New York to Have Its Own Cryptocurrency

NYC Coin

Welcome back to the Tribe! In this post we are going to do an overview of New York’s NYC Coin!

Nothing should be considered investment or financial advice. Enjoy the ride!

The New York community couldn’t wait for this project to kick off. Earlier on November 10th, 2021, New York City Coin saw its first miners go live. So let’s catch sight of what all the fuss is about.

New Mayor

Eric Adams recently won the race for New York City mayor, beating his Republican rival.

Thanks to this new, Bitcoin-loving mayor, New York will soon have its very own cryptocurrency. Not only is Eric Adams a cryptocurrency enthusiast, he even expresses an urge to receive his first three paychecks in Bitcoin. New York City’s next mayor also states they should teach crypto in schools.

NYC Coin Overview

Is there anything more exciting than investing in and co-creating a city by buying its tokens? The mayor believes supporting the city by investing in NYC Coin is bound to improve communication, trade, socialization, and management of physical and digital assets.

The goal of this initiative is to leverage New York City’s strengths. This city already has the energy, creativity, entrepreneurial zeal, an abundance of venture capital for builders, and splendid workforce (as it attracts talents from every corner of the world).

Development of City Coins aims to empower inhabitants to add to the growth of this innovative city together.

City Coin

As for a word of introduction, a City Coin is the medium of exchange and payment that makes part of the City Chain and the Smart City Platform services. City Coin cryptocurrency funds are meant to be diverted to the city’s treasury.

The NYC Coin treasury comprises STX, which miners send when they forward the funds to a Stacks smart contract for the right to compete in a mining competition. Mayors can spend the funds on the city’s infrastructure, but it’s up to the local government how to use these resources, eventually.

When it comes to numbers, once miners forward STX to earn NYC Coin, 30% goes to the wallet reserved for the city. New York City may decide to claim the wallet’s funds, access their reserved STX inside the wallet, use its treasury, or stack STX to earn BTC.

How to get NYC Coin

Starting in early November 2021, when the new City Coin is launched, anyone can mine.

Miners compete by forwarding STX into the Stacks Protocol, which then enables smart contracts on Bitcoin. At this point, the block winner will be chosen at random, weighted by the amount of STX forwarded.

Users who invest are rewarded in Bitcoin or Stacks—the native cryptocurrency of the eponymous protocol used to build things on the Bitcoin blockchain.

Capabilities

NYC Coin is programmable. It allows builders to improve the city from their keyboard. NYC Coin can be used to build web3 apps, mint NFTs, or improve the city’s digital infrastructure in different ways. New Yorkers will grow their city crypto treasury, earning Stacks (STX) and Bitcoin (BTC).

With NYC Coin, developers can create applications for access control (to digital or physical spaces), trading, lending, smart contract execution, and much more, and they can experiment with innovative use cases.

The creation and transfer of coins are based on an open-source cryptographic protocol. It’s not managed by any central authority.

How was NYC Coin programmed

NYC Coin was an early Litecoin spin-off or altcoin starting in March 2014.

It’s nearly identical to Dogecoin with two times faster confirmations, low difficulty, energy-efficient mining built into the code, and no fees to send or receive.

NYC Coin will be listed on cryptocurrency exchanges after the mining launch.

Miami Coin

In August 2021, Miami became the first US city to launch its City Coin—Miami Coin. A City Coiner created a “Mint-with-MIA” feature within two months, so holders can now create or buy NFTs with their City Coin.

The City that Never Sleeps shows a growing appeal. It’s believed to be a leading tech hub, doing its best to ensure it’s known as an innovation center throughout the US. Will New York City Coin be another proof of this groundbreaking strength?

First, we must keep in mind that City Coins are still experimental projects. We can foresee how they develops, but it’s still unknown whether they will actually generate revenue for their cities.
Secondly, there are reasons to think that a burgeoning tech center of New York is indeed a fertile ground for new undertakings right now. For example, in the Long Island City neighborhood of Queens, Amazon recently announced an opening of an office hub with 25,000 employees. Also, Google and Apple have announced crucial operations to be carried out in New York City.

So, with all these technological revolutions taking place, how to ensure New Yorkers’ lives remain in their own hands? NYC Coin enables active forms of participation for the residents and may be the correct, spontaneous response to their hidden worries.