The CityCoins project, which launched MiamiCoin city token for Miami, announced that it would create a similar solution called NYCCoin for New York.
“We’re glad to welcome you to the global home of Web3! We’re counting on tech and innovation to help drive our city forward”. Eric Adams, the newly elected mayor of New York, wrote in response on Twitter.
Programmable tokens from CityCoins are aimed at providing additional income to municipal budgets through their mining by residents. Also, users gain rewards for mining coins in native tokens of the STX (Stacks) project. CityCoins uses its own Stacks protocol based on the Bitcoin blockchain.
The city wallet
Thus, 70% of the reward remains to the miner, and 30% is credited to the city wallet. In addition, the authorities can access it at any time and convert assets into fiat.
According to CityCoins, since August, the project has accumulated about $21.6 million in STX for Miami.
Adams had previously expressed interest in this decision. In an interview with Bloomberg, he noted that “it works well”. “We will see in which direction to implement this,” he added. Moreover, the mining of NYCCoin, hopefully, will begin this week.
Studying cryptocurrencies in schools
Earlier, Adams said that he intended to receive the first three salaries in Bitcoin (BTC). He also suggested studying cryptocurrencies in schools, complaining about the low awareness of young voters in this area.
Adams defined Bitcoin as “a new way of paying for products and services throughout the entire globe”. He said that during an appearance with CNN’s State of the Union on November 7. Local schools are being urged to prepare kids for “the new way of thinking”. That blockchain technology and digital assets are bringing about.
Recall that in September, MiamiCoin generated $2K every ten minutes for the city. Miami’s city commissioners approved on Sept. 13 to accept funds produced by MiamiCoin, a new cryptocurrency established by CityCoins in August. Therefore, the coin is based on Stacks, an open-source network of decentralized apps and smart contracts that uses the Bitcoin blockchain as a programmable foundation.