Theambitious“HeroicCity”initiativeclaimstobeahavenfortechentrepreneursandinnovatorslookingforlowerregulatorybarriers,withaspecialemphasisonblockchainandartificialintelligence(AI)technology.Praxis,foundedbyBrown,ispartofagrowingtrendofprojectsdesignedtorevolutionizecitybuilding.AccordingtotheWallStreetJournal,thefinanceagreementismilestone-based,whichmeansPraxiswillreceivefundsinphasesastheprojectmovesforward.Thecity,whichhasyettobenamed,willprioritizetechnologicalfreedomandcreativity,providingwhatBrowndescribedas“amoreheroicandbeautifulwayoflife.”
AFuturisticVisionforCityBuilding
Oneofthemoststrikingelementsoftheproposedmetropolisisitsfocusondecentralizedtechnologies.Praxishopestoattractorganizationsanddeveloperswhospecializeinbitcoin,blockchain,andAIbyloweringregulatorybarriers,therebybuildingacommunityinwhichthesetechnologiescanthrive.
The$525millionincommitmentsdemonstratesincreasedinvestorconfidenceinblockchainandAI,particularlyinindustrieswherethesetechnologiesarenotyetcompletelyregulated.BrownandhiscolleaguesarepresentingPraxisasacitywheretechentrepreneursmayexperimentanddevelopcutting-edgesolutionsfreeoftheregulatoryburdenthatoftenstiflesinnovation.
PraxisseesaworldinwhichAIandblockchainareincorporatedintodailylifewithease.Investorsthinkthatbyutilizingdecentralizedtechnologies,theinitiativecanestablishamodelforhowcitiescanfunctionmoreeffectively.Praxiswantstogiveitsresidentsalevelofautonomyneverbeforepossible,withafocusondisruptivetechnologylikeAIandcryptocurrencies.
Thefinancing,alargepieceofwhichiscontingentoncryptotokenlistingsonpublicexchanges,isacriticalcomponentofthetransaction.Praxisintendstosellitstokenstoraiseextrafundingandliquidityfortheproject’sfuturephases.Thistokenizedapproachalignswiththeproject’svisionofintegratingblockchainintothecity’sfabric.
Praxis‘City’RealityCheck
Despitetheoptimism,thePraxisprojectstillhasmanyobstaclestoovercomeincludingsecuringproperty,managinggeopoliticalissues,andcomplyingwithinternationalfinancestandards.Additionally,severalinvestorshavevoicedconcernsregardingthefeasibilityofextensiveinfrastructureimprovementsfundedbycryptocurrency,despitethefactthatmanythinksuchacityhasthepotentialtodrawtop-tierITtalent.
Inaddition,evenifPraxisisabletosecurethefull$525million,itwouldstillbeonlyatinyfractionofwhatwouldberequiredtofundtheconstructionandmaintenanceofamoderncity.AccordingtoBuildops,forexample,theaverageconstructioncostforatypicalmodernskyscraperis“$300millionto$1billion”.ThismeansthatPraxiswouldbeabletocreateperhapsoneortwobuildingswithinitscurrentbudget.Further,onceconstructed,theoperationalcostsoflargecitiesareeyewatering.Forexample,theannualoperatingbudgetofNewYorkcityisover$110billion.EvensmallcitieslikeBoiseIdahoareexpensivetorun,withanannualoperatingexpenditureofaround$750million.
Whilethevisionofacutting-edge,tech-drivencityisundoubtedlyinspiring,theharshrealityisthatevenwithboundlessambitionandblockchaindreams,theimmensecostsandlogisticalchallengesmakeHeroicCityafantasyfarmoredifficulttobuildthantoimagine.
bravenewcoin.com