Reports confirm that New York City is ready to launch its crypto coin (NYCCoin) before the end of this week.
The NY-focused crypto coin now set to launch later in the day resembles the popular MiamiCoin. In that case, New York City has also teamed up with CityCoin, the same firm that facilitates MiamiCoin. This project utilizes the Stack Protocol built on the Bitcoin blockchain to enable smart contracts and issue crypto as its tokens.
Eric Adams, the New York Mayor-elect, hinted about the city’s native coin on November 4, insisting that he wanted a CityCoin for NYC similar to Miami City. Earlier this week, CityCoins firm also revealed that it is activating the new NYCCoin mining operations.
In a November 10 post, the incoming city boss confirmed that New York City would launch its native crypto token on November 11.
“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.”
The 61-year-old Democrat was elected as the NYC mayor on November 2. He is now expected to assume office early next year. Adams is a great crypto proponent and has vowed to receive his first three mayoral paychecks in Bitcoin.
In his previous interview with CNN, the incoming city boss strongly advocated for crypto education in local schools, stating:
“We must open our schools to teach the technology, to teach this new way of thinking.”
Unlike in Miami, where the city’s commissioners voted to accept funds made from MiamiCoin, CityCoins notes that it has yet to officially partner with NY government despite the social endorsement from Adams.
“CityCoins like NYCCoin are grassroots initiatives. As communities grow around CityCoins, they can encourage their mayor to claim the reserved city treasury wallet and begin putting its funds to use. “
But, if the two agree, the New York government will have access to a custodied reserve wallet that holds 30% of all NYCCoin mining rewards. Thus, the government can utilize these funds to support any initiative.
In this case, Miami Mayor Francis Suarez recently revealed that he intends to use the MiamiCoin rewards to support crypto education, fund underprivileged communities, and programs that mitigate risk associated with climate change.
NYCCoin users will mine the coin by forwarding Stacks (STX) tokens into the smart contract on Stacks and receiving new CityCoin tokens. While 30% of the mining rewards will go to the reserve wallet, the NYCCoin user who lock up and “stack” or stake their CityCoins will receive the remaining 70% share.