Remarkably, the blockchain system has evolved into building concepts that were not originally intended for a decentralized ledger technology. Such will be the case of Estonia’s proposed e-Residency Project, powered by the Nation itself, and expected to be a platform that builds a digital nation for global citizens. Virtual reality is one thing, however, a virtual community based on a real-life landmass is novel.
Although, the programme started in 2014, the programme is currently moving at a fast pace and is receiving the cooperation it requires and its community is growing exponentially. It was originally intended for location-independent entrepreneurs and non-Estonians who had interest in investing in the country without physically being present.
Back in August, 2017, the Estonian government proposed its own currency based on the blockchain – a national cryptocurrency, which would have made them the first country whose currency was decentralized. However, it received an astonishing reprimand from the higher-ups, as Estonia is a country under the EU jurisdiction and euro is the central currency, for Estonia to have its own separate currency was unacceptable. Whereas, crypto enthusiasts were excited and embraced the idea of a country finally accepting the responsibilities of cryptocurrencies.
More so, the responses of crypto entrepreneurs are no different from previous crypto projects, they wouldn’t mind purchasing estcoin, even if at the moment all the coin is, ‘a solution looking for a problem’.
Estonia’s objectives implied are honorable, as they intend to increase their income per capita, through the networks built on the e-Residence platform. They suppose these networks will increase the number of investors and startups in Estonia relatively from a global pool.
Virtual residency, has a way of reducing immigrants, while improving the economy of the host nation through an interactive system. It is clear that the e-Residency programme does not grant immigration rights, however, it only grants access to limited opportunities in the nation to include company registration, banking services and online payment processing.
Finally, by democratizing entrepreneurship globally and enabling the rise of location-independence, Estonia’s e-Residency has found a purpose that aligns with the blockchain network.
One very impressive outlook of the programme, is their ability to improve from data assessment recorded as users’ and community feedback.
With Estonia’s proposed ICO for their e-residency programme, it is clear that the divide between traditional systems or government institutions, and the new age technology the blockchain represents are getting thinner. Estcoin’s view of decentralization further proves this point, as they perceive no single entity should have control over the economy of the digital nation and in fact, would require Public-Private Partnership to coordinate the affairs of the ecosystem.