Miami Officially Votes to Accept $4.3M in MiamiCoin Protocol Contributions
The City of Miami Commission has voted to claim their MiamiCoin protocol contributions and will use these funds for a number of projects to benefit the city. These funds were generated by the launch of MiamiCoin, MIA, in August 2021.
The protocol’s contributions grew to $4.3 million in just 40 days. Mayor Suarez and the City of Miami Commission have already proposed several uses for the funds, including (but not limited to):
- Programs to mitigate the potential risks of climate change for Miami citizens
- Funding new initiatives for under-privileged communities
- Crypto education and incentives for tech entrepreneurs
Now that the city has officially embraced MiamiCoin as a tool for the city, Miami has been heralded as the next major epicenter for tech and innovation. The city has further established itself as a leader in the public sector by accepting their MiamiCoin protocol contributions, demonstrating how municipal governments can adopt and take advantage of new technologies to benefit their constituents.
The $4.3 million claimed by Miami today only represents the initial rewards generated for the city by MiamiCoin since its launch in early August. Protocol contributions will continue to replenish and grow as the MiamiCoin protocol gets more usage. Contributions are initially denominated in STX tokens, but will be auto-converted to USD when the city accesses its wallet—ensuring funds are legally compliant and available for immediate, real-world deployment.
Additional civic funding is just one benefit of adopting a CityCoin. One of the main benefits of MiamiCoin are the decentralized applications that can be built on top of this programmable token, by and for the community. There are currently over a hundred developers already building applications using MiamiCoin’s open-source protocol for the ongoing MiamiCoin Makers Month hackathon.
With Miami poised to take full advantage of their protocol contributions, city officials across the globe have on opportunity to activate their own CityCoins and unlock new resources to benefit their city.