Nishiawakura village in Japan with a population of around 1500 is planning to issue its own ICO to bolster its economy. About 95 percent of the village is forest, and the economy of the village is entirely dependent on utilizing the forest resource in the best possible way.
The token known as Nishiawakura coin (NAC) will be issued by the Nishiawakura village token economy association which is owned by private village enterprises. The coin will be an ERC20 token, and the sale will be made in Ethereum which will be later converted to cash and used for investing in the local enterprises. Coin holders will be given voting rights and are similar to how shareholders rights are performed today but only more egalitarian.
The launch date has yet not been decided though the village committee is targeting it by FY 2021.
Scarcely populated area’s don’t get the required amount of funding, and this problem is shared across the world. There is a hope that ICO model like this can be a better option and hopefully the cities of future will be more decentralized and don’t have to beg to the central government or subsidize rich corporates to open their factories.
Image source: By Phronimoi – Own work, CC BY-SA 3.0