What are CityCoins?
CityCoins offer people a way to support their city and grow its crypto treasury. Each startup city will have their own CityCoin, starting with Miami and MiamiCoin (MIA) and New York City with NYCCoin (NYC).
What can I do with CityCoins?
With any CityCoin, you can mine it, hold it, stack it to earn STX, borrow it, lend it, and program it. Built on open source software, CityCoins are a new way for developers to create applications and experiment with new use cases.
At launch, the primary utility of CityCoins is earning STX. However, CityCoins are programmable and will have additional utility over time. The possibilities of CityCoins become endless as cities one by one begin to claim their protocol contributions and communities and software develop around their respective CityCoins. CityCoins communities will create apps that use tokens for rewards, local benefits, access control (to digital or physical spaces), trading, lending, smart contract execution, and more. As one simple example, local businesses can provide discounts or benefits to people who show they “Stack for their city” by Stacking their CityCoins.
How do CityCoins work?
CityCoins have two initial functions at launch: mining and stacking.
CityCoins are mined by forwarding STX (the Stacks token) to the CityCoins smart contract on the Stacks protocol. The winning miner can claim their rewarded CityCoins from their Stacks address at any time.
30% of the STX that miners forward to the Stacks protocol is sent directly to a wallet that is reserved for each city that is part of the CityCoins ecosystem. The mayor of a city may elect at any time to accept the reserved wallet to access the treasury for use by the city.
CityCoins earn for holders in STX and BTC through a function on the Stacks protocol known as Stacking.
The remaining 70% of the STX that miners forward to the Stacks protocol is automatically distributed to holders of CityCoins who temporarily lock their tokens. Stacking requires holders to lock their CityCoins for determined “reward cycles", which last approximately two weeks each.
Stacking CityCoins earns STX rewards. STX rewards can subsequently be stacked on Stacks to earn BTC rewards.
What are CityCoins’ Tokenomics?
Demand for CityCoins is driven by their earning capabilities in addition to their growing utility, enabled by the fact that they’re programmable. CityCoins will continue to grow over time as cities and their citizens see fit, bestowing reputational, identity, ownership, access control, and programmable utility on top of their fundamental economic functionality. Learn more about CityCoins Tokenomics.
Why are CityCoins built on Stacks?
Stacks enables smart contracts and apps on Bitcoin. Our community believes that cities will last for for a long time, so chose to build on the blockchain that will, too.
How do I mine CityCoins?
When a new CityCoin is launched, anyone can compete to mine. Miners compete by forwarding STX into the Stacks protocol. Once per block, a winning miner is randomly selected by a Verifiable Random Function (VRF), weighted by total STX spent. 30% of STX spent by miners is forwarded into a custodied wallet, which is reserved for each city should they choose to accept it. The remaining 70% STX is distributed to Stackers as rewards.
CityCoins are open source and can be integrated with various centralized and decentralized exchanges.
How do I Stack CityCoins?
CityCoins can be locked on the Stacks protocol for a voluntary period of time (“reward cycle”), 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 rewards.
Who built CityCoins and MiamiCoin?
The ideation, development, and launch of the CityCoins project has been stewarded by CityCoins Inc, with support and contribution from Syvita Guild, Z1, DoubleUp, Freehold, and the Stacks Community.
Are CityCoins live?
After deployment, each CityCoin must be activated by 20 independent wallets before mining can begin. Visit minecitycoins.com to see the status and more information about different CityCoins.