Home / Cryptocurrency / The president of Liberia uses currency Merit of cryptocurrency rather than Bitcoin

The president of Liberia uses currency Merit of cryptocurrency rather than Bitcoin

Liberland-president-to-Use-Merit-Coin-lieu-of-Bitcoin

The president of Liberland, Vit Jedlicka, said he will use a new altcoin called Merit to lay the foundations of his dream for his country. Liberland is a micro-state that exists between Serbia and Croatia, which is part of the border dispute between these two countries. According to their official website, Liberland is the third smallest state in the world with an area of ​​less than 3 square miles.

While Liberland is not yet officially recognized as a sovereign state by other countries, Jedlicka claims that over 200,000 people have already registered to apply for citizenship. From 2009 to 2016, Jedlicka was one of the regional leaders for a local political party located in the Czech Republic. He had a strong desire to set great states that were too regulative in his country of origin. So, he decided to go out and build one from scratch.

Create a new type of sovereign status

According to Jedlicka's vision for his new status, Liberland it's a new kind of sovereign state with far fewer restrictions than other states. For example, the country will have no compulsory taxes and there will also be a wide range of personal freedoms, including the right to bear arms. The country's governance system will also be decentralized.

Initially, the territory of Liberia had planned the use of Bitcoin as a reserve currency. Jedlicka had mentioned in a recent interview how he believed digital currencies represented a significant development as a means 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 manage the nation as an independent and decentralized organization. In the DAO structure, governance decisions are made only through members' voting or computer code. The decentralized governance structure will also manage the distribution of Merit coins to citizens.

The personalized voting plan is to assign voting power based on the amount of money a citizen has. Jedlicka added that this new system will allow citizens to buy shares in their country and can be treated as voluntary taxes. He firmly believes that people who contribute to the creation of the state should have the power to make governance decisions.

Road map

The pilot project of the system will be launched next November 2018. Plans are also underway for its Ethereum merit to act as a guarantee source within the country's judicial system. Meanwhile, Jedlicka is also planning to create alternative spaces in Liberland with a boat, known as Bitcoin Freedom.

Conclusion

The president of Liberia commented that blockchain technology and virtual currencies led to a significant paradigm shift in many sectors. He believes these new technologies will have a huge effect on how sovereign states will be managed in the future. His final comment is that today was the best time to launch new sovereign nations like Liberland to fulfill the promise of these new technologies.

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