Floating island will have own government, cryptocurrency, 300 houses.

The project is a pilot program in partnership with the government of French Polynesia, which will see 300 homes built on an island that runs under its own governance, using a cryptocurrency called Varyon. Once we can see how this first island works, we will have a proof of concept to plan for islands to house climate refugees, she said. The project is funded through philanthropic donations via the Seasteading Institute and Blue Frontiers, which sells tokens of the cryptocurrency Varyon. The pilot island is expected to be completed by 2022 and cost up to $50 million.