The project, presented by angel investor and entrepreneur Jason Calacanis, envisions the convergence of smart contracts and non-fungible tokens (NFTs) to catalyze construction and urban development.
Calacanis, outlining an ambitious plan for urban development, declared his intent to construct ten new cities in America, each with a million housing units. These envisioned cities would boast meticulously planned layouts, exceptional affordability, walkability, sustainability, and a range of amenities designed to bring joy to residents of all ages and socio-economic backgrounds.
Drawing inspiration from successful endeavors like those in the Kingdom, Calacanis emphasized the importance of collective will in making this vision a reality.
In response to Calacanis’s expansive proposal, Mark Cuban, known for his strategic investments, put forth a pragmatic plan leveraging blockchain technology. His proposal involves implementing a blockchain-based smart contract on a layer-2 scaling solution to ensure both privacy and efficiency in the process.
The essence of Cuban’s proposal lies in the utilization of a smart contract that automatically verifies issued construction permits through an oracle—a system supplying external data to the blockchain.
Once a permit is authenticated, the smart contract generates an NFT, symbolizing a developer’s entitlement to receive 250,000 USDC, a stablecoin. Cuban’s approach underscores the fusion of cutting-edge blockchain solutions with real-world urban development, showcasing the potential for innovation in the intersection of technology and construction.
Is my understanding correct that the smart contract will consistently monitor the issuance of construction permits and generate a new NFT for each additional housing unit to be constructed?” Mark Cuban inquired in a tweet.
So you are saying you will have written a smart contract on a ZK L2 which will check for a construction permit being issued , which in turn will create and send me an NFT that unlocks and delivers 250k in USDC when the oracle checks property and utility records and…
— Mark Cuban (@mcuban) November 26, 2023
Cuban’s intrigue in the innovative fusion of cryptocurrency and real estate underscores his commitment to exploring practical and life-enhancing applications of digital assets beyond traditional investment avenues. In an October interview with WIRED, he emphasized the transformative potential of cryptocurrency, stating, “Crypto has some problems.
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Most people, when they think crypto, they think speculation. That’s not what crypto’s really about. Crypto is really about creating new applications that make things better and easier. What crypto is missing is that one application that grandma really wants to use.”
Despite his enthusiasm for the crypto sector, Cuban’s journey in the cryptocurrency landscape has encountered hurdles. In September, he experienced a significant setback when he fell victim to a cryptocurrency scam, resulting in a loss of nearly $870,000. The realization of the scam occurred belatedly, with Cuban discovering the disappearance of 5 Ethereum from his wallet, valued at approximately $8,175 at the time. This incident highlights the challenges and risks that even seasoned investors may face in the evolving landscape of cryptocurrency.
