Virtual Nation Builders
Moonshots and long term goals
Unlocking the nation’s land wealth for everyone
The Ndebele Land Revitalisation Project (“LRP”) aims to bring about a change, for the better, for the lives of every Ndebele citizen by leveraging the Nation’s land wealth for the good of all.
The object is to pioneer innovative, inexpensive and effective ways to leverage the wealth of the Kingdom in the form of its land resources, to the benefit of all the members of the Ndebele Nation, through the creation of virtual land (in phase 1), the digitisation and securitisation of traditional land assets (in phase 2) and the development of traditional land assets (in phase 3). This allows the Nation to create new forms of wealth (through the virtual land aspects of the project), and to unlock the value of existing land assets (through the digitisation and securitisation of traditional land assets, and the development of such land), with the ultimate goal of utilizing the funds raised through this project to develop the existing land assets to the benefit of all of the Nation’s citizens.
consists of three phases
In phase 1 of the LRP, a virtual Kingdom complete with virtual real estate will be constructed for the Nation. Citizens of the Ndebele Virtual Kingdom can purchase their own unique piece of the Kingdom in the Cloud, in which they can host guests, interact with other citizens, showcase their virtual art, writing, music or other assets, and even play games against other citizens. These virtual assets are traded using block chain technology, with the result that an immutable, un-hackable, uncorruptible virtual land register showing ownership and any other rights in relation to the virtual land, will be open to all to see. This guarantees the safety and security of the rights to the land in a way that literally no other system on earth does. These assets can be freely traded using block-chain technology almost instantaneously with little transfer cost. Funds raised from the sale of virtual land will be utilised for phase 3 of the LRP. The land register created for virtual land, will be known as the Virtual Land Register”.
DIGITISATION AND SECURITISATION OF PHYSICAL LAND ASSETS
Traditional forms of utilising land wealth to raise funding for the development of traditional land assets might not be feasible for several reasons. These typically include the following:
- The occupier of the land, who has limited rights to the land, is not able to obtain the credit required to develop the land.
- The land is subject to some kind of dispute or land claim, that ‘locks’ it for many years.
- The owner of the land is unable to give third party creditors (such as banks) limited security rights in the land, due to the limitations involved with the way in which the land is held/administered.
- The law prevents subdividing agricultural land except in certain limited circumstances, which makes this kind of land difficult and expensive to develop in some instances.
There is a disagreement between the land owners and occupiers as to how the land should be developed; Corruption results in the land assets being syphoned off and diverted from the true purpose of uplifting the intended beneficiaries.
It costs a lot to provide services to land in rural areas, when the land is far from existing municipal infrastructure.
In phase 2 of the LRP, the Kingdom’s traditional land assets will be digitised, and recorded using block chain technology on a traditional land asset register (independent of the virtual land register referred to in relation to phase 1 above). This land register will also be created and maintained using ultra-secure and transparent block chain technology. It will be safer and more accessible to the citizens of the Nation than physical land records in the Deeds Offices. All of the Kingdom’s traditional land assets will be created as NFT’s (non-fungible tokens), meaning that they will represent or correlate to a unique physical asset in the physical world but will be recorded digitally in the cloud. The land register created to record transactions relating to the traditional physical land assets will be known as the “Traditional Land Register”.
This will allow the rights in relation to the land to be traded more freely than they currently can be traded, as there are presently no legal restrictions relating to the trading of NFT’s (whilst there are many relating to the sale and transfer of land and rights in land in the Deeds Office). Creating digital representations of the land enables transactions that currently cannot be registered in the Deeds Office, to be registered in an immutable and transparent land register, which serves as a “parallel” land register to the one contained in the Deeds Office, but which allows additional flexibility in the nature of and number of transactions registered. It also allows participants in the land rights registration system created by the Ndebele Nation to be able to create new and innovative land rights, that speak to the unique nature of the manner in which citizens associate with land. For example, the concept of the family home is very important in many customary settings, but is not recognised in ‘western’ South African private property law. With a unique and parallel land register for the Ndebele land assets, entirely new relationships in land can be created to better suit the needs of the participants in the system.
Once the traditional land assets are recorded as NTF’s on the Traditional Land Register, they can be traded or the rights in relation thereto amended at a fraction of the cost of registration in relation to physical land assets, because there is no need to pay conveyancing and bond fees, or certain taxes that apply in relation to land transactions. This does not mean that no tax or transfer fees will ever be payable in terms of these kinds of digital land transactions – this might become applicable in the future, but it does not apply for the present.
In addition, because the system is transparent and cannot be hacked or tricked, it is impossible for corrupt persons to cheat the system and obtain benefits that should have been reserved for someone else. It also allows a person looking for funding to apply to a recognised institution for funding based on their digital land rights. The rights of the lender (bank or another creditor) can be recorded in the Traditional Land Register in the same way as they could be recorded in the Deeds Office, or department of Motor Vehicles, or any other government department or registry, and in fact, there is greater flexibility in the types of transitions that can be registered because the assets (the NFT’s) are not subject to the same (sometimes quite) prescriptive rules that land is. It permits leases, transfers, and other amendments to traditional land right bundles to be amended with little restriction at a fraction of the cost, and almost instantaneously (no more waiting three months for registration in the Deeds Office).
This will allow people with registered digital land rights to unlock the value of the land in ways that were not available to them before, and will foster land revitalisation across the Ndebele Nation.
LAND DEVELOPMENT PROJECTS
Funds raised in phases 1 and 2 will be put into trust, and utilized for the long-term development, on a physical level, of the Nation’s traditional land assets.
The entire LRP aims to create jobs and stimulate the Ndebele economy, as well as the larger South African economy.