New York, like Miami, will also have its own cryptocurrency: NYCCoin. The project developers reported that NYCCoin will begin mining as of tomorrow, November 10. With this cryptocurrency, the citizens of New York will be able to support the development of the Big Apple, favoring its growth and consolidation as the epicenter of crypto innovation and the Web3. At the same time that they generate benefits for themselves.
We ❤️ NYhttps://t.co/HP2iQSGZb8
– CityCoins (@mineCityCoins) November 9, 2021
MiamiCoin, the cryptocurrency to finance the city, generates $ 5 million in a month
New York’s initiative to have its own cryptocurrency comes after Miami has generated several million dollars with its cryptocurrency MiamiCoin (MIA). Miami was the first American city to have its own city coin.
Through MiamiCoin, launched in August this year, Miami has found a new way to generate income. At the end of September, Francis Suarez, the mayor of Miami, reported that MiamiCoin had generated about $ 5 million for the city in just one month and that the cryptocurrency showed great potential to replace taxes in the future. The creators of City Coins highlight that the only way to obtain city coins, such as MiamiCoin and NYCCoin, is through mining; since the cryptocurrencies themselves are not issued or distributed by any entity.
New York and its cryptocurrency
Eric Adams, the first pro Bitcoin mayor of New York, assured that he will compete amicably with Miami to win the first place as the most important crypto city in the country. Beginning in January 2022, when he takes office, Adams will begin to make New York the center of Bitcoin and Blockchain innovation, thus fostering the development of these new technologies. The newly elected mayor of New York began his bid for cryptocurrencies by reporting that he would receive his first three salaries in Bitcoin, the largest cryptocurrency in the industry. Like Suarez, Adams believes in the long-term appreciation potential of BTC and the freedom that this cryptocurrency provides through its decentralized and alternative system.
The mayors’ trend pro Bitcoin: New York already has Eric Adams
Stacks founder Muneeb Ali claimed on Twitter that the path of crypto innovation pioneered by the mayors of Miami and New York is the right one. And that these initiatives will help forge friendly policies with new technological and financial developments.
“Francis Suarez and Eric Adams see cryptocurrencies as an opportunity for cities”Muneeb claimed, while noting that it was a very smart move by these municipal rulers to get returns through Bitcoin for a city’s treasury. “It’s the next level”, he assured.
Friendly policies, encouraging innovation, and experimenting with crypto for city services is the way.
Earning a Bitcoin yield from a city treasury is the next level.
– muneeb.btc (@muneeb) November 8, 2021
City coins, development for cities
New York, the largest city in the United States, could generate several million dollars a month with the popularization of its cryptocurrency NYCCoin.
In its Web page, NYCCoin developers point out that the new coin is designed to harness New York’s energy, creativity and entrepreneurial zeal, for the benefit of the city itself. “It will be exciting to see what New York City does with NYCCoin.”
The success of MIA in its first month led Suarez to estimate that Miami could generate about $ 60 million through this cryptocurrency next year. For Suarez, city coins are becoming symbols of development and innovation. Its potential can help minimize the city’s poverty rates, through the social investment of the profits generated. In addition to becoming a possible viable alternative for municipal taxes.
The Miami and New York city coins are powered by the Stacks protocol, designed to enable the creation and implementation of smart contracts on the Bitcoin network. To obtain city coins it is necessary to mine them. First of all, those interested in mining city coins must send STX, the Stacks token, to the specific smart contract of each city. Once they send STX they will get newly created city coins as a reward.
70% of these rewards are taken as profits for the miners, while 30% goes to the reserves and treasury of the city. This 30% is sent in STX tokens to a digital wallet controlled and administered by the city itself. As reported by the creators of the project, cities can convert their STX into US dollars whenever they want.
The mayor of Miami will receive his salary entirely in bitcoin
The idea behind city coins is to empower its citizens to support the creation and development of projects within their own cities, while driving crypto adoption and increasing the city’s crypto hoard. In turn, city coin miners can generate earnings for themselves in STX tokens.
City coins appear to be becoming catalysts for crypto innovation, integrating decentralization and the cryptocurrency revolution into governments from within.