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Golden Outpost | Miami will launch the city's cryptocurrency MiamiCoin
Source: Jinse Finance
Golden Finance News, June 5, Miami will launch the city's cryptocurrency MiamiCoin, which will be launched on June 8. The token is issued by the token issuer CityCoin and will provide a new way to create municipal assets for your favorite cities.
The CityCoin team envisions that in the near future, each city will have its own crypto token or CityCoin.
According to reports, CityCoins is supported by Blockstack (STX), a protocol that enables smart contracts on the Bitcoin network. CityCoins like $MIA are mined by forwarding Stacks tokens (STX) to the CityCoins smart contract.
Stacking requires holders to lock up their CityCoins for a period of time to receive STX rewards. Then, the holder can further accumulate the STX to generate bitcoin rewards for themselves.
The system allows holders to earn Bitcoin and Stacks income, while generating cryptocurrency to fund their cities.
City pride is just one of the reasons to invest in city tokens. Mining CityCoin provides cities with resources that may replace budgets or significantly increase funds. It opens a new way of fundraising for the city and will receive direct support from the community and investors.
Each city in the CityCoins ecosystem has a wallet reserved for it. The mayor can choose pickupthebag at any time and accept the reserved wallet to access the treasury for city use.
The possibilities of CityCoins are endless. Because they are programmable, the CityCoin team wants developers to create applications and use them for access, trading, lending, and smart contract execution. The more people who use them, the higher the reward and the more likely other people will join.
Residents can also get relief from municipal taxes as a reward for their support to the city. After all, CityCoin miners indirectly contribute 30% of the mining revenue and send it directly to their wallets in the city. It is not far-fetched to imagine that mining contributions may exceed the annual tax that the city may collect from them.
For students, using CityCoin to pay tuition fees to local colleges or public universities may result in discounts. CityCoins can be distributed to the city's most needy citizens, or deposited into children's tax-free or tax-deducted accounts to protect their future. As the utility of CityCoins grows, the motivation to own CityCoins increases accordingly, and the possibilities become more and more exciting.
MiamiCoin will be mined at 3 p.m. Eastern Time on June 8, 2021. The CityCoin team stated that Miami has long been the center of culture and innovation in the United States. Last year, it became a major technology city in the United States, especially in the fields of encryption and blockchain technology. With strong network effects, government support, and cultural recognition, innovators flocked in. It is a good place to showcase CityCoins.
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