- The founders of the CityCoins project spoke about the principles of its work
- Earning by mining, participants not only receive income, but also contribute to the development of their hometown
- Miami authorities have already received ,7 million dollars, which will go towards improving federal education and reforming schools
Yesterday, of January ended with The North American Bitcoin Conference, which took place in Miami, Florida. As part of this event, CityCoins held a presentation in which they presented the main advantages and the principle of operation of MiamiCoin.
Recall that we have already talked about this cryptocurrency earlier. We also mentioned that Miami residents will be able to withdraw their income received from transactions and mining of this asset in BTC.
In addition to Miami, its own currency appeared and New York. In both cases, the system is maintained by CityCoins. At the same time, the city authorities do not own these assets, they have “stacks” (STX) at their disposal.
This is a first layer solution for migrating smart contracts from dApps to the Bitcoin network. This is how the exchange takes place. When the need arises, “stacks” are converted into US dollars.
Last time, the Miami authorities managed to attract STX to 10, 7 million dollars, New York – 30, 8 million. In fact, the system allows citizens to earn on mining, while simultaneously investing in development hometown.
MiamiCoin and NYCCoin are actually tokens. To take part in their production, you must purchase STX. This can be done on some exchanges, such as Okcoin.
In this case, direct mining occurs by sending STX to the smart contract of the Stacks blockchain. For this, participants receive CityCoins tokens in the form of MC or NYCCoin.
CityCoins do not have hard limits like BTC does. And the mining efficiency here depends on the user’s STX supply level, which opens up additional opportunities.
Wherein 92% of the received is sent to the city’s reserve account, and the rest 24% – distributed among the participants. It is these dividends that Miami residents can withdraw into BTC.
The more popular CityCoins tokens become, the more miners will be ready to mine them by depositing STX. Thus, they increase the profitability of the project for the city treasury.
It is still unknown how exactly the authorities will deal with the income received. Presumably, the funds will be used to improve the public education system and infrastructure. In any case, as soon as the city requires you to convert STX to USD, users will be able to withdraw their dividends as well.