Mining NYCCoin 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.
100% of mining commits are sent (in STX) to a city’s wallet. NYCCoin holders can vote on whether to distribute funds to a respective city gov unless already contractually obligated to honor existing agreements.
100% of mining commitments are Stacked in a smart contract and the corresponding rewards are distributed amongs that city’s coin holders.
NewYorkCityCoin is a cryptocurrency powered by the Stacks Protocol, which enables smart contracts on Bitcoin.
NewYorkCityCoin (NYCCoin) provides new ways for people to support New York City and grow its crypto treasury while earning Stacks (STX) and Bitcoin (BTC).
NYCCoin can be mined or bought by anyone who wants to support New York City while earning crypto via the Stacks protocol. NYCCoin is also programmable, enabling builders to improve the city from their keyboard by using NYCCoin to build web3 apps, mint NFTs, or otherwise improve the city's digital infrastructure.
New York City is arguably the cultural, financial, and media capital of the world. Where New York City goes, the world follows.
Over the past decade, New York City has emerged as a leading tech hub, and the city has done an incredible job at cementing itself as an innovation center. The city boasts both a brilliant workforce and the ability to attract talent from every corner of the world. This diverse labor pool, coupled with an abundance of venture capital for builders, provide a foundation for NYC’s future success.
As a testament to New York City’s growing appeal as a burgeoning tech center, Amazon recently announced an office hub with 25,000 employees in the Long Island City neighborhood of Queens. Google and Apple are similarly following suit, and have both announced major operations in New York City. And while these developments are encouraging, it’s important that the technologies that take up an increasingly significant portion of people’s lives remain in the hands of the people. That’s why NYCCoin is designed to enable more active forms of participation for a broader range of city residents and community members.
CityCoins is designed to leverage New York City’s energy, creativity, and entrepreneurial zeal for the city’s benefit. It will be exciting to see what New York City does with NYCCoin.
New York City has not partnered with CityCoins. CityCoins like NYCCoin are grassroots initiatives.
100% of the STX that miners forward in order to compete in the earning of NYCCoin will go directly to the wallet reserved for the city.
The NYCCoin 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. 100% of the STX forwarded by miners makes its way into the city treasury.
Anyone can mine NYCCoin, program NYCCoin via smart contracts, and even earn BTC from the protocol as it gets more usage.
NYCCoin is a new way for developers to create applications and experiment with innovative use cases. Developers can create apps that use NYCCoin 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.
NYCCoin mining begins on November 10th.
Miners can compete to mine NYCCoin 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.
We recommend reading CityCoins mining registration and activation documentation to understand how mining works, and know what you need to do to prepare for mining activation.