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Ten years ago Peter Thiel, famous tech billionaire and former advisor of US President Donald Trump co-founded a non-profit organization called Seasteading Institute and invested money in a venture that can become the biggest city on a seaborne platform.

In May 2018, the pilot project went into the active construction phase following an agreement signed with French Polynesia's government. The company behind the project plans build 300 houses, set its own government and launch a cryptocurrency called Varyon - all by 2022, Business Insider reports.

The project founders see it as a way to expand decentralization beyond the digital world and foster the evolution of new societies and forms of governance. Moreover, their vision is not limited to creating a floating utopia free of regulation and taxes; they believe that the floating city is a way to survive rising sea level.

"Floating islands solve two of the biggest problems in the world: Sea level change and the lack of start-up innovation in governance," Joe Quirk, president of the Seasteading Institute explained.

The island will be located about 1 km from the shore, and the citizens will get back to the land by ferry. The city will use wind and solar power to generate electricity and grow much of its food through agriculture to ensure maximum independence.

The city will have a modular structure of dozen of islands, which will be managed by Blue Frontiers, a new startup launched by Joe Quirk. The estimated cost of the project is $60 million, which the company plans to raise via ICO.

The Varyon cryptocurrency pre-sale started on July 5 with discounts of 5-15%; the team has already raised the half of its soft cap set at 4,000 ETH. The pre-sale round will be closed on July 14. However, the official date for the public crowdsale round is yet to be specified. The total supply has been set at 1 billion tokens with only 36% available for sale. Varyon (VAR) will be used to purchase residences and buildings on the seasteads from Blue Frontiers.