Shytoshi Kusama, the lead developer of Shiba Inu, has unveiled an ambitious proposal to ascertain a “Strategic Hub for Innovation and Blockchain” (S.H.I.B.) in a United States city aka the “The Silicon Valley of Crypto.” Aiming to rework the chosen location into a world epicenter for blockchain technology, the initiative seeks to position the US on the forefront of the crypto industry.
Shiba Inu To Lead The Silicon Valley Of Crypto?
In a blog post dated November 5, 2024, Kusama outlines a plan emphasizing economic growth, technological advancement, and environmental sustainability. “By leveraging blockchain’s transformative potential, this S.H.I.B. initiative goals to stimulate economic growth, create high-quality jobs, enhance national security, and reinforce america’ leadership in emerging technologies,” the Shiba Inu lead dev states.
Kusama underscores the strategic importance of the hub, emphasizing the need for the US to take care of its technological edge. “As global competitors invest heavily in blockchain and digital currencies, it’s imperative for the US to take care of its technological edge,” he writes. He also highlights the national security advantages, noting that blockchain technologies like Fully Homomorphic Encryption (FHE) can enhance cybersecurity measures and protect critical infrastructure.
The proposal details a multifaceted plan with estimated costs starting from $1.3 billion to $2.35 billion over a five- to ten-year period. Infrastructure development forms a big a part of the plan, including investments in physical infrastructure corresponding to state-of-the-art research labs and sustainable facilities powered by renewable energy. “Construction of facilities: Construct or sponsor state-of-the-art research labs, incubators, accelerators, co-working spaces, and office complexes designed to foster collaboration,” Kusama proposes.
Digital infrastructure includes the deployment of ultra-high-speed broadband networks and the implementation of city-wide blockchain networks like Shibarium. “Implement Shibarium (and other partner systems) as a city-wide blockchain network for testing and deploying applications. It will keep costs low, and time to implementation fast,” he explains.
Economic incentives are proposed to draw startups and established firms, offering tax breaks, grants, and funding programs. Kusama suggests offering “competitive tax breaks, including reduced corporate tax rates, R&D tax credits, and sales tax exemptions for technology equipment.”
Talent development is one other critical component, involving collaborations with educational institutions to create specialized programs in blockchain technology. Kusama advocates for “educational partnerships: Collaborate with local and digital universities and academic institutions to create specialized degree programs, certificates, and courses in blockchain technology.”
A transparent regulatory framework is emphasized to encourage innovation while ensuring consumer protection and security. “Establish clear, supportive regulations that encourage innovation while ensuring consumer protection and security,” he writes. The creation of a regulatory sandbox is proposed to permit firms to check latest technologies under supervision.
Sustainable practices are integrated throughout the initiative, including powering the hub with renewable energy to attenuate carbon footprint. “Power the hub with renewable energy sources to attenuate carbon footprint,” Kusama beneficial, highlighting the importance of environmental stewardship.
The projected outcomes of the initiative are significant. Within the short term (1–2 years), the Shiba Inu lead dev anticipates the creation of roughly 5,000 jobs and an injection of $500 million into the local economy. Within the medium term (3–5 years), the plan expects expansion to over 20,000 high-skilled jobs and an annual economic contribution of $2 billion. In the long run (5+ years), the establishment of S.H.I.B. as a world-renowned hub is projected, contributing over $5 billion annually to the economy.
An economic impact evaluation projects a considerable return on investment. “Projected return of $10 for each $1 invested over a decade, considering job creation, tax revenues, and economic activity,” Kusama states. Additional advantages include estimated annual increases of $500 million in federal, state, and native tax revenues after the primary five years and the attraction of $5 billion in private investments over ten years.
Kusama also highlights the initiative’s contribution to national goals: “It aligns with national priorities of economic growth, technological advancement, national security, and sustainable development.”
He concludes his proposal with a call to motion, emphasizing the transformative opportunity the S.H.I.B. initiative presents for america. “By taking decisive motion, we are able to secure the nation’s leadership in a technology that may shape the worldwide economy for many years to return,” he emphasized. “Investing within the Strategic Hub for Innovation and Blockchain presents a transformative opportunity for america.”
At press time, Shiba Inu traded at $0.00001761.
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