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Miami will launch its first city token, Miamicoin, on June 8

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CityCoins will allow you to make money for yourself while building municipal assets for your favorite city.

How CityCoins Can Fund Your City

Originally written by Patrick Stanley, Freehold

Original text compiled by Stackschina

We envision that in the near future, every city will have its own crypto token - cityCoin. (City coin).

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CityCoins will allow you to make money for yourself while building municipal assets for your favorite city.

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In fact, the "near future" is very close -- the world's first Citycoin MiamiCoin (Miamicoin, $MIA) has been released and is about to go live -- yes, Citycoin is already there.

Miami Mayor Francis Suarez tweets Miami dollar ($MIA)

How does CityCoins work

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CityCoin is supported by Stacks (STX), a protocol that enables smart contracts on the Bitcoin network. Here's a brief overview of how CityCoins works:

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- CityCoins like $MIA are mined by forwarding Stacks tokens (STX) into CityCoins smart contracts. (If you don't want to mine the $MIA yourself, you can also buy it on the exchange.)

- 30% of the STX forwarded by miners goes into a special wallet dedicated to the city -- perhaps to create new public Spaces for development, recruit cryptocurrency founders, improve infrastructure, or host city events.

- The remaining 70% STX flows to CityCoin holders who choose to Stacking CityCoin. Stacking requires holders to lock up their CityCoins for a period of time in order to receive their STX rewards. The holder can then further stack the STX to generate bitcoin rewards for himself.

Why should you collect CityCoins

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Love of your own city is just one of the reasons to invest in CityCoin. In fact, you don't need to live in a city to collect its tokens, making life better for its residents and earning a profit for yourself. Mining CityCoins can provide cities with resources that may replace budgets or significantly increase funding. It opens up new ways for the city to raise money, with direct support from the community and investors.

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Each city in the CityCoins ecosystem has a wallet set aside for it. The mayor can choose # PickupTheBag at any time and accept the wallets reserved for the city's use.

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The possibilities for CityCoins are endless. Since these coins are programmable, we'll see developers create applications for access, transactions, lending, and smart contract execution. The more people who use them, the higher the rewards, and the more likely others are to join in.

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Residents can also get a break on the municipal tax bill as a reward for supporting their city. After all, CityCoin miners indirectly contribute 30 percent of mining revenue, sending it directly to the wallets of the cities they support. Imagine that the contribution of mining to the city might exceed the city's annual tax revenue.

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For students, using CityCoin to pay tuition to a local college or public university may lead to a discount. CityCoins can be distributed to the city's most needy citizens or deposited in tax-exempt or tax-deductible accounts for children to secure their future.

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As the utility of CityCoins grows, so does the incentive to own CityCoins, and the possibilities grow.

- This system allows holders to earn Bitcoin and Stacks revenue while generating cryptocurrency to fund their city.

Magic City paves the way

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Starting June 8, 2021 at 3:00 PM EST, you will be able to start mining Miamicoin coins.

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Why Miami? Miami has long been a center of American culture and innovation. Last year, it became a technology hub in major U.S. cities, especially in the areas of encryption and blockchain technology. Buoyed by strong network effects, government support and a culture of innovation, innovators are flocking.

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We couldn't think of a better place to showcase CityCoins.

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