MiamiCoin mining is ready to be activated!
Say hello to CityCoins. As of a few moments ago, MiamiCoin mining is officially ready to be activated!
Now that the contract for MiamiCoin has been deployed to the Stacks mainnet, miners may activate the mining process. Once activated, all additional miners will be able to mine $MIA after a 150 block (~24 hour) countdown period.
If you want to participate in $MIA mining and Stacking, you can download the Stacks web wallet and get Stacks (STX) from an exchange like Okcoin or Binance. There are no hardware requirements for mining MiamiCoins, and in order to compete to mint new $MIA tokens, all you need to do is transfer STX tokens to MiamiCoin’s smart contract for a given block.
You can check out the CityCoins documentation for more information about how to set up your operations, or view the demo video below for a visual guide for how to mine CityCoins like $MIA.
CityCoins Mining Demo
Subsequently, $MIA can also be “Stacked” on the Stacks protocol. Learn more about Stacking here.
If you are not a miner, what does this mean for you? It means CityCoins is finally here! No $MIA will be distributed prior to mining, and since this is an open source project, exchanges are free to list MiamiCoin whenever they want.
What can you do with a CityCoin, including MiamiCoin? The opportunities are endless: communities, organizations, governments, and businesses can leverage CityCoins to incentivize behavior, grow collaboration, and initiate new projects.
- Incentives: Local organizations can provide benefits, services, and discounts to CityCoins holders as part of their efforts to attract and retain new talent and capital. This could include discounts to events, rewards for helpful citizens, grants, community-run public services and improvements, and more.
- Community Governance: CityCoins can be used as capital voting, enabling holders to vote on proposals, delegate tokens/votes to others, and vote on regional initiatives.
- Access Control: Access control to certain digital and/or physical spaces could enabled by proof of hodl. Imagine a coworking space / accelerator for MiamiCoin hack on new apps that use $MIA.
- Programmability: Because MiamiCoin is built on STX which is powered by Bitcoin, you can swap from $BTC into $MIA with no trusted third parties. Also you can use apps that specify $MIA as fuel for smart contracts.
Since 30% of each miner’s STX bid is directed to a custodied wallet for the City of Miami, everyone has a reason to support this project’s success. That being said, this is only the beginning when it comes to MiamiCoin. Eventually, applications and utility may be built on top of MiamiCoin’s core infrastructure.
Ultimately, the goal behind CityCoins is nothing short of revolutionizing the possibilities for civic engagement. The CityCoins community is excited to hit this major milestone and looks forward to seeing what our community accomplishes next!
Sign up to our email list on our site to stay up to date!