Satoshi Island, covering an expansive 32 million square feet, is a privately-owned island under Satoshi Island Holdings Limited. On Satoshi Island, the primary medium of exchange is the digital currency known as STC. Users can own plots on Satoshi Island by purchasing NFTs, representing land ownership rights on the island.
What is Satoshi Island
Situated between Australia and Fiji in Vanuatu, Satoshi Island aspires to be the global nexus for cryptocurrency and blockchain enthusiasts. Backed by Vanuatu's government, Satoshi Island is actively developing a genuine crypto economy and laying the foundation for a blockchain-centric democracy. Unique in its governance structure, the island functions as a decentralized autonomous organization (DAO) governed by its own inhabitants.
Playing a central role in this ecosystem is STC, the island's official cryptocurrency. Not only does it facilitate transactions on the island, but it also serves as the primary medium of exchange on its associated platform. Furthermore, this cryptocurrency has a predetermined supply, ensuring its value.
The Satoshi Island team
Satoshi Island's inception has the blessings of both the Prime Minister and the Finance Minister of Vanuatu. The blueprint of the island is credited to James Law, while operational strategies and day-to-day management are under Denys Troyak.
How does Satoshi Island work
Opened in late 2022, the Satoshi Island Resort is a testament to the island's thriving ecosystem. The DAO oversees everything, from eateries and recreational venues to accommodations. It manages leases and ensures the provision of essential services such as upkeep, medical care, and housing renovations.
Ownership of a Satoshi Island non-fungible token (NFT) carries with it real-world responsibilities not often associated with owning NFTs, given the island's tangible nature. There are 2100 blocks of land on the island, with each block further segmented into 10 land NFTs. Block owners can construct structures using the modular housing blueprint by James Law, and commercial enterprises too will soon have opportunities to establish a presence on the island.
STC tokenomics
STC, the native token of Satoshi Island, is a BEP-20 issued on the Binance Chain with a deflationary design and a capped supply of 21 million. Envisioned as the go-to currency for the island, STC facilitates a variety of operations, from day-to-day expenses like dining, bills, transportation, rent, and maintenance to purchasing Satoshi Island NFTs, which signify land ownership.
STC distribution
The distribution of STC is as follows:
- 40 percent for public sales and liquidity
- 35 percent allocated towards DAO treasury
- 15 percent for private sales
- 9 percent went to the founding team
- 1 percent for Indigenous landowners
The road ahead for Satoshi Island
STC has ambitious aspirations, which includes making Satoshi Island a focal point for Web3 innovations. Upcoming developments include integrating DeFi components like decentralized mortgages and blockchain-based infrastructure utilities. Embracing commercial entities is also on the cards, aligning with the island's goal of becoming self-sustained.
