Its First City-Based Token
Activation of mining for MiamiCoin begins today; Okcoin will be the first exchange to list MiamiCoin
MIAMI, Aug. 03, 2021 (GLOBE NEWSWIRE) — CityCoins announced today that community activation of mining MiamiCoin ($MIA) would begin today at approximately 1pm ET, making MiamiCoin the very first CityCoin to launch.
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 them and can be auto-converted into $USD. As the CityCoins ecosystem grows, developers can create innovative and impactful applications to incentivize local engagement and better their favorite cities.
CityCoins’ mining process is built on 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 CityCoins by forwarding their 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 MiamiCoin holders who earn STX and BTC.
Mining for $MIA begins today and 30% of protocol earnings generated will be directly allocated for Miami’s reserve wallet, while token holders will also accumulate on chain protocol earnings. The City of Miami has formally adopted resolutions allowing their procurement offices to begin their due diligence process on $MIA.
CityCoins creator Patrick Stanley said, “It is exciting that $MIA is the first CityCoin, as Miami has long been an epicenter of culture and innovation in the US. We’re confident that MiamiCoin will demonstrate to other cities that adopting new technologies can propel local initiatives, improve city infrastructure, and more.”
“Cities can embrace Bitcoin and crypto faster than nations— big cities with billion dollar budgets can start to operate more like the private sector by diversifying their cash balances into Bitcoin. Beyond Bitcoin holdings, cities can experiment with crypto to engage their citizens and incentive local participation, much like what we’re seeing in the city of Miami. CityCoins like MiamiCoin introduce a new feedback loop between cities and the people they serve. Citizens and city stakeholders can leverage city-based tokens to cast their vote via the markets, ultimately using CityCoins as a new mechanism to reflect community sentiment on local policies. We are excited that one of the first city-based token initiatives is being built on Stacks and will expand activity on the Bitcoin network throughout the world,” said Muneeb Ali, Founder of the Stacks protocol.
Today, crypto exchange Okcoin announced that it will be the first exchange to list MiamiCoin. “We are thrilled to be the first – and only – platform in the world to enable trading of MiamiCoin,” said Haider Rafique, Okcoin CMO. “As crypto moves away from a speculative asset into one with real, impactful, use cases, we at Okcoin will continue to support innovative ‘crypto for good’ projects like CityCoins. We have been early supporters of the Stacks ecosystem and OKCoin’s STX earn product is one of our most popular, so we anticipate a lot of demand for stacking $MIA and will be working quickly to add that shortly after trading.”
CityCoins like MiamiCoin are not pre-issued, nor are any rights to receive CityCoins distributed prior to mining.
For more information on CityCoins and how to mine MiamiCoin, please visit citycoins.co.
Stacks brings smart contracts to Bitcoin. For more information, visit Stacks.co.
Established in 2013, Okcoin is one of the world’s fastest-growing cryptocurrency platforms. Seeking to build a more inclusive finance future that builds wealth for everyone, Okcoin is building the next generation of tools to help anyone invest in and trade crypto easily and with industry-low fees. Okcoin supports millions of customers across more than 190 countries, assisting them in taking advantage of staking and DeFi offers and trading Bitcoin, Ethereum, and more than 25 other crypto assets. Headquartered in San Francisco, Okcoin has a remote, globally-distributed team and offices in Hong Kong, Singapore, Malta, Japan and Korea.