Skip to main content

City Coins: What's the point?



 Miami Mayor Francis Suarez keeps emphasizing that the city is the crypto capital of the world. The reasons for this are the settlement of companies such as eToro and Blockchain.com in Miami, the relocation of the Bitcoin conference to the city and also the introduction of MiamiCoins as one of four tokens of the project named: CityCoins . But what do these coins actually do?


City Coin number 1: What is the MiamiCoin?

MiamiCoin ($MIA) is the first city coin on the market and has been tradable since June 2021. MIA is a token based on the Stacks protocol.


MiamiCoin and the other City Coins can be mined or purchased by individuals who want to support their favorite city while earning crypto returns. City Coins provide an ongoing source of crypto revenue for the city. Similar to taxpayers' money, the proceeds from the project are in turn intended to benefit the city's citizens in the form of new public spaces, infrastructure, city events and startup recruitment. If MiamiCoin's growth continues, proponents of the technology say, it would lead to a future where the entire city budget would be covered by MIA. Miami would then be the first US metropolis to do entirely without taxes.


In addition to the MiamiCoin, there are already coins for the cities of New York and Austin, Texas, as more and more cities are recognizing the potential of the technology for themselves. If you would like a City Coin for your favorite American city, you can vote for it here .


How exactly do the City Coins work?

The CityCoins project is powered by the Stacks protocol, which enables Smart Contacts to run on the Bitcoin network for the first time. It all works like this:


By routing STX tokens into the smart contract of a specific block of the Stacks blockchain, miners can mine the City Coins. The STX token is the native token of the Stacks network. The miners compete for the City Coins with the submitted STX tokens. There is only one winner per block who can then claim the City Coin reward. All STX submitted for mining will then be redistributed:


70 percent of the mining rewards are paid to the people who stake their City Coins.


30 percent goes to the wallet set up in the respective city. This is where the money is collected, which will later flow into the expansion and improvement of the city. The city can convert their STX from the wallet to US dollars whenever they want or they can stake the STX tokens to earn BTC.


CityCoins planned in 15 cities

Fifteen other cities are set to receive CityCoins, including three in the US and 12 others in Mexico City, Rio de Janeiro, Amsterdam, Lisbon, Berlin, Lagos, Cairo, Dubai, Singapore, Seoul, Tokyo and Sydney.


City Coins: Use for the cities

City Coins can be held or staked after successful mining to earn more STX. Bitcoin can also be earned by staking STX. City Coins can also be borrowed and lent.


The Stacks Network is open source and offers developers a new way to build applications and experiment with innovative use cases. Open source projects that benefit the city are particularly welcome here.

My Top Picks
Honeygain - Passive earner that pays in BTC or PayPal
MandalaExchange -The Best no KYC crypto Exchange! 
BetFury - Play And Earn BFG for daily Bitcoin and ETH dividends!
Pipeflare - Faucet that pays in ZCash and Matic, Games pay in DAI
Womplay - Mobile dApp gaming platform that rewards in EOS and Bitcoin
Cointiply - The #1 Crypto Earning Site
Torum - Join the latest Social Network and earn TRM for Free! 
LiteCoinPay - The #1 FaucetPay earner for Litecoin 
LBRY/Odysee - YouTube Alternative that lets you earn Money by viewing videos!
FaucetPay - The #1 Microwallet Platform
FREEBTC - The #1 FaucetPay earner for Satoshi's
FaucetCrypto - An earning/faucet site that pays out instantly
FireFaucet - An earning site that pays better for some than Cointiply
DogeFaucet - Dogecoin Faucet
xFaucet - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BCH, BNB, ZEC, FEY - Claim every 5 minutes
Konstantinova - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BNB, ZEC, USDT, FEY, 25 Claims Daily

Comments

Post a Comment

Popular posts from this blog

From offchain to offchain: Statechains meets Lightning

  Without a doubt, the most significant off-chain Bitcoin solution is the Lightning network. But in its wake, the statechain has emerged as an intriguing replacement. There is currently a proposal to link the two offchain networks. From an ocean, for example, you can see sunbeams glistening in the water, waves rippling, and possibly a jellyfish drifting toward the light. But you only see a small portion of it. The distance from the sea's surface to its bottom is hundreds of meters. It has dozens of different fish species swimming in it, crabs and starfish crawling on the bottom, shells clinging to rocks, and sea plants climbing up. A completely new world starts where your gaze diverges. You can picture a blockchain like Bitcoin, just like the sea. What you see on the outside is only a small portion of what is actually there; the set of UTXOs (coins) and transaction history that full nodes store are just the beginning of a much larger world. It's the plan, at least. With Bitcoin
Post a Comment
Read more

MSP Recovery and Tokenology aim to optimize healthcare with the help of Polygon

  MSP Recovery LLC, a Miami, US-based healthcare provider with an estimated enterprise value of $32.6 billion, is partnering with Web3 company Tokenology to jointly launch a new blockchain platform called Lifechain. Lifechain wants to leverage the verifiable and transparent nature of blockchain technology to aggregate medical care claims, medical expense reports and patient data and streamline their processing. For this purpose, MSP Recovery launched its own LifeWallet in January, which already has 1 million users. In addition to the wallet and blockchain platform, an associated crypto token called LifeCoin is also used. The press release explains that the primary purpose of the system is to enable secondary healthcare providers to more effectively bill health insurance companies for their costs. “The number of medical claims tokenized going forward will surpass $50 million per day by 2024. For this we need scalability, security and sustainability, which we have only found with Polygon
Post a Comment
Read more

British financial regulator criticizes cooperation between Binance and Paysafe

  The British financial regulator FCA has expressed concerns about the partnership between market-leading crypto exchange Binance and payment service provider Paysafe. As the British regulator complains, the partnership gives Binance access to the influential British payment network Faster Payments Service (FPS), from which the crypto exchange was previously cut off. Last June, the FCA ordered Binance to stop all business activities in Great Britain. As a result, prominent banks such as Barclays have terminated their cooperation with the leading crypto trading platform . Through the cooperation with Paysafe, Binance can now again offer deposits in British pounds sterling and transactions within the European Payments Area (SEPA). However, this fact is a thorn in the side of the FCA, as it classifies the crypto exchange as a “considerable risk factor”. However, the financial regulator sees little room for maneuver to counteract this, as the Financial Times reports . “ Paysafe understands
Post a Comment
Read more