TLDR:
- Justin Sun elected as Prime Minister of Liberland using blockchain technology
- Liberland is a micronation between Croatia and Serbia, founded in 2015
- Sun aims to promote minimal government and libertarian principles
- Liberland uses its own blockchain system for governance and has Bitcoin reserves
- The micronation advocates for individual freedom and “sunset laws”
Justin Sun, founder of the TRON blockchain, has been elected Prime Minister of Liberland, a micronation situated on a 7 square kilometer territory between Croatia and Serbia. The election, conducted entirely through blockchain technology, marks a significant milestone in the application of decentralized systems to political processes.
Liberland, founded in 2015 by Vít Jedlička, is a self-proclaimed sovereign state that has yet to receive formal recognition from the international community. However, it has gained attention for its innovative approach to governance and its embrace of cryptocurrency and blockchain technology.
🚨JUST IN: TRON Founder, Justin Sun, has been elected as the prime minister of the micronation, Liberland. pic.twitter.com/C4IZVQKXDm
— Cointelegraph (@Cointelegraph) October 10, 2024
The micronation’s recent election saw Sun emerge victorious, with the results recorded on a blockchain to ensure transparency and immutability.
This use of blockchain for voting purposes demonstrates the potential for the technology to revolutionize electoral systems by providing a secure and verifiable method of tallying votes.
In his first statement as Prime Minister, Sun expressed his enthusiasm for the role and outlined his vision for Liberland. He emphasized the micronation’s commitment to libertarian principles, including minimal government intervention and individual autonomy.
Sun stated, “Liberland is not just a sovereign nation. It is a manifestation of a political philosophy that champions liberty, minimal government intervention, and individual autonomy.”
Liberland’s governance model is unique in several ways. The micronation utilizes its own blockchain system for managing legislation and governance, allowing citizens and “e-residents” to engage with Liberland’s affairs from anywhere in the world with an internet connection.
The system includes two tokens: the Liberland dollar (LLD) for operational purposes and the Liberland merit (LLM) for governance participation.
One of the core principles of Liberland is the concept of “sunset laws,” which automatically expire after a set period. This approach aims to prevent the accumulation of outdated or unnecessary regulations, further emphasizing the nation’s commitment to limited government interference.
Liberland’s embrace of cryptocurrency extends beyond its governance model. The micronation holds Bitcoin as part of its reserves and promotes financial innovation. Citizens can gain voting rights by staking 5,000 LLM tokens and completing a know-your-customer (KYC) process.
While Liberland faces challenges in gaining international recognition, it has reportedly established friendly relations with several United Nations member states, including El Salvador, Serbia, and Argentina. The micronation’s government website claims to have over a thousand residents, more than 4,000 e-residents, and approximately 700,000 settler applications.
Sun’s election as Prime Minister has drawn attention from other figures in the cryptocurrency space. Charles Hoskinson, co-founder of Cardano, commented on the development, highlighting the unique nature of this intersection between blockchain technology and governance.
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