Posted August 06, 2021
MIAMI, Aug. 03, 2021 (GLOBE NEWSWIRE) -- CityCoins announced today that community activation of mining MiamiCoin ($MIA) would begin today at approximately 1pm ET, making MiamiCoin the very first CityCoin to launch.
CityCoins are programmable city-based tokens that unlock a new community-driven revenue stream for local governments while bringing collaborative technology to its citizens and ecosystem of stakeholders. Each city that accepts CityCoins will have a designated wallet that is custodied for them and can be auto-converted into $USD. As the CityCoins ecosystem grows, developers can create innovative and impactful applications to incentivize local engagement and better their favorite cities.
CityCoins’ mining process is built on the Stacks protocol — an open-source network that allows developers to easily build decentralized applications and smart contracts on top of the Bitcoin base protocol layer. Anyone can compete to mine CityCoins by forwarding their STX tokens through the Stacks protocol. 30% of miners’ forwarded STX are directed to a wallet reserved for each city, and the remaining 70% can be stacked (temporarily locked) by MiamiCoin holders who earn STX and BTC.
Mining for $MIA begins today and 30% of protocol earnings generated will be directly allocated fo Miami’s reserve wallet, while token holders will also accumulate on chain protocol earnings. The City of Miami has formally adopted resolutions allowing their procurement offices to begin their due diligence process on $MIA.
CityCoins creator Patrick Stanley said, “It is exciting that $MIA is the first CityCoin, as Miami has long been an epicenter of culture and innovation in the US. We’re confident that MiamiCoin will demonstrate to other cities that adopting new technologies can propel local initiatives, improve city infrastructure, and more.”
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