The city will be build on the desert and will be the first one which will have blockchain technology to its core.
The announcement was made by Jeffrey Berns, CEO, Blockchain LLC at DevCon 4 which is the biggest event for blockchain developers.
The company has already purchased over 60,000 acres of land in Nevada desert at a cost of $170 million.
Another $300 million have been spent on building land, offices, planning and a staff of 70 people.
The company has already garnered support from the locals as they hope to see economic development in the entire region due to the development of this Smart City.
The company will build homes, school and even a drone delivery system.