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Shiba Inu Lead Dev Suggests Creating ‘Crypto Silicon Valley’

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Chitoshi Kusama, the lead developer of the Shiba Inu game, has unveil An ambitious proposal to create a “Strategic Innovation and Blockchain Hub” (SHIB) in a US city also known as the “Silicon Valley of Cryptocurrencies”. The initiative aims to transform the designated location into a global hub for blockchain technology, and seeks to place the United States at the forefront of the cryptocurrency industry.

Shiba Inu Leading Cryptocurrency Silicon Valley?

In a blog post dated November 5, 2024, Kusama outlined a plan focused on economic growth, technological advancement, and environmental sustainability. “By leveraging the transformative potential of blockchain, this SHIB initiative aims to stimulate economic growth, create high-quality jobs, enhance national security, and advance U.S. leadership in emerging technologies,” says the Shiba Inu’s lead developer.

Kusama emphasizes the strategic importance of the center, stressing the need for the United States to maintain its technological superiority. “As global competitors invest heavily in blockchain and cryptocurrencies, it is essential for the United States to maintain its technological edge,” he writes. It also highlights the national security benefits, noting that blockchain technologies such as fully homomorphic encryption (FHE) can enhance cybersecurity measures and protect critical infrastructure.

The proposal details a multi-faceted plan with estimated costs ranging from $1.3 billion to $2.35 billion over a period of between five and ten years. Infrastructure development forms a large part of the plan, including investments in physical infrastructure such as modern research laboratories and sustainable facilities powered by renewable energy. “Build facilities: Build or nurture state-of-the-art research laboratories, incubators, accelerators, co-working spaces and office complexes designed to foster collaboration,” suggests Kusama.

Digital infrastructure includes the deployment of ultra-fast broadband networks and the implementation of city-wide blockchain networks such as Shibarium. “Implementing Shibarium (and other partner systems) as a city-wide blockchain network for testing and deploying applications. “This will keep costs low, and implementation time fast,” he explains.

Economic incentives are proposed to attract startups and existing companies, and tax exemptions, grants and financing programs are offered. Kusama proposes offering “competitive tax credits, including lower corporate tax rates, research and development tax credits, and sales tax credits for technology equipment.”

Talent development is another crucial element, which involves collaborating with educational institutions to create specialized programs in blockchain technology. Kusama calls for “educational partnerships: collaborating with universities and local and digital educational institutions to create specialized degree programs, certificates and courses in blockchain technology.”

It is emphasized that there is a clear regulatory framework to encourage innovation while ensuring consumer protection and security. “Establish clear and supportive regulations that encourage innovation while ensuring consumer protection and security,” he wrote. It is proposed to create a regulatory sandbox to allow companies to test new technologies under supervision.

Sustainable practices are integrated throughout the initiative, including supplying the center with renewable energy to reduce its carbon footprint. Kusama recommended “providing the center with renewable energy sources to reduce carbon emissions,” highlighting the importance of environmental stewardship.

The expected results of the initiative are important. In the short term (one to two years), the Shiba Inu’s lead development team expects to create approximately 5,000 jobs and inject $500 million into the local economy. In the medium term (3-5 years), the plan expects expansion to more than 20,000 high-skilled jobs and an annual economic contribution of $2 billion. In the long term (more than 5 years), it is expected to establish SHIB as a world-famous hub, contributing more than $5 billion annually to the economy.

The economic impact analysis predicts a significant return on investment. “The expected return is $10 for every dollar invested over a decade, taking into account job creation, tax revenue, and economic activity,” Kusama says. Additional benefits include annual increases of about $500 million in federal, state and local tax revenues after the first five years and attracting $5 billion in private investment over ten years.

Kusama also highlights the initiative’s contribution to achieving national goals: “It is consistent with the national priorities of economic growth, technological progress, national security and sustainable development.”

He concludes his proposal with a call to action, emphasizing the transformative opportunity that the SHIB initiative presents to the United States. “By taking decisive action, we can secure the nation’s leadership in technology that will shape the global economy for decades to come,” he stressed. “Investing in the Strategic Innovation and Blockchain Center represents a transformative opportunity for the United States.”

At the time of writing, the Shiba Inu was trading at $0.00001761.

Shiba Inu price rises above the 200-day EMA, 1-day chart | source: Shippodt on TradingView.com

Featured image created with DALL.E, a chart from TradingView.com

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