The decentralization of blockchain has led to innovations we could hardly think off. More ventures are coming out under the use of blockchain with the most sophisticated concept and next-generation changes. A good scenario is the launch of Privelege Coin.
The ICO project is set to launch the first micronation with the help of blockchain technology. Apparently, the fund for the ICO will go into funding the purchase of an island from where the investors and token founders will live and rule. The Privelege micronation will become a full-fledged nation with a ruling authority and even their currency, the Privelege Coin.
What To Expect With Privelege Coin
Since the Kingdom of Privelege will be a sort of crypto-based independent nation, here is how the team behind the project have in mind for the crypto nation.
As an autonomic administrative unit, the micronation will enact its kingdom's laws through the organic statute and royal regulations. The territory is also set to have the King of Privelege as the head with symbols such as a crest and flag.
Citizens Of Privelege-
To become a citizen one has to pass an application procedure. If successful, citizens are obliged to follow the rules, regulations, and authorities within the Kingdom of Privileges. Citizenship can be revoked or renounced but only through the relevant Kingdom of Privileges administrative bodies.
The ruling authority is the Monarch with the power held by a King and Queen. It will operate like the typical monarch, but the people with most privilege coins get to rule.
Just like most tax havens, the Kingdom of Privelege will allow citizens to set up businesses without restrictions and imposing of taxes.
How Privelege Coin Works
Like any free nation, the Kingdom of Privelege will start out with its currency, the Privelege Coin. This currency will go into buying an ecologically friendly island from where they can set up the kingdom. Once the country is set up, the Privelege Coin is set to operate the nation's primary currency. That means members of the Kingdom will trade their goods and services only in the crypto token and will no longer need the fiat currency.
Privelege Coin Benefits
- Stability- the Privelege crypto will be the primary currency of the kingdom, meaning the nation predetermines its quantity and value
- Adoption-the coin will work as payment method for products and services within the territory
- Safety- the ERC20 coin features the latest in security measures for the blockchain world.
- Built on Ethereum- the use of the ETH blockchain means the token leaves room for development opportunities.
Privelege Coin Verdict
For a relatively new project, Privelege Coin concept is far beyond reality. The idea of funding a nation is mostly unheard of, and it would be exciting to see if the project can pick up. However, judging from the crypto enthusiasts’ reactions, I would not expect anything concrete from the Kingdom.
For starters, the plan reads more like a scam. There aren't many details on fund allocation or on how the money will go into running the Kingdom. That means the whole project could turn out to be a fraud scheme. All-in-all, the concept might be right, but the ultimate factors lie in whether people will believe in such a platform.