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- Liberland has just elected Tron’s Justin Sun as prime minister after the results of its algorithmic election were announced.
- Reports disclose that this micronation is establishing a state reserve fund in Bitcoin as they call for collaboration with BTC-based payment providers.
Tron founder Justin Sun has been elected as a prime minister in Liberland following the results of a blockchain-based election announced on October 6. In addition to that, entrepreneur Evan Luthra, journalist Jillian Godsi, former Croatian politician Ivan Pernar, and information technology professional Dorian Stern Vukotić were elected to Congress.
According to reports, Tron’s consideration was based on his extensive background in blockchain which aligns with the technical vision of the country. Meanwhile, the election was reported to be purely algorithmic and transparent. This was disclosed by a spokesperson of the nation.
The election process, governed by a simple set of rules, was entirely algorithmic, providing transparency. This system has a unique ability to eliminate doubt regarding election outcomes, a challenge faced by many countries still relying on traditional methods. We hope to be a pioneering example of what will soon become common practice.
What is Liberland
Liberland, also known as the Free Republic of Liberland, is a micronation that was first promoted by Czech politician and activist Vít Jedlička. In 2015, Jedlička started campaigning that the uninhabited stretch of “floodplain on the Croatian bank of the Danube” is the territory of this self-acclaimed independent country. On its official website, it is stated that this nation emanated from the escalation of border dispute between Croatia and Serbia which led to an unclaimed portion of land at the West of the Danube.
In a 2018 report, the Telegraph media reported that half a million people had applied for citizenship in Liberland with 5,500 of them from the UK. As of that time, this micronation was accepting Bitcoin, Ethereum, and Bitcoin Cash for its financial operations and donations. Commenting on this, Jedlicka disclosed that the nation had no debt and had a low running cost. For this reason, he had no issue with the digital coin stock.
For a few years of my life, I worked as a financial markets analyst. That gave me a fairly good understanding of the system we are living in. I first discovered Bitcoin in 2010 but I just wish I paid more attention to it back then when it was cheaper.
Liberland Calls for Collaboration with Bitcoin Payment Providers
Currently, Liberland claims to have 1000 citizens with minimal infrastructure. On top of that, 99% of its reserves are held in Bitcoin. In another report, Liberland was disclosed to be building a Bitcoin-focused environment with the state reserve fund established in the digital asset.
Liberland is building a BTC-centric economy and seeks collaborations with BTC-based payment infrastructure providers. We are establishing a State Reserve Fund in BTC, open to investors during its pre-seed round.
Fascinatingly, the concept of this Bitcoin nation aligns with the long-term plans of El Salvador, which declared Bitcoin as a legal tender in 2021. Recently, we disclosed that the country is building a Bitcoin City with a tax-free crypto haven powered by its geothermal energy from a volcano.
At press time, Bitcoin was trading at $60,789 after declining by 0.4% in the last 24 hours.
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