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- After Miami, Citi coins schedules mining of New York’s own coin from November 10th
- The NYC coin is set to be operated under stacks protocol
- The news breaks after the newly elected mayor Eric Adams declared to get his first 3 paychecks using Bitcoin.
As the craze of cities is something new to this millennia, people can now support their cities by buying the tokens mined in & named after that particular city. A newly built organization, CitiCoins.com recently launched a city coin named after Miami which commenced trading in August, earlier this year.
After Miami, the city of New York is about to get its set of Citi Coins which are scheduled to be mined from November 10. The coin will be known as the NewYorkCityCoin or NYC coin and would be aimed at familiarizing people with decentralization around the region.
How does it work?
Both city tokens run on stacks protocol, which also enables smart contracts on the Bitcoin network. According to their official site, anybody who supports the city can purchase these tokens of which 30% of mining rewards are sent to the city’s custodian wallet. The rewards are sent in STX, the local native on stacks protocol, and can be transferred into dollars at the whim of the city’s custodian.
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However, it is to be noted that New York City has not partnered with Citi Coins to bring the tokens, although the company expects that as communities around cryptos get larger in the region, people may encourage the mayors to redeem the treasury wallet reserved for the city.
The City Coins can be mined by transacting the STX tokens into a smart contract in a given stacks block. At the end of the transactions, miners are rewarded with tokens. While 70% of the rewards are acknowledged & credited to people who store or stack their city coins & 30% of it is awarded to the city’s reserved wallet as mentioned.
Why only New york?
Previously, citycoin.com had launched its tokens based on Miami as it reflected being the center of innovation in the United States. The organization works on simple consensus, where people can vote for their cities & consequently witness the launch of their own vouched for city coin.
According to CityCoin.com, New York happens to be the cultural, financial & media capital of the world, the world simply follows New York. The city also arguably attracts the world’s most diverse workforce & hence would be a great place to promote such initiatives. In addition to the city that never sleeps, CitiCoin has also planned to launch its next city tokens based on & out of Austin, the state capital of Texas.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
