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A pilot project for a new libertarian floating city will have 300 homes, its own government, and its own cryptocurrency

Business Insider Logo By Leanna Garfield of Business Insider | Slide 1 of 17: Nearly a decade ago, billionaire Peter Thiel cofounded a nonprofit called  Seasteading Institute and contributed seed funding toward what could become the world's first floating city. The institute is now embarking on a pilot project with the government of French Polynesia. As CNBC reports, the group plans to build 300 houses on an island, which will run under its own governance and use its own cryptocurrency called Varyon. At first, the project's founders imagined the city as  a libertarian utopia free of regulation (and taxes). Joe Quirk, president of the Institute, told Business Insider that his team's vision has evolved beyond that. The group now also sees the city as a way to live with rising sea levels, which are expected to increase more than six feet by the end of this century. Take a look at the ambitious plan below.

Nearly a decade ago, billionaire Peter Thiel co-founded a nonprofit called Seasteading Institute and contributed seed funding toward what could become the world's first floating city.

The institute is now embarking on a pilot project with the government of French Polynesia. As CNBC reports, the group plans to build 300 houses on an island, which will run under its own governance and use its own cryptocurrency called Varyon.

At first, the project's founders imagined the city as a libertarian utopia free of regulation (and taxes). Joe Quirk, president of the Institute, told Business Insider that his team's vision has evolved beyond that. The group now also sees the city as a way to live with rising sea levels, which are expected to increase more than six feet by the end of this century.

Click ahead to take a look at the ambitious plan.

© Seasteading Institute
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