What is the NYCCoin?
The New York City Coin is expected to be launched on 11th November, after Eric Adams endorsed the community-led initiative. Adams has recently elected as mayor of the city. CityCoins is launching this cryptocurrency focused on New York. They were the ones who did a similar thing for Miami. It uses the Stacks protocol to issue its tokens and allow smart contracts. This is built with the help of the Bitcoin network.
Adams indicated last week that he envisioned a crypto coin for New York similar to that of Miami. On 9th November, CityCoins announced that it would be launching mining for the coin this week. Adams tweeted on the same day that NYC was happy to bring them to the worldwide home of Web3. New Yorkers are banking on creativity and tech to help the city move forward to the future.
On 2nd November, the Big Apple got a new mayor-elect in Adams, who shall take up official duties at the start of next year. He is a strong advocate for cryptocurrency, promising to accept his initial 3 salaries in Bitcoin and that crypto knowledge would be imparted in public schools.
Miami city authorities voted for recognition of revenues produced by Miami Coin. Even with the social media support, CityCoins stated that the company is yet to legally collaborate with the N.Y. administration.
What will the city get?
If it does partner up with CityCoins, New York City can acquire a reserve wallet which holds thirty per cent of all NYC Coin mining profits. This money can be used to finance any projects the city wants. Miami’s mayor has promised that their coin’s profits would be utilized to finance disadvantaged groups, crypto education, and activities to mitigate climate change.
What about miners?
Miners can get their hands on it by sending STX pieces to the blockchain network on Stacks to earn new CityCoins tokens. Those who start locking up, stacking, or wagering their CityCoins will receive seventy per cent of the profits on mining.