3 years ago
Recently, Cointelegraph spoke to Miami Mayor Francis Suarez pursuing the announcement that Miami residents with a integer wallet tin gain a Bitcoin dividend.
The institution that sets up the infrastructure to get Bitcoin dividends into the hands of citizens is CityCoins, an open-source protocol that provides fundraising mechanisms for cities.
Miami and New York City are the 2 inaugural cities to statesman fundraising, via MiamiCoin and NYCCoin r. However, neither Miami nor New York City really ain MiamiCoin (MIA) oregon NYCCoin, alternatively their treasury wallets are afloat of Stacks (STX).
According to a presumption fixed astatine the North American Bitcoin Conference 2022 successful Miami, by CityCoins Community Lead Andre Serrano, MiamiCoin has raised $24.7 cardinal worthy of STX, portion NYCCoin has raised $30.8 cardinal that's held successful its metropolis treasury.
In bid for residents to get CityCoins, they indispensable archetypal acquisition STX connected an speech similar Okcoin oregon Binance. On Tuesday, Coinbase had planned to database STX for trading, but delayed the motorboat until further notice.
We are delaying the motorboat of trading connected STX arsenic we enactment to alteration memo tag enactment for STX withdrawals connected @Coinbase & @CoinbaseExch. You tin inactive retreat STX to immoderate STX wallet code that does not necessitate memo tags. We volition supply updates present & connected https://t.co/NeRujHDZ4w https://t.co/bmlZBv7DAa
— Coinbase Assets (@CoinbaseAssets) January 19, 2022Related: Stacks ecosystem becomes #1 Web3 task connected Bitcoin
Stacks is the blockchain that seeks to marque Bitcoin (BTC) programmable. CityCoins are fungible tokens built connected the Stacks blockchain, and 1 CityCoins token declaration is deployed per city. Serrano said:
“CityCoins person the imaginable to alteration however radical interact with their cities by aligning the incentives betwixt section governments and metropolis residents."He added that CityCoins tin "unlock a city’s taste worth portion providing caller opportunities for creators,” comparing however Los Angeles is known for Hollywood, to Miami's imaginable to beryllium known arsenic the crypto superior of the U.S. if MiamiCoin succeeds.
At a precocious level, it's the assemblage that mines to make CityCoins. Mining CityCoins is performed by forwarding STX tokens into the astute declaration successful a fixed Stacks block. Miners are past rewarded with caller CityCoins tokens. There is nary hard headdress connected CityCoins, dissimilar Bitcoin.
According to Serrano, CityCoins gives a metropolis a concern exemplary by offering incentives to its citizens to gain passive income: 30% of mining awards get sent to the city's custodial reserve wallet, portion 70% of mining rewards are distributed to radical who take to involvement their CityCoins.
He explained that the much invaluable MiamiCoin becomes, the much miners are consenting to excavation it, which increases the magnitude of STX blocks they are consenting to contribute. As a alternatively indirect result, the funds successful the treasury grow, and due to the fact that Stacks output Bitcoin, those proceeds of MiamiCoin mining tin past beryllium distributed arsenic dividends to coin holders.
Related: Reelected Miami politician to instrumentality 401k status savings partially successful Bitcoin
CityCoins are programmable, meaning that astute contracts tin beryllium developed astir CityCoins tokens. Serrano offered immoderate existent satellite usage cases that see giving residents discounts for utilizing nationalist proscription oregon buying locally, oregon adjacent the quality to wage for NFTs. Tokens could besides perchance beryllium utilized make section registries and spot deeds.
How funds volition beryllium allocated successful Miami is yet to beryllium determined. Serrano suggested, however, that a precedence for the metropolis is to amended the nationalist acquisition system. Once the metropolis decides to assertion and person STX to USD to money a nationalist project, past residents mightiness commencement to person BTC dividends.
In bid to person nationalist feedback astir however Miami should walk their funds, MiamiCoin hosts an app called MiamiVoice that allows residents to suggest ideas and ballot connected them.
English (US) 