Mining for MiamiCoin, the city’s new crypto token, begins today at 1pm ET.
Among those bullish on the concept is Mayor of Miami, Francis Suarez — 30% of revenue generated goes to a secure digital wallet for funding projects that benefit the city.
The startup behind it all is CityCoins, and the makers just launched on Product Hunt to explain the concept in-depth (and invite you to today’s Twitter Spaces with Ryan Hoover).
“CityCoins are powered by Stacks, a protocol that enables smart contracts on the Bitcoin network. There is no pre-mine or ICO, anyone can compete to mine CityCoins...” maker Patrick Stanley explained.
After 30% for the city, the remaining 70% of the STX can be stacked, a function that can earn STX and Bitcoin rewards, but the headline here is largely how the tokens can potentially support communities.
“Demand for CityCoins is driven by their yield-generating capabilities in addition to their growing utility, enabled by the fact that they’re programmable,” the team explains.
CityCoins are built on an open source software, so developers can also start creating applications and experimenting with use cases today. Imagine Miami-focused apps that use the tokens for rewards or entrance into spaces. Such apps can drum up more funding for Miami.
CityCoins protocol states that the city’s crypto treasury can’t be used for purposes other than investing in city initiatives, which could include initiatives from public works projects to attracting tech startups.
San Francisco is next in line for its token, and Stanley has referenced other startup cities on the horizon worldwide.
What questions do you have about CityCoins? Leave them for the makers. 👇
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