In this Visit Bitcoin Era Site, which has now literally become the most popular topic of almost every city or state or country. CityCoins is a new non-profit transparent platform that has devised a way for customers of their own website to earn Bitcoin by supporting the communities they care about. Two of the world’s most populous cities, Miami and New York, already have introduced their respective CityCoins. These coins enable users to use crypto monies to improve the lives of people inside their own community or another community in exchange for a Bitcoin reward.
Miami’s Mayor Francis Suarez has been aiming to make the metropolitan area tax-free and turn it into a Bitcoin innovation center. The MiamiCoins have officially been launched thanks to a partnership between the local municipal government and CityCoins. The cryptocurrency will symbolize the people’s participation in Miami’s municipal government. According to his CNN appearance, New York’s current mayor Eric Adams intends to capitalize on the Bitcoin craze by having it as an element of the school curriculum. Adams had previously stated how his first three salaries would be paid in bitcoins. The NYCCoins are set to be released by the city in the near future.
How do they work?
The Stacks technology, which supports decentralized applications on the Bitcoin blockchain, is used by CityCoins. A stack is the distributed technology platform in Blockstack’s cryptocurrency. Users mine Stacks tokens by running specific computer software, which is subsequently delivered to the CityCoins mechanism. When Stacks coins are acquired and dispensed as rewards, the system, for example, creates MiamiCoins or NYCCoins. As individuals mine extra Stacks coins and transfer those to the CityCoins system, their chances of obtaining CityCoins improve. Users can keep 70% of the cryptocurrency they mine. The CityCoins mechanism distributes the remaining 30% of mined Stacks to municipal entities’ digital wallets in the city where the currencies were created.
To combat the potential of the users mining Stacks tokens are criminals, the Miami city council has decided not to spend a single dollar from the donations collected for a six-month period. It will give officials enough time to respond if a problem arises. Since September 2021, the Miami municipal commission has been receiving 30 percent donations using a digital wallet. Upon receiving the deposited tokens, Miami’s wallet instantly converts them to USD. The mayor told CoinDesk TV that since then, the community of Miami had produced $21 million in Bitcoin. He went on to say that when the revenue is annualised, it comes to $80 million, or 20% of the city’s $400 million in yearly tax income.
How to create a CityCoin?
On the surface, it appears that the project team is responsible for the production and management of CityCoins. Individual users, on the other hand, have total control over the procedure. The project just offers the technology required to facilitate the implementation of each CityCoin. There is a certain way to make CityCoins. The procedure is divided into four steps. To begin, the crypto community has to vote on which city should be the next to get a CityCoin by filling out a questionnaire on the site. Once a city has been selected, it is critical that the mayor of that city backs the idea and accepts to reclaim the city walls. Then, on the Stacks public blockchain, or live version, anybody may start the installation of a fresh CityCoin by activating a smart contract, which is a software programme that runs on a blockchain and performs certain tasks when certain criteria are satisfied.
To accomplish this, you will need to follow the steps given below
- Stacks Web Wallet should be downloaded here.
- STX tokens, which are accessible on top centralised exchanges including Binance, KuCoin, Crypto.com, and OKEx, can be used to fund the wallet.
- Link the Stacks Web Wallet to the MineCityCoins portal by selecting the upper right corner button.
- You will next need to “Submit the “register-user” operation through the user functionality, which registers your Stacks contact information and additional note on chain to signify activation of the CityCoin,” as per the official website documentation.
A customised wallet, which is called a City Wallet, is available in each city where CityCoins have been released. This serves as the city’s crypto treasury, with 30 percent of all miners’ STX bids being transmitted here. The mayors of these communities can claim the monies inside the City Wallet at any given moment and utilise the capital created by cashing out the tokens to better their people’ lives. Even better, users may use the STX tokens they have accumulated inside the City Wallet to acquire Bitcoin.