Mining for NYCCoin will begin on Wednesday, November 10th
NEW YORK, Nov. 08, 2021 (GLOBE NEWSWIRE) — The CityCoins community announced today that New York City will be the next city to have a dedicated city-based token. NYCCoin ($NYC) will be the second CityCoin to launch, following the overwhelming success of MiamiCoin, which to date has earned more than $21.3 million for the city of Miami. Community activation of mining for NYCCoin will begin on Wednesday, November 10th at approximately 3pm ET.
NYCCoin will be a decentralized project directly operated and led by the CityCoins community and supporters of New York City. As the second CityCoin to launch, NYCCoin will create a novel new mechanism for civic engagement by allowing anyone to play part in growing the city’s crypto treasury and creating a new technology ecosystem for development, all while earning STX and BTC rewards.
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 the city and can be auto-converted into $USD. As each CityCoin ecosystem grows, developers can create innovative and impactful applications to incentivize local engagement and better their favorite cities, in addition to experimenting with new Web3 use cases, such as NFTs for art and collectibles.
New York City and Austin were the top choices for the next CityCoin in a recent poll of the CityCoins community. The recent election of Eric Adams as New York City’s next Mayor will place an advocate for cryptocurrencies and innovation in the most important leadership position in the city. The CityCoins community is excited to capture the momentum surrounding the city as it welcomes a new, technologically progressive administration that has expressed positive feedback towards the launch of a dedicated city-based token that can fuel rewards for tech-friendly initiatives.
CityCoins Community Lead Patrick Stanley said, “We are thrilled to see New York City elect a pro-Bitcoin candidate as its next Mayor and we hope that with the launch of NYCCoin, which is built on Bitcoin, New York can follow in the footsteps of Miami and recognize the incredible opportunity that CityCoins presents the local government and community. NYC is a global financial and cultural powerhouse and we are excited to see the community leverage the city’s creative spirit, entrepreneurial zeal, and roots in financial services to build a robust ecosystem around NYCCoin. With the arrival of CityCoins in one of the world’s most important cities, the project will be catapulted to the next level of growth and usher in an exciting new era of adoption.”
NYCCoin is a city-based token powered by 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 NYCCoin by forwarding 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 NYCCoin holders who earn STX and BTC. CityCoins like NYCCoin are not pre-issued, nor are any rights to receive CityCoins distributed prior to mining. The mining process kicks off Wednesday, November 10th.
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