CityCoins: How can cities become economically stable?

The new mayor of New York Eric Adams has caused a lot of ink to flow with his idea of ​​creating the New York coin (NYCCOIN).

We have entered a new era, one where politicians are in favor of cryptocurrency. Finally, on this point alone, we can see that mentalities have evolved a lot and that mass adoption no longer seems to be an unattainable ideal.

You should know that this is not new because the city of Miami, with the leadership of its mayor Francis Suarez, was the forerunner at this level by creating its own corner also for its population.

Since then, “CityCoins” have multiplied and many cities are thinking about them.

In this article, we will talk about the crypto project behind it, which turns out to be much more ambitious than you might think.

And above all we will wonder if this is possible for other cities.

Presentation of citycoin

CityCoins, as the name suggests, are cryptos issued for cities. It started with Miami with MiamiCoin.

The idea is that city residents can then own, invest (and even mine) tokens specific to their city. Thus, the city can recover all the benefits of the token and the inhabitants of the city as well.

For example, since the creation and launch of MiamiCoin (August 2021), the token has generated more than $20 million, considered additional revenue for the municipality of the city of Miami. The mayor plans to build more social infrastructure, for example, showing the real benefits of Citycoin for the city.

Miami residents therefore receive BTC dividends in addition to the MIA token.

This was made possible with the Stacks (STX) open source network who set up the Citycoins that each city can create. Stacks is in fact a layer 2 of the Bitcoin blockchain which allows the use of smart contracts and therefore the development of decentralized applications.

To earn tokens, residents must then stake STX tokens in the protocol dedicated to their city's token. They are then rewarded with city tokens such as MiamiCoin. They can even stake the MiamiCoin token to recover 70% of the revenue generated (while 30% is returned to the city's wallet).

We arrive at a wonderful formula, you will agree, right? The city wins and so do the individual residents.

Moreover, the cryptos collected and the dApps created can be very concrete. For example, for Miami, they set up a space for co-working where freelancers can rent workspaces by paying in Miamicoin Eg.

This type of project is just an example and we can imagine endless possibilities. You can see an example on this page of ideas for applications to create or which are under development.

• Go to the Citycoins website

How to actually use CityCoin?

Seriously, this is one of the most beautiful projects that has been created in the blockchain. We can debate it, of course, but in line with complementary currencies, we must admit that we have just achieved a most astonishing win-win system. (We will develop this point in other articles, of course).

We recall that in ecological terms, CityCoins obtains the utility of Bitcoin without additional energy costs. You can find out more here.

The CityCoin project benefits from being known and visible and we can quickly imagine the positive repercussions for other cities (and in particular cities with low financial inclusion). In some ways, this could be revolutionary…

Likewise, and this is the great advantage of Citycoin, it remains concretely accessible and open to all cities. More and more cities are opening up to this project all over the world, such as Lagos, Cairo and even Berlin. We can vote on Site elsewhere.

Also, you should know that technically, the project is relatively simple to set up. Besides, it is on the OkCoin exchange platform that you can do everything and that is very simple to use.

As for mining and stacking, you should know that there is also Stack's own wallet, named after Hiro (the equivalent of Metamask, in a way), on which you can put your STX to work, after having bought them on OkCoin, for example.

In fact, it remains a wallet on which you can stake other cryptos and earn BTC and other cryptos. Very simple to use, it is clearly a very good platform.

• Discover the Staks platform
• Learn more about the CityCoin project on the official website
• Go on the OkCoin exchange platform (to buy and stack STX).
• Install the Hiro wallet on your computer to do mining and staking as well.

Frequently asked questions about CityCoin:

We have translated the FAQ from the CityCoin website for those who want to know more and which you can find here on the official website.

• What are CityCoins?

CityCoins offer people a way to support their city and grow its crypto treasury while earning Bitcoin BTC and STX Stacks. Each city has its own token, just like MiamiCoin (MIA).

• What can I do with CityCoins?

With any CityCoin, you can use it, hold it, stack it to earn STX, borrow it, lend it or even use it for practical cases on decentralized applications. Built on open source software, CityCoins is a new way for developers to build apps and experiment with innovative use cases.

CityCoins communities will create applications that use tokens for rewards, local benefits, access control (to digital or physical spaces), commerce, lending, execution of smart contracts, and more. As a simple example, local businesses can offer discounts or perks to people who show they are “stocking for their city” by storing their CityCoins.

• How do CityCoins work?

CityCoins have two initial functions at launch: mining and staking.:

1. 🇧🇷 Mining: CityCoins are mined by transferring STX (the Stacks token) to the CityCoins smart contract on the Stacks protocol. The winning miner can claim their CityCoins as a reward from their Stacks address at any time. Additionally, 30% of the STX that miners transmit to the Stacks protocol is sent directly to a wallet reserved for each city that is part of the CityCoins ecosystem. The mayor of a city can choose at any time to use the reserved wallet to access the treasury for the city's use. Anyone can observe account operations;
2. 💰 Staking: CityCoins earn for STX and BTC holders through a feature of the Stacks protocol called Stacking. The remaining 70% of the STX that miners transmit to the Stacks protocol is distributed to CityCoin holders who choose to stack their tokens. Stacking requires holders to lock up their CityCoins for set “reward cycles.” Staking CityCoins allows you to earn STX rewards. STX rewards can additionally be stacked on stacks to earn BTC rewards.

• What are CityCoins Tokenomics?

The demand for CityCoins is driven by their earning capabilities in addition to their growing utility, made possible by the fact that they are programmable. CityCoins will continue to grow over time as cities and their citizens dictate, providing reputation, identity, ownership, access control, and programmable utility in addition to their core economic functionality. Learn more about CityCoins Tokenomics.

• Why are CityCoins built on Stacks?

Stacks enables smart contracts and applications on Bitcoin. It enables a feature called “Stacking”, which earns BTC when you lock/stack STX in the protocol. CityCoins leverage a similar staking feature to allow CityCoin holders to stake their tokens to earn STX, which can be further staked to earn BTC.

• How to mine CityCoins?

When a new CityCoin is launched, anyone can mine it. Miners compete by transferring STX in the Stacks protocol. Once per block, a winning miner is randomly selected by a verifiable random function (VRF), weighted by the total STX spent. 30% of the STX spent by miners is transferred to a secure wallet, which is reserved for each city if they choose to accept it. The remaining 70% of STX is distributed to Stackers as rewards.

CityCoins are open source and can be integrated into various centralized and decentralized exchanges. You can trade, sell and buy CityCoin on exchange platforms.

• How to stack CityCoins?

CityCoins can be staked on the Stacks protocol for a voluntary period (“reward cycle”), earning STX as a reward. The rewarded STX comes from the 70% of STX transmitted by CityCoin miners. The STX earned can be further stacked to earn BTC rewards. We can stack some on the OkCoin wallet.

• What is the city portfolio, how is it funded and how is it used?

Each respective city has a special wallet reserved for them and can be claimed at any time. It is funded by the CityCoins protocol, which automatically transfers 30% of the STX transferred by miners directly to it. City wallets may be used for any purpose the City deems appropriate. As CityCoins are mined, city treasuries will continually accumulate STX. Before cities can use the funds internally, the mayor of each city must claim their custody portfolio.

• Who built CityCoins and MiamiCoin?

The idea, design, development and launch of the CityCoins project was managed by CityCoins Inc, with support and contribution from Syvita Guild, Z1, DoubleUp, Freehold and the Stacks community.

• Can we launch CityCoin now?

After deployment, each CityCoin must be activated by 20 independent wallets before mining can begin. Visit minecitycoins.com to see the status and more information about the different CityCoins and the process to follow.

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• Watch the video on citycoin on Youtube

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Note: No financial advice is given in this or any other article on zonebitcoin. This is information of which you are the sole judge and master. Be responsible with your investments and only invest as much as you are willing to lose.

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