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Vienna City Develops New Reward Token for Citizens

By Warren Hayes | February 7, 2019
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Vienna City Develops New Reward Token for Citizens

As part of a citizen incentive program, the Austrian capital of Vienna is in the midst of developing a blockchain-based token with the Vienna University of Economics and Business.

Currently known as the Vienna token, it was first announced in December 2018. Austrian media reported Shermin Voshmgir, Head of the local Research Institute for Cryptocurrencies as saying the new token could be, for example, given to citizens as a reward for riding their bicycles or providing feedback on Vienna, or used to pay for parking in the city. Later on, the use of tokens could be expanded to include exchange for “valuable” items, such as theater tickets.

“We are in a very early design phase in which we are considering together with the City of Vienna what such a Vienna token could look like. It’s about understanding how we can generate a token that adds value to the city,” Voshmgir said.

On that same note, she believes that tokens could be the “killer app” for the blockchain industry that will lead to completely new business models being developed in the coming decade. Voshmgir also mentioned the application of blockchain to areas such as art and real estate as useful ways of applying the technology.

Austria has been showing growing signs of interest in cryptocurrency and blockchain technology. The Crypto Sight noted that as of 2018, Austria has the highest penetration rate of crypto ATMs in Europe, followed by the UK.

 

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