Mining MiamiCoin 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 MIA tokens.
70% of mining rewards are distributed to people who chose to stack their MiamiCoin (Stackers).
30% of mining rewards are sent (in STX) to custodied reserve wallet for the city of Miami.
The city can claim this and convert their STX to USD whenever they want.
MiamiCoin is the first CityCoin to market, going live soon. MiamiCoin is a cryptocurrency powered by the Stacks Protocol, which enables smart contracts on Bitcoin.
MiamiCoin (MIA) is a way for people to support the Magic City and grow its crypto treasury while earning STX and BTC for themselves.
MiamiCoin provides an ongoing crypto revenue stream for the city, while also earning STX for MIA holders. MiamiCoin can be mined or bought by individuals who want to support the Magic City and earn crypto from the Stacks protocol. MiamiCoin additionally benefits holders by allowing them to Stack and earn BTC through the Stacks protocol.
The city of Miami can elect to use its growing crypto treasury to benefit the city and its constituents — think new public spaces, improvements to infrastructure, hosting city events, recruiting startups, and more.
Miami has long been a center of culture and innovation in the States. In the last year, we have witnessed it take center stage as a technical powerhouse among major US cities, particularly in the realm of crypto and blockchain technology. Developers and entrepreneurs have moved to the city en masse under the recognition of strong network effects, a supportive government, and a culture defined by constant evolution and disruption.
The city of Miami has not partnered with CityCoins. CityCoins 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 in order to compete in the earning of MiamiCoin will go directly to the wallet reserved for the city. The city of Miami may decide at any time to claim the wallet’s funds.
The MiamiCoin 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. 30% of the STX forwarded by miners makes its way into the city treasury. Whenever the city wishes, they may access their reserved STX inside the wallet. At that point, Miami may use its treasury for whatever it deems fit and compliant.
Anyone can mine MiamiCoin, program MiamiCoin via smart contracts, and even earn BTC from the protocol as it gets more usage. MiamiCoin is a new way for developers to create applications and experiment with innovative use cases.
Developers can create apps that use MiamiCoin for access control (to digital or physical spaces), trading, lending, smart contract execution, and much more.
MiamiCoin launched and the contract is active! Miners can compete to mine MiamiCoin by forwarding STX to a Stacks smart contract, at which point the block winner will be chosen at random weighted by the amount of STX forwarded.