Soviet Land Set to Lure Nostalgic Citizens with Dubious Benefits and Centralized Blockchain

The citizens of the new state will have Soviet-like retirement benefits and get their outstanding Sberbank deposits compensated in national cryptocurrency.

Casinos on blockchain? Nothing new. Decentralized corporate databases? As old as the hills. It seems that the concept of Blockchain for business has lost its touch of innovative originality, encouraging crypto enthusiasts to search for fresh ideas of how this technology can be implemented.

That's how someone came up with the idea of a state on blockchain. The world's first decentralized blockchain state Decenturion was established in May 2018 and first presented during the Consensus 2018 conference in New York. Since that time, blockchain states have started to pop up here and there, luring citizens with utopian promises.

The most recent one will appeal to those who feel nostalgic about Soviet times and ideas of Communism as it is built on principles of socialism and replicates the model of the USSR.

The news stated registered on the Personal State platform is called Soviet Land and it has its own constitution, citizenship, and social security program. Soviet Land welcomes people lived in the former USSR and their direct descendants.

The State will have its own cryptocurrency - Soviet Land Crypto Rubl (SLCR) - accepted by all institutes businesses and residents of Soviet Land and used without limitation for international settlements and payments between legal entities and individuals.

Moreover, the creators of this digital version of the USSR promise to compensate people for their outstanding USSR deposits in Sberbank in the national cryptocurrency adjusted for inflation.

However, inflation in Russia has grown substantially since the Soviet breakup, so it is unclear, how many coins the USSR depositors will receive and whether they will be able to sell it for fiat. Currently, CoinMarketCap portal has no information about Soviet Land Crypto Rubl.

Apart from that, all retirees in Soviet Land will be entitled to pension benefits under Soviet standards. While this statement is promoted as an advantage, real retirees may not like the outcome.

For example, in Stalin’s days, qualified specialists, public officers, and scientists received retirement benefits amounting to 60-100% of their salary, but the benefits for workers were much lower than the cost of living, while farmers had no retirement benefits whatsoever. During Khrushchev’s time, benefits became more generous, while the retirement age was set at 55 years for women and 60 years for men.

According to Andrey Milenin, the creator of the Soviet Land, the state seeks to protect its citizens, providing them with the right to restore social justice and participate in the country's management. He describes his state as "peaceful, independent, soviet, with a centralized form of individual management," though it is hard to imagine the manner in which a decentralized-by-nature blockchain state can have a centralized form of management.