Blue Frontier’s Varyon Crypto-driven Floating Island Project Ends Prematurely
Crypto-Driven Floating Island Project Ended Prematurely
A floating island set to be constructed off the Tahitian coast has shelved its ambitions of exclusively driving its economy using virtual currencies.
The project, led by Blue Frontiers, caused excitement when it was first announced in July this year. Most people were eagerly awaiting the launch of the floating island as wells a decentralized governance model. The objective of the project was to reduce the dependence on centralized systems.
The island’s economy was supposed to be driven by the Varyon digital token. Indeed, a token presale was conducted, raising 3,100 ETH (equivalent to $600,000 at the time) in a relatively short period. The proceeds from the token sale might be worth more, depending on the course of action taken by the project’s team. Now, it seems like the public token sale might never occur, going by the information posted on the official Varyon website.
Despite the lack of a public sale date, there is still hope that the Varyon token will be useful in the future. In this regard, Blue Frontiers mentioned that Varyon might remain as a core part of their ecosystem and the tokens in their reserves might be sold or distributed in the future.
Difficulties Encountered by the Floating Island
According to Nicolas Germineau, a co-founder of Blue Frontiers, the project has been significantly hindered by disagreements with French Polynesia and the bearish trends in the crypto market. French Polynesia is the jurisdiction on which the floating island was supposed to be built.
Additionally, Nicolas stated that they will shift their attention to actualizing specific milestones that have taken long periods to accomplish. Such milestones include the evaluation of wave models and the impacts they would have on the floating island. If developed, the floating island would be the first of its kind.