On the third day of the North American Bitcoin Conference in Miami, Florida, CityCoins gave an overview of MiamiCoin technology. Following the revelation that Miami citizens with a digital wallet can earn a Bitcoin dividend, Cointelegraph met mayor Francis Suarez.
CityCoins, an open-source technology that offers cities fundraising methods, is the firm that puts up the infrastructure to deliver Bitcoin payouts into the hands of residents. Miami and New York City are the first two cities to use MiamiCoin and NYCCoin to start fundraising.
According to a presentation provided by CityCoins Community Lead Andre Serrano, MiamiCoin has raised $24.7 million in STX. In comparison, NYCCoin has raised $30.8 million, housed in the municipal treasury. Residents must first purchase STX on an exchange such as Okcoin or Binance to get CityCoins. Coinbase wanted to publish STX for trade on Tuesday. However, they had to postpone the debut until further notice.
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The Stacks blockchain aims to make Bitcoin (BTC) programmable. CityCoins are fungible tokens on the Stacks blockchain, and each city has its token contract. Serrano explained: “By harmonizing the incentives between local governments and city citizens, CityCoins have the potential to alter how people engage with their communities.”
He went on to say that CityCoins may be used in a variety of ways to “unlock a city’s cultural worthwhile creating new chances for innovators,” he says, equaling Miami’s potential to be renowned as the crypto capital of the United States if MiamiCoin succeeds.
At a high level, the community is the one that mines for CityCoins. Mining CityCoins sends STX tokens to a certain Stacks block’s smart contract. Miners then receive fresh CityCoins tokens as a reward. Unlike Bitcoin, CityCoins has no hard limit.
It is yet unclear how cash will be distributed in Miami. On the other hand, Serrano said that improving the city’s public school system should be a top focus. Residents may begin to receive BTC dividends once the city decides to claim and convert STX to USD to support a public project.