New York City, the United States’ most populated city, is getting its own digital token. With the support of incoming mayor Eric Adams, who wants to make New York the next great cryptocurrency centre, the city is set to obtain its own digital coin, NYCCoin. According to a CNN interview with Adams, this coincided with his desire to make Bitcoin part of the educational curriculum. Adams had previously stated that he would collect his first three paychecks in Bitcoin, the world’s largest cryptocurrency at the time, after winning the mayorship in a landslide victory.
Adams’ choice to accept Bitcoin payments is truly unique, and it has fueled the establishment of New York City’s own digital token. Here are a few interesting facts regarding NYCCoin:
1) CityCoins is a civic-minded group and open-source protocol that is launching NYCCoins. This allows investors to help their towns by increasing their crypto treasury. This can be done while also earning money for themselves. It has three basic functions, according to CityCoin’s website: activation, mining, and stacking.
“NewYorkCityCoin (NYCCoin) provides new ways for people to support New York City and grow its crypto treasury while earning Stacks (STX) and Bitcoin (BTC),” the website further mentions.
2)NYCCoins mining will commence “after 20 separate wallets signal activation following contract deployment,” according to the company’s release. NYCCoin will only be activated through mining, according to the business. It will not have an initial coin offering (ICO), a pre-sale, or a pre-mine. It went on to say that Adams’ comments influenced them to chose New York City as their next mining target. “We voted on what city should be next,” Patrick Stanley, a CityCoins community lead was quoted as saying. “We’re glad to welcome you to the global home of Web3,” Adams had tweeted in response to the comment.
3) NYCCoin was trading at $0.0001152 at the time of writing this article, according to CoinmarketCap data. On its first day, the digital token’s market capitalization was $17,006,086 and the volume of traded coins was $222,9671,912.62 percent. CoinMarketCap, on the other hand, published a disclaimer on NYCCoins.
“We have received reports that Yobit has disabled NYC withdrawals,” it read on the website. “The current CoinMarketCap ranking is #3943, with a live market cap of not available. The circulating supply is not available and the max. supply is not available,” the website said further on details about the token.
4) Anyone can mine CityCoins, specifically NYCCoins. By sending STX to a CityCoins smart contract on the Stacks blockchain, this can be accomplished. According to the CityCoins website, 30% of the STX mined will be delivered directly to the city’s reserved wallet, which in this case is New York. “New YorkCoin is also programmable,” CityCoins stated in a statement, “allowing builders to enhance the city from their keyboard by using NYCCoin to construct web3 apps, mint NFTs, or otherwise upgrade the city’s digital infrastructure.”5) New York City is not the first city in the United States to accomplish this. The move coincides with the launch of MiamiCoin, a cryptocurrency dedicated to the city of Miami. Since its inception in August of last year, this digital currency has raised more than $21 million for the city. Mayor Francis Suarez, who established MiamiCoin, previously told The Washington Post that inhabitants of Miami will likely never have to pay taxes since MiamiCoin will generate enough production to maintain the city’s operations.