Miami will launch its first city token, MiamiCoin, on June 8

This article is sourced from 律动 BlockBeats, with the original title: "How CityCoins Can Fund Your City," authored by Patrick Stanley, Freehold, and compiled by StacksChina.

We envision a near future where every city has its own cryptocurrency - CityCoin.

CityCoins will allow you to create municipal assets for your favorite city while making money for yourself.

In fact, this "near future" is already upon us—MiamiCoin ($MIA), the world's first CityCoin, has been launched and is about to go live—yes, CityCoin has become a reality.

Miami Mayor Francis Suarez tweeted to endorse MiamiCoin ($MIA)

How CityCoins Work

CityCoin is powered by Stacks (STX), a protocol that enables smart contracts on the Bitcoin network. Here’s a brief overview of how CityCoins work:

• CityCoins like $MIA are mined by forwarding Stacks tokens (STX) to the CityCoins smart contract. (If you don’t want to mine $MIA yourself, you can also purchase it on exchanges.)

• 30% of the STX forwarded by miners goes into a special wallet designated for city use—potentially for creating new public spaces for development, recruiting cryptocurrency founders, improving infrastructure, or hosting city events.

• The remaining 70% of STX flows to CityCoin holders who choose to stack (stacking) their CityCoin. Stacking requires holders to lock up their CityCoins for a period to earn their STX rewards. Then, holders can further stack that STX to generate Bitcoin rewards for themselves.

Why You Should Collect CityCoins

Your love for your city is just one reason to invest in CityCoin. In fact, you don’t need to live in a city to collect its tokens, making life better for its residents while earning profits for yourself. Mining CityCoin can provide resources that may replace budgets or significantly increase funding for the city. It opens up new fundraising avenues for cities, receiving direct support from the community and investors.

Each city in the CityCoins ecosystem has a reserved wallet. The mayor can choose to #pickupthebag at any time and accept the reserved wallet for city use.

The possibilities of CityCoins are endless. As these coins are programmable, we will see developers create applications for access, trading, lending, and smart contract execution. The more people use them, the higher the rewards, and the more likely others are to join.

Residents can also receive tax bill reductions as a reward for supporting their city. After all, CityCoin miners indirectly contribute 30% of mining profits directly to the wallet of the city they support. Imagine the contributions from mining could exceed the city's annual tax revenue.

For students, paying tuition to local colleges or public universities with CityCoin might come with discounts. CityCoins can be distributed to the city's most needy citizens or deposited into children's tax-exempt or tax-reduced accounts to secure their future.

As the utility of CityCoins grows, the motivation to own CityCoin correspondingly increases, and the possibilities become more abundant.

• The system allows holders to earn Bitcoin and Stacks rewards while generating cryptocurrency to fund their cities.

The Magic City Paves the Way

Starting at 3 PM EST on June 8, 2021, you will be able to start mining MiamiCoin.

Why Miami? Miami has long been a cultural and innovation hub in the United States. Last year, it became a tech center among major U.S. cities, especially in the fields of cryptocurrency and blockchain technology. With strong network effects, government support, and a culture of innovation, innovators are flocking to the city.

We can’t think of a better place to showcase CityCoins.

Launch Party

On June 4 at 1:30 PM EST, Freehold will host a CityCoins launch party in Miami with special guest Anthony Pompliano.

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