MiamiCoin?

The great city of Miami launched its own digital token which is called "MiamiCoin". In February of this year, Miami Mayor Francis Suarez announced that he planned to make Miami the Bitcoin capital. Making this possible would mean paying taxes with cryptocurrencies, or in case of being a worker for the state receiving part of the salary in these currencies. Thus, according to the mayor, it will help the city to build its "technological ecosystem".

City representatives from around the world came to Miami to explore ways to adopt blockchain technology and cryptocurrencies at the Bitcoin 2021 conference, an event estimated to be attended by more than 50,000 people. There Suarez announced the creation and pursuit of an agreement to adopt a proprietary currency for Miami, called MiamiCoin. Apparently, its development is already underway and it is expected to have its own wallet to make transactions. It seems then that the mayor's plans to make it an important point for the crypto world have a future, so it is expected, fairly close.

The coin has been developed through the CityCoins project, an initiative that has been running since approximately February of this year a new way for the city to raise funds and that allows users to mine coins for their preferred city, The idea is quite simple: contribute cryptocurrencies to a city's wallet, which would use this as a kind of charitable donation in order to be able to generate through CityCoins two types of cryptocurrencies, bitcoin and "Stacks" tokens (STX) for miners and thus also at the same time, divert funds to treasuries reserved for specific cities.  The process is based on the Stacks protocol, which is an open source network that works alongside the Stacks blockchain.

Patrick Stanley, organizer of this project, has tweeted some news about the CityCoins, of which MiamiCoin would be the first example created. In addition to some tweets from the sponsors of this project and a statement from Mayor Francis Suarez about what would be a great benefit for the city through the innovation of its economy creating a wave of technology that will encourage people to move to Miami and be part of this technological ecosystem making Miami the Bitcoin capital of the world.

But... What are CityCoins?

The previously mentioned project, CityCoins offers citizens a way to support their city and grow their crypto treasury while obtaining Bitcoin (BTC) and Stacks (STX) for themselves. Each city, in this case will have its own coin, starting with Miami and its token titled with the same name, MiamiCoin. At launch, the CityCoins will generate a profit STX and BTC. However, over time they will become progressively more useful as cities progressively adopt them.

Applications using tokens are expected to be created for rewards, local benefits, access control (to both digital and physical spaces), trading, lending, smart contract execution and more.

Each city shall have its own special wallet. The city wallets may be used for any purpose the city deems appropriate, but their uses must be guarded by the respective mayor of each city. The money donated to the city could be used for the creation of new public spaces, infrastructure improvements, organization of events in the city, among others.

Stanley, the organizer of these projects, commented that if enough people start mining or accumulating CityCoins, incentivized both by love for their city and the tokenization of the system, to fund city civic initiatives and so cities could pay off their debts or eliminate taxes.

The MiamiCoin ($MIA) token will be available to open for digital mining on August 3, it is the first CityCoin to be traded. In short, 30 percent of the yield is collected in a reserved Miami wallet, while the remaining 70 percent goes to the miner.

So "Miami, which has now become? in the bitcoin capital of the world, and we are focusing on differentiating our economy by creating the new wave of technology products that will encourage people to move to Miami and be part of our technology ecosystem in addition to being able to generate millions of dollars as stated by Mayor Francis Suarez so many more people will want to join the technology wave because of the popularity that will generate the same in addition to providing this greater knowledge about cryptocurrencies both people who have had learning about them and people who do not know or do not have much knowledge about the subject. We are getting closer and closer to an environment in which cryptocurrencies can make a progressive change in our world, it is a benefit for us to have a payment method used worldwide without the need of exchange houses, simply wherever you go and with just a click on your cell phone you can make a payment easily and quickly.