CityCoins community, the non-profit behind MiamiCoin, launches a similar initiative in New York.
In an announcement on Monday, November 8, CityCoins pointed out that the next city to have a dedicated city-based coin will be New York. NYCCoin is the second CityCoin to be established. It follows the immense success of MiamiCoin that has brought the City of Miami over $21 million in earnings since its launch in August.
CityCoins announced that mining for NYCCoin will start on Wednesday, November 10. New York City supporters and the CityCoins community will directly lead and operate the decentralized NYCCoin project.
Anyone can buy or mine NYCCoin, enabling them to support New York and earn crypto through the Stacks protocol. The launch of NYCCoin creates a new way for people to help the city. They can play a part in creating a new development ecosystem and growing New York’s crypto treasury as they earn Bitcoin (BTC) and Stacks (STX).
New York’s appeal
Eric Adams’s recent election as the next Mayor of New York places an innovation and cryptocurrencies advocate at the city’s most vital leadership position. NYCCoin’s launch comes only days after the Mayor-elect expressed interest in having a city-based token similar to Miami’s.
CityCoins will capture New York City’s momentum with the new pro-Bitcoin administration. The city has also done a great job and cemented itself as a leading tech hub and innovation center over the past years. It features a competent workforce and can attract talent from anywhere in the world.
CityCoins is set to leverage New York’s creativity, energy, entrepreneurial zeal, and roots in finance to create a robust ecosystem. As a world capital in finance, culture, and media, the world often follows where New York City goes.
The arrival of CityCoins in New York will help catapult it to the next growth level while ushering in a new and exciting adoption era.
The NewYorkCityCoin (NYCCoin)
The NYCCoin enables smart contracts on Bitcoin and is powered by the Stacks Protocol. It’s also programmable, and it allows builders to improve the city from their keyboards by minting NFTs, building web3 apps, and making adjustments to the digital infrastructures in New York.
As an open-source network, the Stacks Protocol enables developers to build smart contracts and decentralized applications on top of the protocol layer of the Bitcoin base. To earn NYCCoin, miners forward STX tokens through the protocol.
30% of the forwarded STX goes to the city’s reserved wallet, while the remaining 70% is temporarily locked or stacked by holders who earn Bitcoin and STX. The city can claim the funds in the wallet at any time.
