Partnered With:

CityCoin: What can Miami imagine with Stacks

Read this article in 12 Minutes

CityCoin opens up new ways to raise money by providing cities with resources that could replace budgets or significantly increase funding.

Freehold Funder, CityCoin developer Patrick Stanley and Ken Liao& NBSP, Founder of Key Studio and Developer of Stacks Wallet Xverse. ", with BlockBeats on what Can Miami and Stacks Imagine Working together?

Each city in the CityCoins ecosystem has a wallet reserved for it. The mayor may at any time select the Pickupthebag and accept the wallet reserved to access the Treasury for use by the city. City pride is just one reason to invest in city tokens. Mining CityCoin provides cities with resources that could potentially 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.

In this talk Patrick Stanley shares the highlights of city coins, what city coins are and how to tap into Miami coins and earn BTC at the same time. Stacks consensus mechanism PoX provides Stacking - locking STX to earn BTC - is also something you may want to know about. We also invited Ken Liao, founder of Xverse Chinese Mobile Wallet, to share how to easily lock up STX to earn BTC and other features of Xverse Wallet.

The following is the content of this AMA, which is sorted out by Rhythm BlockBeats:

BlockBeats: Patrick, for those of you who don't know city coin and Miami Coin, what are city coin and Miami Coin? What does that have to do with Stacks?

Patrick Stanley:CityCoins provides a way for people to support their favorite city. With CityCoins, you can earn BTC and STX gains for yourself, while the city accumulates cryptocurrencies into its reserve Treasury wallet. Each city has its own coin, and we'll start with the city of Miami and the MiamiCoin.

CityCoins like MiamiCoin is built on Stacks. City coins like MiamiCoin are programmable and can be used as fuel for smart contracts. However, the two main functions that most people use cityCoin for are mining and stacking.

dig

CityCoins is mined by forwarding STX tokens to the CityCoins smart contract based on the Stacks protocol. Winners in a given block are selected by a verifiable random function (VRF) and weighted by total STX overhead. Winning miners can collect their CityCoins from the Stack address at any time.

30% of the STX that miners forward to the Stacks agreement is sent directly to the wallet reserved for each city in the CityCoins ecosystem. The mayor of a city may at any time choose to accept the purses reserved to go into the Treasury for use by the city.

Stacking

CityCoins generates benefits for STX and BTC holders through the Stacking function in the Stacks protocol.

The remaining 70% of STX that miners forward to the Stacks agreement are distributed to CityCoins holders who choose to stack their tokens. Stacking requires holders to lock in their CityCoins to determine the "reward cycle". STX rewards can be earned with Stacking CityCoins. STX rewards can be further stacked to produce BTC rewards.

BlockBeats: Now let's invite our second guest Ken to explain Xverse wallet to those of us who don't know what it is.

Ken:Hi, I'm Ken, the founder of Key Studio. We are working on Stacks' mobile wallet. Support for BTC and all Stacks based tokens including MiamiCoin. You can also participate in Stacking STX for BTC rewards.

The wallet currently supports stack STX and will support MIA stacking in the future

The wallet is available in Chinesehttps://xverse.app/zhdownload

Now lock STX and get 11% BTC

Stack =Stacking = Lock STX, get BTC reward

BlockBeats: We know that Miami-Coin was the first coin launched by CityCoin. It also has the support of Miami Mayor Francis Suarez. Last week, the City of Miami passed a resolution to accept the STX wallet that CityCoin had reserved for the City of Miami. Miami became an official STX holder. Patrick will tell us exactly how to mine Miami dollars, and what are the ways to get it?

Patrick Stanley:I have mentioned the specific mining method above. In addition, Okcoin is the first trading platform to launch city coins, and I believe there will be more trading platforms to launch soon.

Stacks 上的全新城市币 (CityCoins) 为持有者赚取收益的同时为他们喜欢的城市提供资金

BlockBeats: While supporting Miami-Coin, we can also receive STX and Bitcoin rewards. Patrick, please explain this to us.

Patrick Stanley:Yes, you can go back to the first answer, which explains mining in detail. Just like Stacks earn bitcoins by "Stacking" (temporarily locking), MiamiCoin works the same way. Current revenue is also more than 400 percent of APY.

Right now we're in a bonus period, very, very high returns. They will remain quite high for a long time, say 10 years.

BlockBeats: We know that Miami coins are community-initiated, but how can other cities launch their own city coins? Which other cities are planning their own city coins?

Patrick Stanley:The community is chatting to decide which city will issue city coins next.

The process is a bit complicated, but it's essentially a smart contract startup where miners can choose to activate mining by sending an activation signal to 20 independent wallet manufacturers. Before that, you need to set up a multi-signature wallet for the city.

BlockBeats: In addition to mining and stacking, we know that the Miami Coin team also hosts hackathons. Can you tell us about the applications of Miami-dollar? What are the possibilities for the future?

Patrick Stanley:There's a big announcement tomorrow about the winner of the hackathon. An incredible project launched in less than 30 days. You can focus on twitter.com/mineCityCoins for more information. You can register at citycoins.co.

BlockBeats: We know that Xverse has English and Chinese versions, and recently completed the third-party security audit. We will soon complete the beta and officially launch the Apple and Android versions. The Chinese wallet is very friendly to our Chinese community, and more and more features make it easier for people to use their assets. Please tell us what new functions will be included in the update after the official launch. There are also updates about Miami coin that we all expect, right?

Ken:First we just launched MiamiCoin support. Features to be rolled out in the future include MiamiCoin mining, stacking and DEX, a decentralized transaction based on BTC and STX. Atomic Swap of STX and BTC can be implemented on STX.

We will also support decentralized application connectivity with STX based DApps, which can be used from mobile wallet.

BlockBeats: Why was Miami the first to launch city coins?

Patrick Stanley:Because the mayor of Miami is a big fan of Bitcoin and he's recruiting crypto startups to go there!

BlockBeats: What are the plans for Miami City Coin and Xverse in the near future?

Ken:The Xverse Wallet is coming to app stores. And the new features we mentioned earlier.

Patrick Stanley:MiamiCoin is growing, so we're focusing on it and letting the community create cool applications. New cities may join the ranks of urban tokens in the coming months.