Miami to launch City cryptocurrency MiamiCoin
On June 5, Miami will launch the city cryptocurrency MiamiCoin, and will launch it on June 8. The token, issued by token issuer CityCoin, will provide a new way to create municipal assets for favorite cities.
The CityCoin team envisions that in the near future, each city will have its own encrypted token or CityCoin.
According to reports, CityCoins is supported by Blockstack (STX), and Blockstack is a protocol that enables d intelligent contracts on Bitcoin networks. CityCoin like $MIA is mined by forwarding the Stacks token (STX) to the CityCoins smart contract.
Stacking requires holders to lock in their CityCoins for a period of time to receive an STX award. Holders can then further accumulate the STX, to generate bitcoin rewards for themselves.
The system allows holders to earn bitcoin and Stacks revenue while generating cryptocurrencies to fund their cities.
Urban pride is just one of the reasons to invest in urban tokens. Mining CityCoin provides cities with resources that may replace budgets or significantly increase funding. It has opened up a new way of raising money for the city, which will be directly supported by the community and investors.
Every city in the CityCoins ecosystem has a wallet reserved for it. The mayor can choose pickupthebag at any time and accept reserved wallets to access the treasury for the use of the city.
The possibilities of CityCoins are unlimited. Because they are programmable, the CityCoin team wants developers to create applications that can be used for access, trading, lending, and intelligent contract execution. The more people use them, the higher the reward, and the more likely others are to join.
Residents can also receive municipal tax breaks as a reward for their support for the city. After all, CityCoin miners contribute 30 per cent of mining profits indirectly, sending them directly to their city wallets. It is not far-fetched to imagine that the contribution of mining may exceed the annual tax that cities may charge them.
For students, using CityCoin to pay tuition fees to local colleges or public universities may bring a discount. CityCoins can be distributed to the city's most needy citizens or deposited in children's tax-exempt or tax-deductible accounts to protect their future. As the utility of CityCoins grows, so does the motivation to own CityCoin, and the possibility becomes more and more exciting.
MiamiCoin will be mined at 3 p.m. eastern time on June 8, 2021. Miami has long been the cultural and innovation center of the United States, according to the CityCoin team. Last year, it became a major technology city in the United States, especially in the areas of encryption and blockchain technology. Under the strong network effect, government support and cultural recognition, innovators are flocking in. It's a good place to show CityCoins.