CityCoins to Launch City Cryptocurrency for New York

The CityCoins project, which launched the MiamiCoin city token for Miami, announced that it would create a similar solution named NYCCoin for New York.

«We’re glad to welcome you to the global home of Web3! We’re counting on technology and innovation to help drive our city forward», wrote in response the newly elected Mayor of New York, Eric Adams.

The programmable tokens from CityCoins are aimed at providing additional revenue to municipal budgets through their mining by residents.

Users are rewarded for mining the coins in the project’s native STX tokens. CityCoins uses its own protocol, Stacks, built on the Bitcoin blockchain.

Seventy percent of the rewards stay with the miner, and thirty percent is credited to the city wallet. The authorities can access it at any time and convert the assets into fiat.

According to CityCoins, since August the project has accumulated around $21.6 million in STX for Miami.

Earlier, Adams showed interest in this solution. In an interview with Bloomberg, he noted that “it works well”.

«We’ll see in which direction this should take», he added.

Mining of NYCCoin is expected to begin this week.

As reported, after his election stated that he intended to receive his first three salaries in bitcoin, backing the Miami mayor Francis Suarez’s initiative.

Adams also proposed to study cryptocurrencies in schools, citing low awareness among young voters in this sphere.

Subscribe to ForkLog’s news on VK.