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nRunaway Comment: For the “sheltered city” Berkeley, plagued by the financial crisis, can blockchain provide another cryptocurrency to help it improve the city’s key aspects, such as the most noteworthy housing and core services? Government leaders in Berkeley are exploring the potential of ICO, a project backed by local government bonds that helps it raise the capital necessary to rebuild affordable housing in Berkeley while promoting social equity.n
nTranslation: Inan
Berkeley backgroundn
Berkeley is a U.S. city famous for its liberalism and the first “sheltered city” in the United States, while Berkeley is the brunt of U.S. President Trump’s “anti-immigration new deal.”n
“Sheltered cities” are urban areas that allow immigrants, especially illegal immigrants, to use urban resources so that immigrants can fully play an active and safe role in urban construction. Its urban policy is to restrict the federal government’s interference with the immigration issue to protect immigrant families from divisions or expulsions.n
Federal funding problemsn
President Trump plans to lift funding for asylum cities and cut further its budget, a policy that has triggered a housing-related issue in Berkeley. If Trump does limit funding for Berkeley and other Berkley organizations, the city may lose nearly $ 500 million. Terry Hartle, senior vice president of the American Board of Education, said there is no federal law that allows the federal government to interfere with higher education institutions to get funding.n
Bloomberg notes that the president can not limit the funding of Berkeley because it requires parliamentary oversight and legislation. However, there are also structural problems in this city. Berkeley’s cryptocurrency ICO announcement is a response to the housing crisis.n
Berkeley housing crisisn
Berkeley’s structural policy issue has led to its current housing stock crisis. The Proposition 13, passed in 1978, “locks” the value of long-term tenants. This raises the question that homeowners may be millionaires with “assets” but can not sell them.n
The housing market in California has been above average. However, technological incomes in the 1990s and 2000s caused structural housing shortages. As developers focus on serving more affluent market segments and thus fail to build homes for low-income families, coupled with a crisis of affordability, the housing problem has become even worse. These are the reasons why Berkeley recently announced ICO.n
Berkeley’s cryptocurrency projectn
Ben Bartlett, senior strategic strategist for the project, said: “It actually allows us to fulfill our role as a government, and our responsibility is to serve our people. It is incompatible with this duty to get people to sleep in the streets.”n
Through this move Berkeley will sell its much-needed capital by selling digital tokens for cheap housing development and other major projects. However, these plans are still in their infancy. It is not yet clear whether the project is already under exploitation or pre-mining. In the case of digital transactions and security, there is also uncertainty about the currency-based exchange and wallet-based deployment.n
Meanwhile, Berkeley lawmakers have partnered with Mayor Jesse Arreguin and technology startup Neighborly, as well as software engineering support from Berkeley UC Blockchain Labs to develop technology and platforms. The goal of this project is to provide “Initial Community Offering” to promote local deals. This blockchain-based municipal borrowing model will bring about change in local funding in the United States and elsewhere.n
How the future?n
This proposed project requires the parliamentarians to exercise democratic supervision and get the basic approval of the majority, which may become reality in mid-May 2018, at which time the committee will conduct further discussions on the project. With Trump’s suppressed publicity more and more open, the issue of affordability becoming more and more real and more and more homeless, this model may become the right financing model for social change.n
The program allows Berkeley to build on the blockchain and provide affordable and affordable housing to its citizens, creating low-to-middle-income growth in the region based on a dedicated Berkeley UC / Urban Bond program. Only time will tell whether this plan will become a reality. However, in the face of growing socio-economic inequalities, the concept of “initial community distribution” may be difficult to achieve.n

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