Vienna Creates New Crypto Reward Tokens for Citizens with University of Economics and Business Partnership

The capital of Austria, Vienna, has decided to develop a brand new blockchain initiative in the country which is set to reward people from the city using a cryptocurrency token.

This initiative, which is part of a wider incentive program made in the country, was called Vienna Token and it was first announced to the public last year. The original announcement, which happened in December 2019, revealed that the new reward token will be developed in a partnership between the administration of the city and the Vienna University of Economics and Business.

How to get this brand new cryptocurrency? The head of the local Research Institute for Cryptocurrencies, Shermin Voshmgir, affirmed that the new token will be granted to the citizens of the capital as a reward for providing feedback about the city on a certain app used to pay for parking and also for riding bikes instead of using cars.

Obviously, you will be able to trade your cryptocurrencies for actually valuable things. Almost everyone in the crypto market remembers all the hype of new tokens back in 2017 and how most of them failed due to lack of liquidity and many other issues that made them worth nothing. In this case, you can trade your tokens for theater tickets, for instance.

Voshmgir has also affirmed that other use cases for the token are still being implemented at the moment. The objective is to create a token that can really bring some value to the industry, not only create another crypto that cannot be used.

She defends the idea that cryptocurrencies could be the real killer app for the blockchain and that in ten year time they will be really respected, something that most cryptocurrencies are struggling to achieve at the moment.

By citing art and real estate blockchain projects, she has also claimed that by fractionating the ownership of these goods, people can find creative new ways to even interact with the concept of ownership in the century.

Vienna is becoming a blockchain hub. Last December, the Austrian Blockchain Center was created in the city and it has been making research about the blockchain technology, Internet of Things and logistic apps ever since.

These hubs are important not only for the countries in which they are set but they also put together minds that can define the future of the blockchain technology. The field is still too new and it has plenty of space for growth at the moment. There are controversies, but some experts believe that the blockchain can be an invention as big as the internet, so the time to invest in the future is now.

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Gabriel Machado
Brazilian journalist who is interested in the future of the financial world. Has a special interest in the blockchain technology and the global financial markets. Covers economic and technology news with a focus on the fintech industry and has been writing about the cryptocurrency market since the start of 2017.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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