New York cryptocurrency NYCCoin also comes after MiamiCoin

Since the election of the new Mayor of New York, Eric Adams, New York is gradually moving toward the “crypto-friendly city” that it expects.

The crypto project platform CityCoins announced on Monday that it will launch NYCCoin, the city’s cryptocurrency, for New York City. Users will be able to start mining activities at 15:00 on Wednesday, Eastern Time.

Prior to August, CityCoins launched MiamiCoin, a city token for Miami. NYCCoin will operate like MiamiCoin. People will buy or mine cryptocurrency to support their city. The funds will then be transferred to the city’s financial reserves. The local government decides how. use. According to CityCoins, Miami raised $20 million from MiamiCoin in three months.

NYCCoin will be a decentralized project, directly operated and led by the CityCoins community and New York City supporters. As the second CityCoin to be launched, NYCCoin will create a novel citizen participation mechanism that allows anyone to participate in the development of the city’s cryptocurrency library and create a new technology ecosystem, while receiving STX and BTC rewards.

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NYCCoin operating mode

According to reports, NYCCoin is a city-based token supported by the Stacks protocol, which is an open source network that allows developers to easily build decentralized applications and smart contracts on top of the Bitcoin basic protocol layer. Anyone can forward STX tokens through the Stacks protocol to compete to mine NYCCoin. 30% of the STX forwarded by miners are directed to the wallet reserved in each city, and the remaining 70% can be stacked (temporarily locked) by NYCCoin holders who earn STX and BTC. Anyone who wants to support New York City can mine or buy NYCCoin while earning NYCCoin through the Stacks agreement. NYCCoin is also programmable, enabling builders to use NYCCoin to build web3 applications, forge NFTs, or otherwise improve the city’s digital infrastructure.

Although Adams has not officially served as the mayor of New York City, he still enthusiastically responded to CityCoins’ choice on Twitter: “We are very happy to welcome you to the global home of Web3! We rely on technology and innovation to help promote our city. Development.”

Earlier, Adams also announced that the first three months of salary will be paid in Bitcoin.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/new-york-cryptocurrency-nyccoin-also-comes-after-miamicoin/
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