The growth and adoption of cryptocurrency are moving faster than many thought, and the City of Miami, the magic city, is the first to benefit from Citycoins’ innovative way of contributing to cities’ growth using cryptocurrency. Citizens will be rewarded with BTC over time! And the City of Miami will have cryptocurrencies to play with.
All these with the city having no crypto of their own.
Let me explain how all of this works.
As we move towards the era when cryptocurrency can’t be ignored, the city of Miami, although with no bitcoin reserves, i.e., the city isn’t holding bitcoin, will be rewarded with cryptocurrency that the city can use to develop the city. And this is powered by Citycoins, the team behind Miamicoins. Amazing news for Miami, right?
Let me explain how all of this came about, and how Miami residents will get bitcoin from time to time by just having a bitcoin wallet.
HOW THE CITY OF MIAMI GETS REWARDED WITH DIGITAL ASSETS WITHOUT HAVING A CRYPTOCURRENCY RESERVE
The idea behind Miamicoins is as innovative as it is incredible: A city with no coins gets coins, and these cryptocurrencies can be converted to United States Dollars, and the money used to build the city. Amazing, right?
Miamicoins is named after the City of Miami, but has no direct ties, in terms of its utility, to the City. The coin gives citizens and whoever loves the city of Miami the chance to support the City with the coins.
The idea behind the coin is that after the coin is mined, the City of Miami will get some percentages of the coins mined, and in this case, 30% of the mined Miamicoins.
The process is simple:
- Miners will send STX, stacks tokens, to the system. Stack is the protocol, side by side to the bitcoin blockchain, that powers the program.
- After the Stacks tokens have been sent, the network mines the coins and then distributes them to those who staked their STX.
- After the mining, 30% of the mined Miamicoins is sent to the City of Miami special wallet. The mayor of Miami can decide to convert the Miamicoins to dollars and spend if he/she chooses.
70% of the mined coins go to the miners who decide to stake their Citycoins. These coins must be staked for a period of time for the hodlers to earn bitcoin. They can engage in bitcoin trading when their rewards are given to them.
The incredible thing about Citycoins is the decentralized apps based on them. Because Citycoins is programmable and built on open-source software, it gives immense power to create innovative solutions for their cities of choice.
HOW MUCH HAS BEEN GENERATED SO FAR WITH MIAMICOINS?
Citycoins community lead Patrick Stanley had announced that the mining of Miamicoins will start in August, and since its mining started, the coin has created over $22 million.
The City of Miami also announced that Miami residents who have digital wallets will be rewarded with bitcoin over time. This is made possible by the staking reward the City of Miami gets should they decide to stake their 30% STX they received from the mining.
And since the platform gives 10% yearly returns on every STX stake, the residents, in the next five to ten years, will have some good bitcoin in their wallets. They can trade these coins on Redot.com, a cryptocurrency exchange platform, whenever they want.
THERE ARE MORE INCREDIBLE THINGS ABOUT MIAMICOINS
Rewarding residents with BTC is awesome, especially taking into consideration how it may help as a financial buffer. But there is even more: citizens can mint NFTs and build applications on the Miamicoins protocol. Miamicoins will be more than just a coin for the people, but a platform that drives city-centered solutions.
Also, Miamocoins can also fuel smart contracts, and, according to Patrick Stanley, $150,000 worth of art has been minted using Miamicoins.
WHEN WILL MIAMICOINS BE FULLY ADOPTED IN MIAMI?
The goal of cryptocurrencies is adoption, but there is no defined timeline on when the coins will be adopted by the city or anyone for that matter. As it stands, the coin isn’t listed on any exchange, making it hard for people to trade the coin.
The Mayor of Miami, Suarez, when asked about how fast Miamicoins will be adopted, responded that he doesn’t know when it’ll happen.
The raging fire of city-named coins built with Citycoins protocol is spreading to other cities, and New York City is the new city to catch the fire.
The New York City Coin will work just like Miamicoins, but with some hindrances dissimilar to what happened with Miamicoins.
For example, New York Citizens can’t mine the NewYorkCitycoin because there are no licensed exchanges in New York that sell STX, stacks tokens. Remember that nobody can mine coins on Citycoins without STX.
Good and bad sides exist in this Citycoin idea. The good side is that it provides these cities with rewards they can use to develop their cities. But the bad side is that, like what is happening in New York, city residents with no exchange platforms to buy STX can’t participate and directly benefit from the mining and staking process.
Although Stanley said that over $7 million of NewYorkCityCoin have been mined as at the time of this writing, there is still a need for more community participation in the mining and staking process.
WHAT DRIVES THE ADOPTION OF CITYCOIN?
Cryptocurrency and blockchain can no longer be ignored, and Mayors of major cities are realizing how revolutionary these technologies will be in the coming years, hence their desire to be intellectually prepared. City coins is a way to drive cryptocurrency and blockchain technology education in these cities. This sentiment was echoed by the City’s mayor Francis X. Suarez. He said that the City was putting plans for a more ‘thorough curriculum’ that prepares students for the future ruled by blockchain technology and cryptocurrency.
Also, there are plans in New York to have blockchain technology and cryptocurrency taught in City schools, newly Mayor-elect Eric Adams said.
The newly elected Mayor of New York is determined to turn New York into a crypto capital of the world, further charging other cities around the world to join the cryptocurrency train before it gets too late.
WHAT DOES THE FUTURE HOLD FOR CITYCOINS?
While adoption of these coins – Miamicoins and NewYorkCityCoins – are still in their early stages, there is hope, and to a large extent, belief, that these Citycoins will become the next best thing in community growth and development. Since bitcoin was built with the idea of peer-to-peer exchanges, Citycoins holds a lot of prospects for developers, business people and community developers.
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