Introducing CityCoins
How it works
CityCoins are powered by Stacks, a protocol that enables smart contracts on the Bitcoin network.
The community mines to create CityCoins
Mining CityCoins is performed by forwarding STX tokens into the smart contract in a given Stacks block, and is a one-way process. Miners who win are rewarded with new CityCoins tokens.
The city's reserved wallet grows
100% of mining commits are sent (in STX) to a city’s wallet. CityCoin holders can vote on whether to distribute funds to a respective city gov unless already contractually obligated to honor existing agreements.
CityCoin holders receive STX
100% of mining commitments are Stacked in a smart contract and the corresponding rewards are proportionately distributed amongst that city’s coin holders.
How it works
CityCoins are powered by Stacks, a protocol that enables smart contracts on the Bitcoin network. Anyone can compete to mine CityCoins by forwarding their STX tokens through the Stacks protocol.
30% of miners’ forwarded STX is directed into a wallet reserved for each city, and the remaining 70% can be stacked to earn STX and BTC.
Mining CityCoins
CityCoins are mined by forwarding STX into a CityCoins smart contract on the Stacks protocol. The winner of each block reward is selected randomly, weighted by total STX spent. CityCoins are claimed by the winning miner and can then be stacked to earn returns in STX and BTC.
Stacking CityCoins
CityCoins can be locked on the Stacks protocol for a voluntary period of time, earning STX as a reward. The rewarded STX comes from the 70% of forwarded STX from CityCoin miners. The earned STX can be further stacked to earn BTC.
Map visual is for Illustrative purposes only
Amanda Cassat
Balaji Srinivasan
Ryan Hoover
Patrick Stanley
The community has spoken
We're glad to welcome you to the global home of Web3! We're counting on tech and innovation to help drive our city forward.
“[MiamiCoin’s] interesting because it’s not an involuntary tax, it’s not philanthropy, it’s something that is completely different and could revolutionize the way governments are funded in the future.” – @FrancisSuarez
Last week @ericadamsfornyc called out that he'd like to have a CityCoin like Miami's.
This week the CityCoins community is delivering for New York City.
This is incredible.
MiamiCoin has now generated over $10 million for the City of Miami, all built on top of bitcoin.
That’s $10 million dollars donated to the city government’s pocket to use on improving the city & quality of life of its citizens.
All from private citizens 👇
Citycoins do something interesting: they align residents within cities and encourage economic competition between cities.
This is superior to the pre-pandemic model of political sclerosis within cities and relatively low migration to non-superstar cities.
ICYMI my interview on MiamiCoin w/ @FoxBusiness
✅ The revolutionary concept of @mineCityCoins
✅ Understanding how it’s generated $5M+ for the City
✅ How these benefits translate into a better quality of life for Miamians
We're glad to welcome you to the global home of Web3! We're counting on tech and innovation to help drive our city forward.
“[MiamiCoin’s] interesting because it’s not an involuntary tax, it’s not philanthropy, it’s something that is completely different and could revolutionize the way governments are funded in the future.” – @FrancisSuarez
Last week @ericadamsfornyc called out that he'd like to have a CityCoin like Miami's.
This week the CityCoins community is delivering for New York City.
This is incredible.
MiamiCoin has now generated over $10 million for the City of Miami, all built on top of bitcoin.
That’s $10 million dollars donated to the city government’s pocket to use on improving the city & quality of life of its citizens.
All from private citizens 👇
Citycoins do something interesting: they align residents within cities and encourage economic competition between cities.
This is superior to the pre-pandemic model of political sclerosis within cities and relatively low migration to non-superstar cities.
ICYMI my interview on MiamiCoin w/ @FoxBusiness
✅ The revolutionary concept of @mineCityCoins
✅ Understanding how it’s generated $5M+ for the City
✅ How these benefits translate into a better quality of life for Miamians
What's generated $2K every 10 minutes for a city? #MiamiCoin
Mayor Francis Suarez "believes that if city-specific cryptos succeed it would mean residents 'won't have to pay a cent in tax'"
This is the future of #Crypto! And we're still early to its adoption! We are inevitable 💪
#MiamiCoin is not created by the City. @mineCityCoins has enabled a protocol that gifts mining contributions to the City. Separately, we are prioritizing #Bitcoin payment, and yes, this includes exploration of Lightning network. More on this soon.
This is basically the "Patriot Tax" but executed in a much better way. Which city should @mineCityCoins be deployed in next?
Amazing start for the curator collective, thanks to the #MiamiCoin community, @mineCityCoins @stxnftcom
! The collection "Future of Money", based on work by and in collaboration with Miamian artist Gonzalo Borges, sold out in 10 minutes yesterday.
What's generated $2K every 10 minutes for a city? #MiamiCoin
Mayor Francis Suarez "believes that if city-specific cryptos succeed it would mean residents 'won't have to pay a cent in tax'"
This is the future of #Crypto! And we're still early to its adoption! We are inevitable 💪
#MiamiCoin is not created by the City. @mineCityCoins has enabled a protocol that gifts mining contributions to the City. Separately, we are prioritizing #Bitcoin payment, and yes, this includes exploration of Lightning network. More on this soon.
This is basically the "Patriot Tax" but executed in a much better way. Which city should @mineCityCoins be deployed in next?
Amazing start for the curator collective, thanks to the #MiamiCoin community, @mineCityCoins @stxnftcom
! The collection "Future of Money", based on work by and in collaboration with Miamian artist Gonzalo Borges, sold out in 10 minutes yesterday.
#MIAMIPOOL IS LIVE 🚨
We’re excited to announce the official launch of #MiamiPool - a smart contract-based trustless system that automates Syvita $MIA mining operations and significantly reduces the risk of pool members losing STX contributions when mining #MiamiCoin.
Wow!
The Miami City Commission just voted in favor of accepting $4.3 million in protocol contributions generated by MiamiCoin, which is built on top of bitcoin.
Today marks a huge day for Miami, and a milestone for crypto.
Mayor @FrancisSuarez on MiamiCoin’s potential:“We’d be like an oil-producing country, (and) the citizens of Miami could get municipal services without having to pay taxes.”
Buy Miami, short SF.
Or, if you believe in the turnaround, go long SF.
Citycoins will express people's faith in city policy. As does emigration. Vote with ballot, and now also with wallet and feet.
I've been spending time with the team and it is fascinating to see something like this secured on top of bitcoin.
The City of Miami already has significant capital that they can access due to the experiment, so would be interesting to see the impact if this continues to work.
#MIAMIPOOL IS LIVE 🚨
We’re excited to announce the official launch of #MiamiPool - a smart contract-based trustless system that automates Syvita $MIA mining operations and significantly reduces the risk of pool members losing STX contributions when mining #MiamiCoin.
Wow!
The Miami City Commission just voted in favor of accepting $4.3 million in protocol contributions generated by MiamiCoin, which is built on top of bitcoin.
Today marks a huge day for Miami, and a milestone for crypto.
Mayor @FrancisSuarez on MiamiCoin’s potential:“We’d be like an oil-producing country, (and) the citizens of Miami could get municipal services without having to pay taxes.”
Buy Miami, short SF.
Or, if you believe in the turnaround, go long SF.
Citycoins will express people's faith in city policy. As does emigration. Vote with ballot, and now also with wallet and feet.
I've been spending time with the team and it is fascinating to see something like this secured on top of bitcoin.
The City of Miami already has significant capital that they can access due to the experiment, so would be interesting to see the impact if this continues to work.