CityCoins is the parent project that promotes every city to adopt cryptocurrency and blockchain technology for social purposes. Miami is the first city to launch this project, leading to MiamiCoin ($MIA) as the first city with its own cryptocurrency. MIA can be bought, sold, and traded, being an interesting asset for both investors and the city. It is also entirely programmable, allowing anyone to build applications across it.
The basic purpose of the inception of this coin is to influence a crypto revenue stream across the city it represents, with access to STX and BTC for holders who hold $MIA. Users can consider both stack, mine, and hold it.
For a better understanding of users, the mined coin benefits the city directly. The crypto treasury is then prone to vote on how it is to be utilized to benefit the city and the community as a whole. All the treasury is believed to be directed across the improvement and welfare of the municipal conditions of the city. This is thought to will improve civic engagement and ensure a systematic approach to funding across communal projects.
CityCoin is an initiative for the people, it helps them support their city and grow its crypto treasury while enabling a system for their earnings.
The project, powered by Stacks – an open-source network of decentralized applications (DApps) enabling smart contracts on the Bitcoin network – brings up a platform to empower a lot of functions within the CityCoins. However, the project bases its evolution on a citizens’ demand. It can be understood that CityCoins is wholly based on offering every city a chance to make their lives better under the voting action. Citizens are required to vote for their city to have it included in the list of CityCoins. Miami was the first to take this initiative and adopt CityCoins as their next-gen solution to prosperous lives.
How Can CityCoins benefit a City’s Welfare
The most basic uses to be a part of the CityCoins projects are mining and holding it. Users have the autonomy to mine, stack, hold, borrow, lend and program CityCoins. Over the question of programming CityCoins, being a platform built across a blockchain, CityCoins is programmable through Clarity, the language that empowers smart contracts. Although mining and stacking might be the primer functions of CityCoins, such an adaptive description makes the project home to endless possibilities for users, developers, investors, residents of the city, etc.
STX or the Stacks token is forwarded to the CityCoins Smart Contract across the protocol for allowing it to be mined. Any miner that wins can access their rewards across the Stacks address with ease. 30% of the forwarded STX is directly reserved for the city’s and community’s welfare, as this vision is a basic necessity of the project. The use of these reserved crypto treasury assets is compliant to the city’s mayor to consume for the city. The funds usage might include building roads, parks, and infrastructure, promote actions to mitigate the risks associated with climatic changes, initiate funds for the under-privileged community, and use the fundings for investing within the crypto educations that are to be provided to the crypto enthusiasts.
Regarding it’s use, Haider Rafique, from Crypto exchange OK coin, which will list MIA on its platform, stated: “CityCoins is not just an incentive for retail investors, but also for governing bodies. Cryptocurrency shouldn’t just be about speculation, but also about real-world usage.” The mayor of Miami, after recognizing that mining proceeds generated over 5million USD over 30 days, expressed his opinion of the initiative was that: “It’s interesting because it’s not an involuntary tax, it’s not philanthropy, it’s something that is completely different and could revolutionize the way governments are funded in the future.”, adding “It’s theoretically possible that the city could generate enough taxes through MiamiCoin so that our residents don’t have to pay one cent in tax.” In line with this, is his idea that residents might have the possibility to pay local tax with bitcoin from February 2022
Stacks offer a function of Staking to the holders of CityCoins. They can variably earn in STX and BTC by utilizing this function. 70% of the STX that the miners in the mining process have forwarded to users who stack their tokens. These tokens are distributed among the users in appropriate proportions. While stacking CityCoins, users can expect a result in the form of STX rewards. These rewards are further stacked to obtain BTC rewards.
The conception of utilizing CityCoins brings up loads of other functionalities and opportunities that can be made a basic part of the ecosystem. One such example is seen across MiamiCoin, the first CityCoin that has marketed successfully across the platform.
CityCoins has started a journey that is to go far beyond a few cities. Along with introducing MiamiCoin to the inhabitants of Miami, CityCoins is looking forward to expanding its ambits to other cities such as San Francisco. The project believes in targeting the community and bringing up a sense of prosperity among the masses.
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