovation Zone' plan for Storey County". The Nevada Independent – via www.nnbw.com.