NYCCoin will launch Thursday with a community-led proposal backed by New York City Mayor-elect Eric Adams.
The New York-targeted cryptocurrency is launched by CityCoins, the same company that offers the MiamiCoin. The project uses the Stacks protocol built on the Bitcoin blockchain to enable smart contracts and to issue its coins.
CityCoins tweeted Tuesday that it would be Activation of NYCCoin mining this week after Adams announced on Thursday that he wanted a “CityCoin for NYC” like in the case of Miami.
Adams posted on Monday: “we look forward to welcoming you to the global home of Web3! We have technology and innovation to make our city stronger“.
We look forward to welcoming you to the global home of Web3! We count on technology and innovation to move our city forward. https://t.co/SY9pv1Ebct
to???? Eric Adams (@ericadamsfornyc) November 8, 2021
Adams was elected Mayor of New York on November 2nd and will take the reins in early 2022. The 61-year-old is a strong proponent of cryptocurrencies and has committed to taking his first three paychecks in Bitcoin (BTC) and has promoted crypto education taught in local schools.
“We need to open our schools to teach technology to teach this new way of thinking“That’s what 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 despite Adams’ support on social media, it has not yet officially partnered with the New York government..
“CityCoins like NYCCoin are basic initiatives. As communities grow around CityCoins, they can encourage their mayor to claim and use the city treasury’s reserved wallet.it says on the website.
If New York City agrees to partner with CityCoins, you have Access to a guarded reserve wallet with 30% of all NYCCoin mining rewards. The funds can be used to support initiatives that the city deems appropriate. Miami Mayor Francis Su¡rez has stated that the money from the coin will be used for crypto education, funding disadvantaged communities and programs to mitigate the risks of climate change.
NYCCoin users can mine the coin by sending Stacks (STX) tokens to Stacks’ smart contract and receiving new CityCoin tokens, and 70% of the mining rewards go to users who block and “stack” their CityCoins or poke their CityCoins.