Monday July 5, 2021 ((rezonodwes.com)) –
The return of the Tower of Babel? – Todd Morley, the co-founder of financial services giant Guggenheim Partners, wants to build a “blockchain tower” in New York. This building will integrate a wireless network designed to “improve blockchain-based communication and exchanges in the city”. The building will also house a museum dedicated to the famous NFTs which still intend to grow.
A pharaonic project of questionable utility
In an interview on Bloomberg, Todd Morley announced the completion of New York’s tallest building, resulting from a partnership between the JDS Development Group and Overline, Morley’s blockchain project. Overline is developing a technology that promotes interoperability, by connecting different blockchains, including Bitcoin, to the world of decentralized finance (DeFi). The building in question, the Steinway Tower located at 111 West 57th Street is currently being finalized and will be part of its 435 meters high of the tallest buildings of the Big Apple.
This partnership should lead to the construction of a monumental tower which will house both luxury accommodation and a museum dedicated to NFTs. The tower located in the heart of Manhattan will also be a “relay point” for Overline’s wireless network, the objective of which is to accelerate interactions with the blockchain.
The idea is that with the help of Overline, which uses a proprietary consensus mechanism called proof of distance, anyone within a certain radius of the skyscraper has access to the network. In the future, the network should be extended to other buildings in the city.
“Overline Network has developed a new way to decentralize wireless communications that can be used at a speed that would even make cryptocurrency mining possible. “
The tower will also house “the largest NFT museum in the world”. This addition to the building seems particularly questionable, since it goes against the very concept of artistic NFTs, the dematerialization of art making it possible to contemplate it from the comfort of the home.
According to The Architect’s Newspaper, it appears that Morley’s project is grafting onto an existing project that should have been completed in 2020, but whose completion has been postponed until the end of 2021, given the pandemic.
To conclude, Morley revealed that just like his investment fund Guggenheim Partners, he has invested in Bitcoin. Nonetheless, he considers ether to have more use cases compared to the king of crypto, like billionaire Mark Cuban.
Source: Journal du Coin