What are CityCoins?

What are CityCoins?

CityCoins are cryptocurrency tokens that allow individuals to support and invest in their cities through blockchain technology. These coins are mined on the Stacks protocol, which utilizes smart contracts on the Bitcoin network. They offer a new form of civic engagement and economic opportunity for city residents and supporters.

Each CityCoin is specific to a city, beginning with MiamiCoin and NYCCoin as the first two, and provides a continual stream of crypto revenue that the city can use to fund projects and improvements. This model not only benefits individual contributors with crypto rewards but also supports urban development and community initiatives.

From our review of CityCoins and their activity on social platforms such as X (@mineCityCoins), it appears that the project is currently inactive, as they have not posted on Twitter in over a year.

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How CityCoins Work

CityCoins operates through a blockchain-based protocol that empowers individuals to support urban development while earning cryptocurrency rewards. This mechanism is built on the Stacks blockchain, which extends Bitcoin’s functionality with smart contracts.

Here’s a simplified breakdown of the CityCoins process:

• Activation: Community interest activates the mining process for a CityCoin associated with a city once 20 independent wallets sign the contract.
• Mining: Participants mine CityCoins by sending STX (the native token of Stacks) to a particular smart contract. Mining is competitive, and the winning miner receives the new CityCoins as a reward.
• Stacking: Holders of CityCoins can stack their coins by locking them in a smart contract for selected reward cycles. They receive a portion of STX from mining activities as rewards.
• Programming: Developers can use CityCoins for creating applications or programming use cases via clarity, a Stacks-specific smart contract language, enhancing the CityCoin's utility and integration within digital ecosystems.

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What is MiamiCoin?

MiamiCoin is the first CityCoin launched, created to support the city through the capabilities of the Stacks Protocol, enabling smart contracts on the Bitcoin network. Users can mine MiamiCoin by submitting STX tokens into the smart contract on any given Stacks block, which directly benefits the city's own reserved wallet, which holds over $4 million in assets.

The process not only helps build Miami’s crypto treasury but also distributes STX rewards among MiamiCoin holders, providing a direct incentive for community and financial engagement. 

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What is NYCCoin?

NYCCoin, also known as NewYorkCityCoin, was the only other CityCoin built on Stacks. Similar to MiamiCoin, it allows individuals to support and contribute to New York City's growth while earning rewards in Stacks (STX) and Bitcoin (BTC). The rewards would then be placed in a community treasury, which is undisclosed unlike MiamiCoin.

Additionally, NYCCoin offers programmable features, providing developers with the tools to innovate and enhance the city's digital infrastructure, from creating web3 applications to minting NFTs, further enriching the city's technological landscape.

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Closing Thoughts

In conclusion, CityCoins merge onchain incentives with civic engagement through the Stacks blockchain, driving urban development while offering financial rewards. MiamiCoin and NYCCoin spearhead this movement, although their social channels suggest current inactivity. 

Despite this, the technology's potential for community-driven improvements remains, highlighting a significant opportunity for future blockchain-powered civic projects. This model not only showcases a progressive form of urban investment but also exemplifies the evolving relationship between digital currencies and city advancements.