A project led by CityCoins
Miami cryptocurrency was developed through the “CityCoins” project. This is a program that allows anyone to invest in a city, through partnerships with local governments. Investors are also rewarded in Bitcoin (BTC) or Stacks (STX).
CityCoins is indeed built using the Stacks protocol, which allows the use of smart contracts with the Bitcoin network. Users can therefore mine MiamiCoins by depositing STX on the dedicated smart contract. It is also possible to “stack” MiamiCoins over a fixed period of time, in order to generate STX.
MiamiCoin: a cryptocurrency for Miami
The cryptocurrency project was proposed by Miami Mayor Francis Suarez at the end of July. The resolution was unanimously accepted. As the founder of Stacks pointed out in a Twitter thread, the idea is not only to develop a cryptocurrency treasure for the city of Miami, but also to offer an asset whose value is based on rewards:
7 / They’ve designed the governance / futures tokens to have a Bitcoin yield.
The Bitcoin yield is a game-changer.
The BTC yield gives the new asset a floor value. It is worth at least as much as the BTC yield it can generate.
– muneeb.btc (@muneeb) August 2, 2021
“They created the governance tokens to have a yield in Bitcoin. This yield changes everything. [Cela] gives the new asset a floor value: it’s worth at least as much as the BTC yield it can generate. “
Miami still very “crypto-friendly”
The city of Miami is increasingly distinguished by its ambitious cryptocurrency policy. Mayor Francis Suarez had already invited miners to take advantage of his city’s clean energy. He also called Miami the “capital of Bitcoin”.
According to him, MiamiCoin could generate millions of dollars for the city, if the cryptocurrency is successful. In any case, it is a first attempt for CityCoins: the project intends to launch in other large cities, including San Francisco soon.
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About the author: Marine Debelloir
Deputy Editor-in-Chief on Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that arise from the blockchain and I like to find the most delicious information to share with you.
All articles by Marine Debelloir.