The floating island is reportedly about to arise in the Pacific ocean. The new island country is designed to have its own cryptocurrency called Vayron. The project will cost some $50 million, including construction of the infrastructure, 300 homes, hotels, offices, and restaurants.
The pilot project is developed by a community of charity providers, scholars, and investors in cooperation with the authorities of French Polynesia. The group of enthusiasts plans to create a state that will be independent of geopolitical impact and currency rate fluctuations. Moreover, the project will be able to accept so-called "climate refugees", as the media reports citing the expert in this matter.
"There is significance to this project being trialed in the Polynesian Islands. This is the region where land is resting on coral and will disappear with rising sea levels", commented the project expert.
The funding comes in the form of donations via PayPal and Blue Frontiers. Notably, Blue Frontiers deals with the project ICO, under which investors will receive Varyon coins.
The island is likely to float out by 2022. It is expected that the project will encourage other organizations to create more similar islands worldwide.