What is Crypto Island and is CISLA token safe?

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What is Crypto Island and is CISLA token safe?

Crypto Island
Image source: Pixabay.com

Highlights

  • Crypto Island wants to buy an island with tokenomics, but any real progress has yet to be made
  • CISLA token of Crypto Island ranks very low on CoinMarketCap, and it has lost value this year
  • The recent rise in price of CISLA token must be seen in light of its very low trading volume

Can cryptocurrencies be a reliable medium of exchange? Bitcoin (BTC) is now legal tender in a couple of countries, but any major progress has yet to be made. While most countries are hesitant in adopting cryptos as legal tender, one project has a unique plan.

The plan is to “buy” an island, with tokenomics as the bedrock. Though this might appeal a few, proper due diligence is very necessary. Let’s know more.

What is Crypto Island?

A relatively new project in the cryptoverse, Crypto Island claims something very unique. It talks about purchasing an island in the Bahamas and using digital assets to run operations. Crypto Island is inviting enthusiasts to crowdfund the project. This, it states, gives co-ownership of the island to backers.

A decentralized autonomous organization (DAO) is said to have been set up for the purpose. The project claims that besides providing co-ownership to participants, decision-making rights will also be shared. The island, it is said, would be constructed in an eco-friendly way.

A section on the official website of Crypto Island talks about the project undergoing “re-branding”. It is not clear what this means.

Crypto Island cryptocurrency

CISLA is the token of Crypto Island project. The whitepaper states it is a BSC-based coin, with added availability on Ethereum.

It is said that funds raised using CISLA token would go into various activities including marketing and operations. The whitepaper also mentions another token, PALMTREE, for crowdfunding. Besides, the ecosystem will also have NFTs, which intend to give special access to holders.

Also read: ARK crypto rises: How has ARK fared amid volatility in cryptoverse?

Crypto Island token price

CISLA token has lost value so far this year. The downward slide has remained largely uninterrupted. It traded at nearly US$0.0000003 as of writing, having gained almost seven per cent in 24 hours.

Crypto Island’s market cap data is not available on CoinMarketCap. It ranked very low and could not even make it to top 5,000 cryptoassets. The 24-hour trading volume of CISLA token was also very less.

Crypto Island token price

Data provided by CoinMarketCap.com

Is Crypto Island safe?

How Crypto Island will use funds to “buy” a private island is a subject of speculation. Second, CISLA token has mostly traded in red, with a limited rise over the past one day. The official website states that some sort of re-branding is underway. Third, the token ranks very low, and its market cap is not known. All this calls for extra caution.

Also read: ETH at $2,000: What does 5-year historical price data indicate?

Bottom line

Crypto Island is a project that envisions purchasing of an island and using digital tokens to run it. It has yet to make any tangible progress in this respect. CISLA token has risen recently, but on a YTD basis, it has lost substantial value.

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