The New York crypto coin, NYCCoin, is set to launch this week, specifically on Thursday. The community-led proposal has been endorsed by the Mayor-elect, Eric Adams.
CityCoins, the same firm that launched the MiamiCoin will launch the The NYCCoin . CityCoins is an open-source and non-profit protocol that enables investors to support their cities.
The MiamiCoin (MIA) has earned the city more than $21 million. These two projects utilize the Stacks protocol. This protocol is on the Bitcoin blockchain, which enables issuing of the coins and enables smart contracts.
Today, CityCoins tweeted that it has activated NYCCoin mining. The mining of the second city token in the US begins on Wednesday at 3 pm EST. New York residents can mine the NYCCoin tokens by forwarding STX tokens into the smart contract on Stacks. This action will earn the residents 70% of the new CityCoins tokens.
However, CityCoins noted on its website that despite the mayor’s public endorsement, it is yet to partner with NYC’s government officially.
They encouraged the mayor, Eric Adams, to “claim the reserved treasury wallet in order to begin putting its funds to use.”
City Crypto Coins, The Beginning of a New Era
These programmable city tokens aim to be the additional revenue streams of the local governments in Miami and New York. The local city governments earn some revenue when the residents mine the tokens. Those running the mining software earn a percentage of the minted coins.
Once the residents mine the tokens, they get 70%, while the municipality keeps 30% which is stored in the form of STX tokens in the city wallets. The city can convert the STX tokens to dollars if the city chooses to convert the tokens.
According to CoinMarketCap, the STX was trading at $2.09 as of Tuesday morning. The token has a market valuation of $2.8 billion.
This 30% will go into funding whatever initiatives the city starts and deems fit. The Miami Mayor stated that the 30% in his city will go into funding programs to mitigate the risks of climate change and additionally fund underprivileged communities.
Miami Mayor Francis Suarez estimates the city could earn $60 million from MiamiCoin over the course of the year. The city is almost halfway to this estimate; with the token already generated 21.3 million since its launch in August.
In October, while talking to The Washington Post, Suarez shared that he hopes the token will support the city enough for the Miami residents to stop paying taxes.
More on Eric Adams
New York residents elected the crypto-positive mayor as the Big Apple’s mayor on November 2. Adams will assume the office at the start of 2022. The 61-year-old Democrat vowed to make NYC a crypto-friendly city.
It seems Adams is making good on his promise. The mayor’s first effort to keep his promise was announcing that he would accept his first three paychecks in Bitcoin. The mayor has also advocated for the teaching of crypto and its technologies in local schools.
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