NYCCoin launches Thursday, with a community-led proposal endorsed by New York Mayor-elect Eric Adams.
The cryptocurrency targeting New York is being launched by CityCoins, the same company that provides the MiamiCoin. The project uses the Stacks protocol built on top of the Bitcoin blockchain to enable smart contracts and issue its coins.
CityCoins tweeted Tuesday that it would be activating NYCCoin mining this week after Adams declared Thursday that he wanted to have a “CityCoin for NYC” as in the case of Miami.
Adams posted on Monday: “we are delighted to welcome you to the global home of Web3! We have the technology and innovation to boost our city“.
We’re glad to welcome you to the global home of Web3! We’re counting on tech and innovation to help drive our city forward. https://t.co/SY9pv1Ebct
— Eric Adams (@ericadamsfornyc) November 8, 2021
Adams was elected mayor of New York on November 2 and will take the reins in early 2022. The 61-year-old is a strong proponent of cryptocurrencies and has committed to taking its first three paychecks in Bitcoin (BTC) and has promoted crypto education to be taught in local schools.
“We must open our schools to teach technology, to teach this new way of thinking“Adams said on CNN’s State of the Union show on Sunday.
In Miami, city commissioners voted to accept the funds generated by Miami Coin. Nevertheless, CityCoins notes that it has yet to officially partner with the New York government despite Adams’ endorsement on social media..
“CityCoins like NYCCoin are grassroots initiatives. As communities grow around CityCoins, they can encourage their mayor to claim the reserved wallet of city treasury funds and start using them. “, it reads on the website.
If New York City agrees to partner with CityCoins, you will have access to a guarded reserve wallet containing 30% of all NYCCoin mining rewards. The funds may be used to support the initiatives that the city deems appropriate.. Miami Mayor Francis Suárez has stated that the currency’s funds will go towards crypto education, financing disadvantaged communities and programs to mitigate the risks of climate change.
NYCCoin users can mine the coin by sending Stacks (STX) tokens to the Stacks smart contract and receive new CityCoin tokens, and 70% of the rewards from mining go to users who block and “stack” or put their CityCoins in staking.
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