DENVER (KDVR) — A new project is hoping to use the blockchain to entice investors in a bid to buy the oldest church still standing in Fort Collins.
The project initially aims to buy the church building on Remington and East Magnolia streets for $2.3 million so it can be rented out and used by organizations in the community like the Colorado House of Prayer, which is its current main tenant.
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This reportedly will be through a process called “tokenization,” essentially where shares of the church are offered on the blockchain for investors to buy.
Blockchains record cryptocurrency transactions in encrypted, digital records that live on servers all around the world, as The Associated Press explains . While blockchain platforms are used by cryptocurrencies like Bitcoin, the church offering is not for crypto but for “tokens” of ownership recorded on the blockchain.
“To have hundreds of people in an ownership group through the traditional process is nearly impossible. Now through tokenization, 2000 people can come together to own something like the Old Stone Church,” the project website reads .