NYCCoin will be launched on November 11, and the community-led proposal has been endorsed by the elected Mayor of New York City, Eric Adams.
The cryptocurrency focused on New York was launched by CityCoins, which is the same company that provides MiamiCoin. The project uses the Stacks protocol built on the Bitcoin blockchain to enable smart contracts and issue its coins.
CityCoins stated on Twitter on November 9th that it will activate NYCCoin mining this week after Adams statement On November 4th, he wanted to own a “CityCoin in New York City”, just like the situation in Miami.
Adams followed suit earlier today and released “We are pleased to welcome you to the global home of Web3! We rely on technology and innovation to help drive our city forward.”
We are happy to welcome you to the global home of Web3! We rely on technology and innovation to help push our cities forward. https://t.co/SY9pv1Ebct
— Eric Adams (@ericadamsfornyc) November 8, 2021
Adams was elected Mayor of New York City on November 2 and will take office in early 2022.The 61-year-old Democrat is a strong cryptocurrency supporter and vowed to take his first Three salaries in Bitcoin (BTC) and Promote encryption education Teach in a local school.
“We must open up our schools to teach technology and teach this new way of thinking,” Adams said in CNN’s State of the Union address on November 7.
In Miami, the city’s commissioners voted to accept funds generated by Miami Coins, but CityCoins pointed out that despite Adams’ approval on social media, it has not formally cooperated with the New York government.
“CityCoin like NYCCoin is a grassroots initiative. As the community develops around CityCoins, they can encourage their mayors to claim the reserved city treasury wallets and start using their funds,” the website reads.
If New York City agrees to cooperate with CityCoins, it will be able to use a custodial reserve wallet that holds 30% of all NYCCoin mining rewards. These funds can be used to support any initiative that New York City deems appropriate. Francis Suarez, Mayor of Miami already statement Funds from the token will be used for crypto education, funding impoverished communities, and programs to mitigate climate change risks.
NYCCoin users can mine tokens by forwarding Stacks (STX) tokens to smart contracts on Stacks and receive new CityCoin tokens, of which 70% of the mining rewards will be allocated to lock and “stack” or mortgage them Of CityCoin users.