Mining AustinCoin is performed by forwarding STX tokens into the smart contract in a given Stacks block, and is a one-way process. Miners are rewarded with new ATX tokens.
70% of mining rewards are distributed to people who chose to stack their AustinCoin (Stackers).
30% of mining rewards are sent (in STX) to a custodied reserve wallet for the city of Austin.
The city can claim this and convert their STX to USD whenever they want.
AustinCoin (ATX) is a cryptocurrency powered by the Stacks Protocol (STX), which enables smart contracts on Bitcoin (BTC).
AustinCoin provides new ways for people to support Austin and grow its crypto treasury while earning STX and BTC.
ATX can be mined or bought by anyone who wants to support Austin while earning crypto via the Stacks protocol. ATX is also programmable, enabling builders to improve the city from their keyboard by using ATX to build web3 apps, mint NFTs, or otherwise improve the city's digital infrastructure.
Austin has gained prominence as one of America’s fastest growing and most multifaceted cities. Over 6,500 startups and tech companies are based in Austin: over a dozen startup incubators are in the city, and companies like Microsoft, Google, and Facebook have recently expanded their footprint in Austin. With Elon Musk’s recent relocation, Austin’s “Silicon Hills” increasingly rivals Silicon Valley in terms of tech-driven innovation.
The city’s reputation for being a creative hub for a wide range of builders is not a happy accident. In 1957, Austin’s forward-thinking officials formed the Austin Area Economic Development Foundation, which was established to make Austin a suitable environment for America’s industry giants. This foundation narrowed its focus to tech startups in the early 1990s and has successfully maintained a healthy influx of entrepreneurs and local investment ever since.
Austin’s presence as a growing economic powerhouse is not it's only claim to fame, and the city is widely considered one of the best places to start a new business or maintain an enviable work-life balance.
Austin is also famous for its art, fashion, and music scenes, and Texas’ capital is so much more than the growing pantheon of tech companies that now call Austin home. Local culture is a “special sauce” that cannot be easily replicated. The CityCoins community believes that this potent combination of independence, technological prowess, and creativity create an ideal environment to launch ATX.
Austin has not partnered with CityCoins.
CityCoins like Austin’s ATX are grassroots initiatives. As communities grow around CityCoins, they can encourage their mayor to claim the reserved city treasury wallet and begin putting its funds to use.
30% of the STX that miners forward to compete in the earning of ATX will go directly to the wallet reserved for the city. The city of Austin may decide at any time to claim the wallet’s funds.
The AustinCoin treasury consists of STX, which is sent by miners when they forward the funds to a Stacks smart contract for the right to compete in a mining competition. Whenever STX is forwarded by miners, 30% makes its way into the city treasury.
Whenever the city wishes, they may access their reserved STX inside the wallet. At that point, Austin may use its treasury for whatever it likes, and can stack those STX to earn BTC.
Anyone can mine ATX, program ATX via smart contracts, and even earn BTC from the protocol as it gets more usage.
ATX is a new way for developers to create applications and experiment with innovative use cases. Developers can create apps that use ATX for access control (to digital or physical spaces), trading, lending, smart contract execution, and much more. For example, within two months of launching, a CityCoiner created a “Mint-with-MIA” feature for MiamiCoin. As a result, holders can now create or buy NFTs with their CityCoin.
AustinCoin mining will be activated by the community soon. Read the CityCoins mining registration and activation documentation to understand how mining works, and know what you need to do to prepare for mining activation.
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