CityCoins has announced the launch of its first city-based token MiamiCoin in a press release issued today. The new offering has been hailed by Miami’s Mayor Francis Suarez for its potential contribution to the city’s “tech ecosystem”. Mining for the digital asset had already been activated on August 3.
MiamiCoin is a part of the CityCoins ecosystem that allows investors to mine cryptocurrencies for their preferred cities while deducting a portion of their yield for the treasuries of local governments. Users can generate yields in two cryptocurrencies at the moment -- Bitcoin (BTC) and Stacks (STX) token. CityCoins is built on top of the Stacks protocol -- an open-source network that helps developers create DApps and smart contracts on the Bitcoin base protocol layer.
After integration with CityCoins, each city gets a designated wallet that can be auto-converted into US dollars. As the ecosystem expands, developers can build applications to reward local engagement and enhance their favorite cities.
Anybody can compete to mine MiamiCoins by forwarding their STX tokens. Miners will receive 70% of the generated crypto, whereas 30% of the yield will be deposited in Miami’s wallet.
On July 27, Suarez told the Fox News network that MiamiCoin could end up making millions for the city of Miami. He said:
His sentiments were echoed by Miami’s chief information officer and director of innovation and technology, Michael Sarasti, who indicated the proceeds would be used to improve the city’s infrastructure.