The organization, funded by philanthropist Peter Thiel plans to begin building a half a kilometer off the coast of French Polynesia. In 2022 They’re launching their own cryptocurrency called “Varyon”. Pre-sales have already begun.
The Seasteading institute was co-founded almost a decade ago by Thiel though he is no longer involved with the project. Seasteading is a term used to describe the creation of permanent dwellings at sea. Though technically it implies doing so outside of any government territory the institute began a pilot project quite near to the shores of French Polynesia – testing the concept in early 2017.
Their intention is to eventually build a total of 300 homes on the artificial island which will supposedly run under it’s own Libertarian government. President of the institute – Joe Quirk told Business Insider that the project will also double as a way to adapt to the rising sea levels of climate change.
First and foremost the island will act as a preliminary getaway for those wealthy individuals who can afford “luxury homes” closer to the core of the city. Although Joe Quirk has assured us that more affordable homes will become available later in the islands construction this type of selectivity certainly raises an eyebrow or two. On the other hand, it is likely that without marketing such luxury homes at the beginning they would lack the appeal required to attract solid investors close to launch.
In a 2009 essay, Peter Thiel wrote, “Between cyberspace and outer space lies the possibility of settling the oceans.”
Speaking of which, The entire concept bears a striking resemblance to “The Space Kingdom of Asgardia” – another elaborate breakaway civilization recently established by European Engineer and Computer scientist _________ which now boasts over 200 000 members.
Both of these projects include their own government and the deployment of an independent economy via cryptocurrency. Whether it’s an orbital space station or some kind of artificial island one thing is for sure, cryptocurrency appears to be complicating the possible future of Geopolitics to a much larger extent then most futurists have anticipated.
There are several proposed designs for the Seasteading institutes first floating citity
Ones features several clusters of architecture spotted with large solar panels and/or wind turbines while the other would include more natural reservoirs on a horseshoe shaped island framework. All of them have chosen to grow food through “aquaculture” i.e. the breeding of plants and fish in water as well as to power the city with renewable energy and continuously gather/recycle water from the ocean.
Joe Quirks new startup Blue Frontiers will direct the project and they expect that it will cost a total of $60 million which they will attempt to raise through their initial coin offering – one of the fastest growing unregulated alternatives to traditional fund raising today. Many cryptocurrencies around the world have used an initial coin offering (ICO) to successfully market their idea first, before production even begins.
The concept is a peculiar mix of gambling and investing. The ICO sets a certain ceiling on the amount of initial coins (i.e. cryptos) that can be purchased at each particular milestone. When the project starts to make money the investors are rewarded based on their share of “coins”
It is important to mention that quite a large percentage of ICOs are unsuccessful however these are usually ones without a solid gameplan (i.e. “whitepaper”) or team with the necessary expertise beforehand. The Seasteading Intitute does not appear to be in the same bracket as those poorly composed teams running risky ICOs
When the more credible ICOs do succeed they tend to expand quickly and those investors can often make spectacular returns in a short period of time that they simply would not see from an ordinary stock market.
“Floating islands solve two of the biggest problems in the world: Sea level change and the lack of start-up innovation in governance,” Quirk said.
“We will be living on the oceans long before we live on Mars,” Quirk said.