CityCoins, the same company behind the MiamiCoin, is launching the New York-focused cryptocurrency on November 11th
Citycoins to Launch NYCCoin This Week
With the community-led initiative backed by New York City Mayor-elect Eric Adams, the NYCCoin is poised to launch on November 11th.
CityCoins, the same company behind the MiamiCoin, is launching the New York-focused cryptocurrency. To enable smart contracts and issue its coins, the project uses the Stacks Protocol, which is built on top of the Bitcoin network.
After Adams indicated on November 4 that he wanted a “CityCoin for NYC” similar to Miami City, CityCoins tweeted on Nov. 9 that it would launching NYCCoin mining this week.
Here We Go, It is Finally Here
“We’re pleased to welcome you to the global home of Web3!” Adams wrote earlier today on Twitter. We’re banking on technology and creativity to help us go forward in our city.”
On November 2, Adams was elected Mayor of New York City, and he will assume office at the start of 2022. The 61-year-old Democrat is a fervent proponent of cryptocurrency, having pledged to take his first three paychecks in Bitcoin (BTC) and advocating for crypto instruction in local schools.
On CNN’s State of the Union on Nov. 7, Adams said, “We must open our schools to educate the technology, to teach this new way of thinking.”
Despite Adams’ social media endorsement, the city commissioners in Miami voted to accept funds generated by Miami Coin. However, CityCoins notes that it has yet to officially partner with the New York government.
“CityCoins, such as NYCCoin, are community-driven initiatives. As the CityCoins community grows, residents can push their mayor to claim the reserved municipal treasury wallet and put the monies to good use,“ according to the website.
The City of New York will have access to a custodied reserve wallet that holds 30% of all NYCCoin mining winnings if it chooses to collaborate with CityCoins. The monies can be utilized to assist any initiatives that the city considers appropriate. Miami Mayor Francis Suarez has claimed that the coin’s proceeds will be used to fund crypto education, underserved neighborhoods, and climate change mitigation activities.
Those can mine the coin by sending Stacks (STX) tokens to the smart contract on Stacks and receiving new CityCoin tokens, with users who lock up and “stack” or stake their CityCoins receiving 70% of the mining profits.
