MiamiCoin FAQ
What is MiamiCoin?
MiamiCoin ($MIA) is the first CityCoin to market, going live Aug 3, 2021 at 1pm EDT. MiamiCoin is a cryptocurrency powered by the Stacks Protocol, which enables smart contracts on Bitcoin.
MiamiCoin provides an ongoing crypto revenue stream for the city, while also generating STX and BTC for $MIA holders. MiamiCoin can be mined or bought by individuals who want to support the Magic City and benefit from the Stacks protocol.
Mining MiamiCoin directly benefits the city of Miami by automatically directing STX to a wallet reserved for the city. MiamiCoin benefits holders by allowing them to Stack and earn 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.
Why Miami?
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.
Has the city of Miami partnered with CityCoins?
MiamiCoin is an opportunity for the city to bring together the appreciation and the adoption of blockchain technology. 30% of the STX miners forward in order to compete in the earning of MiamiCoin will go directly to a wallet reserved for the city. The city of Miami may decide whenever it wishes to claim the wallet and the funds inside it.
What is the MiamiCoin treasury? How can Miami use its treasury?
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.
What can MiamiCoin holders do with their coins?
Anyone can mine MiamiCoin, program MiamiCoin via smart contracts, and even earn BTC from the protocol as it gets more usage.
How do you get MiamiCoin?
MiamiCoin is launching Aug 3, 2021 at 1pm EDT. At launch, anyone can compete to mine $MIA. 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.
If you haven’t already, now is the time to get prepared for CityCoins mining and Stacking by:
- Downloading a Stacks web wallet at hiro.so/wallet/install-web
- Getting STX from exchanges like Okcoin and Binance
- Watching our mining tutorial video