Now, Asgardia is about to name its own space currency.

The world's first space kingdom has launched a global competition to create financial and economic systems for the sovereign nation.

Participants in the Future of Finance and Economics Competition are tasked with submitting proposals that outline a payment instrument for goods and services, savings functions and liquidity of national currency.

It might seem like an idea taken straight out of science fiction, but a nation of people living in space could soon become a reality. The ambitious plans, first announced in 2016, were hatched by an international group of scientists. Artist's impression pictured

Asgardia, which formed in 2016, has a constitution that's already been accepted.

The constitution calls on the space nation to create a 'sustainable and robust economy, rich in financial opportunities and incentives, as crucial to our long term success.'

The kingdom is now seeking ideas for what kind of financial ecosystem should exist in Asgardia.

'It is history in the making,' said Igor Ashurbeyli, Asgardia's head of nation, in a statement.

'Everyone has an opportunity to help create the Asgardian economy,' he added.

Participants can take part in the competition as individuals or in teams of up to five people.

They can submit text proposals, animations, videos or infographics describing their ideas.

After the competition closes, proposals will be judged by a panel of global finance, economics and digital technology experts to choose the winner.

Participants in Asgardia's Future of Finance and Economics Competition will have to make it through two rounds of judging in order to win the $10,000 prize

The name 'Asgardia' comes from the city of the skies ruled by Odin from Valhalla in Norse mythology. Asgard is also the name of a fictional realm and its capital city within the Marvel Comics universe The Norse city of Asgard, from the film Thor is pictured

There are then two stages of the competition.

Judges will select 25 of the best submissions in the first round 'based on the quality of their argued practicability, ingenuity and comprehensiveness.'

From there, the top rated proposals will be presented at an in-person roundtable discussion where the presenters will answer questions from the Asgardian community.

The 'incumbent Asgardian administration' will announce the winner and they will receive a $10,000 prize.

If the Asgardia Parliament supports the winning proposal, the participant will be offered employment with Asgardia's NGO to help implement their ideas. 

Asgardia already has its own cryptocurrency called the Solar, which is registered at the European Union Intellectual Property Office.

But it seems that the nation is also considering other digital financial systems.

The competition announcement goes on to explain what the 'guiding principles' for the financial ecosystem are, as outlined by Asgardia's constition.

These include 'non-interference in Earthly affairs or violation of Earth laws.'

WHAT IS THE 'FIRST SPACE NATION'? 

Asgardia will be the first 'space nation'.

The name comes from the city of the skies ruled by Odin from Valhalla in Norse mythology.

It is described as 'a fully-fledged and independent nation, and a future member of the United Nations'.

The Asgardia Project Team is made up of experts from around the globe.

The project team is being led by Dr Igor Ashurbeyli, a Russian scientist and founder of the Aerospace International Research Center (AIRC) in Vienna.

Conspiracy theorists claim that the Eye of Horus symbol (shown in white), pictured in the Asgardia logo above, is linked to Freemasons and the Illuminati

By creating a new space nation, the experts behind the project hope to develop future space technology free from the restrictions of state control.

Alongside its announcement, Asgardia opened up applications for virtual citizenship via its website, and so far almost half a million people have pledged their allegiance.

The first Asgardia satellite will launch in September this year.

One of Asgardia's first projects will be the creation of a protective shield to protect humankind from space debris, including asteroids. 

Asgardia-1 launched to the International Space Station last year with the Orbital ATK Cygnus spacecraft, and remained there until it deployed to low-Earth orbit in December 

Additionally, the system only taxes businesses registered in Asgardia's jurisdiction. It won't tax any individual citizens of Asgardia.

The deadline for submissions is March 27, 2018, according to Asgardia's website.

The competition comes after the so-called virtual nation successfully launched a small satellite, roughly the size of a loaf of bread, into space last November.

Called Asgardia-1, the satellite aims to establish Asgardia's sovereign territory, carrying half a terabyte of data into orbit.

Doing so satisfies the last condition necessary for Asgardia to be admitted to the United Nations. 

Asgardia also has a flag and a coat of arms.

The virtual nation was launched by an international group of scientists and backed by a Russian billionaire Dr Igor Ashurbeyli.

However, it seems some more human problems are getting in the way of this vision.

Dr Ashurbeyli told Wall Street Journal the biggest issue is 'self-organisation'.

'No one has ever tried organising…what is today 100,000 citizens from 200 countries who don’t know each other and live in different places on Earth', he said.

Future Asgardians speak many different languages and also have different political systems, which could lead to political unrest.

There is also debate as to whether the new nation should accept refugees from Earth.

Potential inhabitants have raised concerns about the constitution and how power will be shared among the space-dwellers.

There is also concern about how taxation will work - which according to the constitution is voluntary. 

By Annie Palmer and Cheyenne Macdonald For Dailymail.com