New York City Coin - The Future of Crypto is here

New York is a city of dreams, a city of infinite opportunities and infinite entertainment. So what, if you could combine all 3?

Well, that's where the concept of a City Coin kicks in. Imagine a world, where you don't have to pay taxes for the upkeep of the city and the infrastructure development. Imagine a world where you get paid by your city for being a good noble citizen. Imagine a world where your city expenses are subsidized just because you hold a City Coin.

The possibilities are just endless. And New York City has begun its journey.

New York City has got its own digital token in line with the incoming mayor's vision of transforming the Big Apple into a Cryptocurrency Hub, and making it a crypto-friendly city.

The coin is called NYCCoin and has been launched by CityCoins, a civic-minded community and open-source protocol that gives investors an avenue to support their cities by expanding their crypto treasury while earning for themselves. When bought or mined, it allocates 30% of its reward to the city.

NYCCoin's launch follows close behind MiamiCoin, which to date has earned more than $21.3 million for the city of Miami since its August 2021 launch.

While Austin, Texas was a close contender, the community eventually chose New York, propelled by the incoming mayor's pro-crypto stance,

The Mayor announced he will take his first three paychecks in Bitcoin, days after Miami Mayor Francis Suarez said he will take his next one in the same asset.

Maimi’s Mayor has said that he hopes MiamiCoin will support his city enough that his residents would not have to pay taxes.

It's important to note that there is no formal partnership between the cities and the CityCoins. The selected city, however, does have to accept the project and the designated wallet that is custodied for them. They can choose to convert these assets into US dollars.

CityCoins is powered by the Stacks protocol, an open-source network that allows developers to easily build decentralized applications and smart contracts on top of the bitcoin blockchain. The native token of the Stacks Protocol is STX.

‍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. Whenever STX is forwarded by miners, 30% makes its way into the city treasury.

Whenever the city wishes, they may access their reserved STX inside the wallet. At that point, New York City may use its treasury for whatever it likes, and can stack those STX to earn BTC.

Tokenomics of STX

STX has been trading at around $2.34 and has a market valuation of $3 billion, according to CoinMarketCap. It is ranked 54th overall.

It has a Max Supply of 1.81 Billion coins, with almost 1.29 Billion in Circulating Supply.

Tokenomics of the NYC (New York Coin)

The New York Coin has a total supply of a little over 143 Billion tokens, i.e., 143,761,098,438 NYC coins with a current Marketcap of $4 M. The market cap may look relatively small right now, but its key to note that the concept of a city coin is relatively new and it will take quite some time for people to understand this concept and start using it.

Since the city gets 30%, the remaining 70% can be stacked or temporarily locked by coin holders who earn STX, the crypto of the stacks protocol, and bitcoin. The city coins in general are also not issued or distributed before the start of mining.

What can NYCCoin holders do with their coins?

Anyone can mine NYCCoin, program NYCCoin via smart contracts, and even earn BTC from the protocol as it gets more usage.  

NYCCoin is also 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.

Final Thoughts

CityCoins chooses the cities based on their own assessment. Their goal is to set up coins in 200 "startup cities" all over the world in the next two years.

With its significant increase in the coin market, the New York Coin has drawn most investors’ attention, and interested investors need to understand the tokenomics of the New York Coin before investing their funds into this crypto token.

With a recent high increase in its percentage in the coin market, the New York City coin has seen significant growth in its price and number of holders. As of the time of writing this article, the New York City coin price is $0.00003176.

It's only a matter of time, give it a few years and you will see these models turn into realities, where every large city will launch its own Coin.

Citizens who hold or mine these coins will get special privileges to use the services of the city. You could get faster access at Airport check-in counters, or a special shorter queue to board the flight, or even get a priority reservation for a dinner table at your favorite upscale restaurant. A tourist to the city could get special rides across the city, or get reservations at the best hotel rooms the city has to offer

I imagine a day when citizens don't have to pay taxes to the city, instead, the city pays the citizens for being part of the city and contributing to its overall development.

The possibilities are endless. It's New York City afterall.