How CityCoins Can Fund Your City
We envision a near future where every city has its own crypto token, or CityCoin.
CityCoins will offer a new way for you to build municipal equity in your favorite city while earning for yourself.
How CityCoins Work
Coins are powered by Stacks (STX), a protocol that enables smart contracts on the Bitcoin network. Here’s a quick rundown of how CityCoins work:
- CityCoins like $MIA are mined by forwarding Stacks tokens (STX) into a CityCoins smart contract. (If you don’t want to mine $MIA yourself, you can buy it on an exchange.)
- 30% of the STX forwarded by miners goes into a special wallet reserved for the city to use––perhaps to create new public spaces for developments, recruit crypto founders, make improvements to infrastructure, or host city events.
- The remaining 70% of STX goes to the CityCoin holders who choose to stack their CityCoins. Stacking requires that holders lock their CityCoins for a certain time to earn their STX rewards. Holders can then further stack that STX to generate Bitcoin rewards for themselves.
This system allows hodlers to earn Bitcoin and Stacks yield while simultaneously generating crypto to fund their city.
Why You Should Collect CityCoins
Municipal pride is just one reason to invest in your city’s coin. In fact, you don’t even need to live in the city to collect its token and make life better for its residents while earning yield for yourself. Mining a CityCoin gives the city resources that could potentially replace the budget or significantly contribute to expanded funding. It unlocks new fundraising methods for the city which will be directly supported by the community and investors.
Each city in the CityCoins ecosystem has a wallet reserved for it. The mayor of a city may elect at any time to #pickupthebag and accept the reserved wallet to access the treasury for use by the city.
The possibilities for CityCoins are endless. Since they’re programmable, we expect developers to create apps that use them for access, trading, lending, and smart contracts execution. The more people use them, the higher the rewards, and the more likely others will join in.
Residents could also get a break on their municipal tax bill as reward for signaling support for their city. CityCoin miners are, after all, indirectly contributing sending 30% of their mining yield straight to their city’s wallet. It’s not far-fetched to imagine that an mining contributions could become larger than the annual tax the city might collect from them.
For students, paying tuition to your local college or public university in CityCoin could bring a discount. CityCoins could be distributed to the city’s most needy citizens, or deposited in tax-free or reduced tax liability accounts for children as a way to secure their future.
As the utility of CityCoins grows, and the incentive for owning CityCoin increases accordingly, the possibilities grow ever more exciting.
The Magic City Paves The Way
Starting at 3PM EDT on June 8, 2021, you can begin mining MiamiCoin.
Why the Magic City? Well, Miami has long been a center of culture and innovation in the States. In the last year, it’s taken center stage as a technical powerhouse among major US cities, particularly in the realm of crypto and blockchain technology. Innovators have swarmed the city under the recognition of strong network effects, a supportive government, and a culture defined by constant evolution and disruption.
We couldn’t think of a better place to debut CityCoins.