Liberland President to Use Merit Cryptocurrency Coin Instead of Bitcoin
Liberland’s President, Vit Jedlicka, has said that he will use a new altcoin called Merit to lay the foundation for his dream for his country. Liberland is a micro-state that exists between Serbia and Croatia, which is a part of the border dispute between these two countries. According to their official website, Liberland represents the world’s third smallest state with an area of less than 3 square miles.
While Liberland is not yet officially recognized as a sovereign state by other countries, Jedlicka says that over 200,000 people have already registered to apply for citizenship. From 2009 to 2016, Jedlicka served as one of the regional leaders for a local political party located in the Czech Republic. He had a strong desire for fixing large states that were too regulatory in his home country. Thus, he decided to go out and build one from the ground up.
Creating A New Type of Sovereign State
According to Jedlicka’s vision for his new state, Liberland is a new kind of sovereign state with far fewer restrictions as compared to other states. For instance, the country will not have any obligatory taxes, and there will also be a broad range of personal freedoms, including the right of bearing arms. The country’s governance system will also be decentralized.
The Liberland territory had initially planned to use Bitcoin as its reserve currency. Jedlicka had mentioned in a recent interview how he believed that digital currencies were a significant development as a way of paying for the exchange of goods and services. However, he now had an even more ambitious currency plan than Bitcoin for his new country.
Custom Voting Rights
The ultimate plan for Liberland, according to its founder, is to run the nation as an independent, decentralized organization. In the DAO structure, governance decisions are only made through member voting or computer code. The decentralized governance structure will also manage the distribution of Merit coins to the citizens.
The customized voting plan is to assign voting power based on how much Merit coins a citizen owns. Jedlicka added that this new system will enable citizens to purchase shares of their country and it can be equated to voluntary taxes. He strongly thinks that people who are contributing to creating the state must have the power of making the governance decisions.
The system’s pilot project will launch next month in November 2018. Plans are also underway for its Ethereum-based Merit to act as a source of collateral within the country’s justice system. Meanwhile, Jedlicka is also planning to create alternative spaces in Liberland with a boat, known as Bitcoin Freedom.
The Liberland President commented that blockchain technology and virtual currencies have led to a significant paradigm shift in many sectors. He believes that these new technologies will have a massive effect on how sovereign states are managed in the future. His final comments that today was the best time to launch new sovereign nations like Liberland to realize the promise of these new technologies.