Sep 23, 2021
Mayor Francis Suarez dubbed Miami the “crypto capital of the
world” and launched the first CityCoins project, MiamiCoin, on June
8th. CityCoins allow people to mine municipal coins, yield “stacks”
for a city’s crypto treasury, earn Bitcoin, and support cities
along the way. Join Alex and Jacki as they break down this new form
of civic engagement and what it means in terms of market
participation and governance for residential token holders.
0:45 - Commissioners of Miami approved to accept ~$5 million USD
of MiamiCoin cryptocurrency funds to use for community programs
1:15 - CityCoins allow users to mine coins, yield Bitcoin (Stacks), and support your favorite cities along the way.
1:30 - Cryptocurrency is a unique opportunity to learn financial systems
1:42 - Miners participate in the system by mining coins, 30% directly goes to the municipal city wallet, 70% goes back to the mining community
2:23 - Stacks is a layer-1 blockchain using “Proof-of-Transfer” protocol to bring smart contract functionality to the Bitcoin blockchain.
3:21 - Block Stacks allow for the “Bitcoin Naming Service” where you can buy domain names on the Bitcoin blockchain
3:43 - The Bitcoin Naming Service allows wallet addresses to be “named,” so instead of a long alphanumeric series, a wallet could be name Userswallet.BTC for example
4:14 - MiamiCoin is the first CityCoins project, but they are looking to expand, San Fran is a likely runner up.
4:30 - CityCoins are helping the market develop a relationship with the city that can inform the job that the city is doing. If you like how the city is running, keep stacking — if you don’t, stack your coins in another city you think is doing a better job
5:00 - How will this play out when municipalities can see their local markets are investing in other cities?
5:48 - Citizens can now vote with the coins. That’s what governance tokens are all about, voting rights on applications or platforms and how they are run.
6:20 - Miami Herald reported these CityCoins will interact with Decentralized Apps.
6:35 - Transparent block explorers will allow residents to log on an app and see what the city officials are doing with the crypto funds
8:30 - Anyone in the US that wished to speculate on the STX token can use the OKCoin exchange.
8:58 - CityCoins explain they are shifting from “municipal debt” to “municipal equity”
10:27 - Moving from centralized to decentralized network models will change society throughout development
11:25 - The other end of decentralization is that we are still collecting data and ever-organizing it for community and collective decisions
11:57 - Blockchain empowers people with access to transparent data, third parties don’t have to tell us the story of the data, we can see it for ourselves.
12:34 - The reward schedule for CityCoins is based on Bitcoin, every 10 minutes.
12:47 - For anyone speculating on the STX token, download the STX wallet (a web browser extension) where you can “stack” your tokens & Bitcoin as a reward.
13:19 - Bitcoin (BTC) can of course be exchanged for other cryptos or currencies, which is a nice perk over other native token rewards.
https://www.hiro.so/wallet/install-web (Stacks Wallet extension)
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