Minha Conta Those that sell it pay a small commission that gets split between users while the rest gets added to the liquidity pool. That being said, don’t set your heart on buying this new crypto just yet. According to MiamiCoin’s website, the cryptocurrency will be powered by “Stacks,” a protocol that enables smart contracts on the Bitcoin network. Socially engaging, CityCoins is calling on all mayors to #pickupthebag for their respective cities. CityCoins enables holders to mine and stack their coins while supporting their city.
Mayor Francis Suarez said it could earn millions for the city.
The more MIA is mined, the more goes to the city’s wallet. Any city with a coin can use its treasury at its discretion and is not bound in any legal way to commit the CityCoin rewards to what stackers deem the most relevant way of spending it. Put differently, there is no way stackers can sue the City of Miami if it decides to spend the money irresponsibly — MiamiCoin does not make the city a DAO. However, MiamiCoin could become a key tool for attracting donations to the city and, as such, fiscally responsible spending is socially incentivized. If you’d prefer to buy Miami coin, you’ll have to wait; City Coin is kicking off Miami Coin by allowing users to “mine” them, first. “We will update the community when $MIA becomes available on certain trusted exchanges,” CityCoin said.
MiamiCoin is the first CityCoin to market
Built on open-source software, CityCoins are a new way for developers to create applications and experiment with innovative use cases. Each respective city has a special wallet that’s saved for them and can be claimed at any time. It’s funded by the CityCoins protocol, which automatically forwards 30 percent of the STX transferred by miners directly to it.
How Miami Coin works and why people should keep an eye on it
This kickstarts a 24-hour countdown, after which MiamiCoin can be mined following a straightforward three-step process. The price of each CityCoin serves as a feedback function to signal which cities are doing it right. With the launch just days away, we’ll see how Miami responds. Anyone can mine MiamiCoin, program MiamiCoin via smart contracts, and even earn BTC from the protocol as it gets more usage. MiamiCoin is a new way for developers to create applications and experiment with innovative use cases.
- The winner of each block reward is selected randomly, weighted by the total STX spent.
- There has been a lot of interest over the last two months in Miami Coin.
- As mentioned, you’ll need to send your STX tokens to Miami Coin’s smart contract.
- However, Miami Coin is different from Dogecoin mining, which is biased toward owners with top-of-the-line hardware.
What is the MiamiCoin treasury?
100% of the STX forwarded by miners makes its way into the city treasury. MiamiCoin provides an ongoing crypto revenue stream for the city, while also earning STX for MIA holders. MiamiCoin can be mined or bought by individuals who want to support the Magic City and earn crypto from the Stacks protocol. MiamiCoin additionally benefits holders by allowing them to Stack and earn BTC through the Stacks protocol.
“And then when we were running out of time, he showed us the coin’s branding and color palette.” Adams tweeted enthusiastically about NYCCoin a few days later. The office of Mayor Adams did not reply to multiple requests for comment. For example, Miami’s citizens and businesses may invest in MIA and hold to incentivize the city to also hold and drive up its price.
As the first CityCoin, MIA will be used through the Stacks protocol. Miami’s mayor, Francis Suarez, is a vocal supporter of Bitcoin and digital assets. Miami Mayor Francis Suarez says the city partnered with CityCoin, a cryptocurrency team that facilitates the launch of digital assets that support municipalities. Miami city officials are crossing their fingers that Miami Coin will help generate millions of dollars in revenue to fund local projects.
This is a demonstration of how to buy Miami Coin on OKCoin. Luckily, you can research a lot about Miami Coin right here on our site. In short by locking up your Mia coin it provides liquidity to the Coin and in return you’ll earn STX in compensation.
To use the Stacks protocol, however, you’ll need to buy STX. In the same way you need to buy ETH (Ethereum’s native token) to purchase NFTs that run on the Ethereum blockchain, you’ll need to buy STX (Stacks’ native token) to acquire Miami Coin. Congratulations, you are now set to earn a TREMENDOUS return on your investment, with minimal risk as far as exchanges go. We’ve found OKCoin to be an excellent exchange and we have encountered zero issues with them to date. Although this is stated in our blog’s Disclaimer, none of this is to be construed as financial advice.
“That is roughly 1/5 of the entire tax revenue of the City of Miami,” said Suarez, who has previously announced intentions to use the funds for public works or a cryptocurrency dividend. One thing is for sure — Miami Coin is more than an ad for Miami. News of Miami’s first form of cryptocurrency stan weinstein’s secrets for profiting in bull and bear markets comes in the wake of Suarez’s recent push for the form of electronic payment, as well as the NBA’s approval to name Miami Heat’s home building FTX Arena. In short, 30 percent of the yield is collected in a wallet reserved for Miami, while the remaining 70 percent goes to the miner.
After launching Miami Coin, City Coins has created similar cryptocurrencies for the governments of New York City and Austin, Texas. There is a way to reduce this threat though, Subramanian says. The writers of the Miami Coin protocol could place limits on digital wallets. Stanley disaffirm’s these comments, saying that neither he nor his organization have benefitted from these projects. The government of Miami did not reply to a request for comment.
“MiamiCoin is powered by Stacks, a protocol that enables smart contracts on the Bitcoin network. Anyone can compete to mine MiamiCoin by forwarding their STX tokens through the protocol,” CityCoin said. According to CityCoin, all you need to do is transfer Stacks tokens to the Miami Coin smart contract. This makes it a lot easier to mine than say, Bitcoin, which requires some seriously high-end equipment. The only catch is that in order to use the Stacks protocol miners will need to buy Stacks tokens (STX). From there, 30% of miners’ forwarded STX will go to the aforementioned Miami city wallet.
Whether you’re brand new to crypto or are just looking for deeper research it’s an invaluable resource delivered right to your inbox. All you have to do it enter your email address in the box below to get started. The concept behind Miami Coin has continued to gain popularity.
The website states anyone can compete to mine MiamiCoin by forwarding their STX tokens through the protocol. 30% of miners’ forwarded STX will be directed towards a wallet reserved for Miami, and the remaining 70% can be stacked to yield STX and BTC. Miners can compete to mine MiamiCoin by forwarding STX to a Stacks smart contract, at which point the block winner will be chosen at random weighted by the amount of STX forwarded. The MiamiCoin treasury consists of STX, which is sent by miners when they forward the funds to a Stacks smart contract for the right to compete in a mining competition.
However, Miami Coin is no Bitcoin, so it’s important to understand the risks of this city-based digital currency before investing in it. People who hold Miami Coins can also collect rewards in the long term by depositing them into smart contracts. The person familiar with the Miami government says that the city is unlikely to play a major part in giving the token a raison d’être. That is partly down to technicalities, such as the fact that the city cannot hold crypto on its balance sheet. But in general, the person says, the city government sees MiamiCoin as a community-driven project. CityCoins has kept expanding since its splashy Miami debut.
This reward comes from the remaining 70% of forwarded STX tokens generated from Miami Coin miners. Other governments have also started embracing cryptocurrency. In June, El Salvador became the first nation to recognize bitcoin as legal tender and it began offering citizens $30 USD worth of bitcoin to sign up to the government’s new crypto wallet.
In the wake of institutions, investors, and countries engaging with cryptocurrencies, the city of Miami is getting its own token. Built on platforms adjacent to Bitcoin, MiamiCoin (MIA) is being built on CityCoins powered by Stacks—a protocol that enables smart contracts on the Bitcoin network. The coin was developed through CityCoins, a grassroots initiative which allows users to mine coins for their favorite city while also taking a cut of the yield. The premise is that CityCoins can generate two types of cryptocurrency — bitcoin and stacks tokens (STX) — for miners while also diverting funds to treasuries reserved for specific cities. The process relies on the Stacks protocol, which is an open-source network that works alongside the Stacks blockchain. Moreover, holders have an incentive to mine and use MiamiCoin, as they can earn BTC rewards from the protocol with increasing usage.
But what we didn’t see coming was that the city would launch its own cryptocurrency. The goal here is to use the digital currency to help raise money for city initiatives. And in the process, the city hopes to lure in entrepreneurs and generate a new tech boom. “In India, you cannot always depend on state funds for certain projects.
How to buy Miami Coin is question that people are asking on sites like Reddit and across the internet. We’ve written a lot about Miami Coin on this site including how it works and with good reason. It is enriching both investors through stacking and bringing in millions for the City of Miami.
Users contribute crypto to the city’s wallet as a kind of charitable donation. Miami has long been a center of culture and innovation in the States. In the last few years, we have witnessed it take center stage as a technical powerhouse among major US cities, particularly in the realm of crypto and https://forexbitcoin.info/ blockchain technology. Developers and entrepreneurs have moved to the city en masse under the recognition of strong network effects, a supportive government, and a culture defined by constant evolution and disruption. As an experiment, Miami Coin certainly has the attention of the crypto-verse.
We are going to walk everyone who is new to Miami Coin (MIA) through the process of purchasing this hot new crypto on OKCoin in this blog post. But there is a bit of a lottery aspect to this process as well. While anyone can compete to mine Miami Coin, once per block, a winning miner is selected at random. Then after the block matures, the winning miner can claim their Miami Coin.
Stacking requires holders to lock their CityCoins for determined “reward cycles.” Stacking CityCoins yields STX rewards, which can further be stacked on Stacks to yield BTC rewards. Theoretically, there is no end in sight for how much revenue the city’s Miami Coin can bring in. Every time Miami Coin is mined—when someone wins a bid through a software program to bring more Miami Coin into ownership—30 percent of the mined cryptocurrency goes into a city-owned digital wallet. MiamiCoin can be mined or bought by individuals who want to support the Magic City. In many ways, MiamiCoin could present itself as a more transparent way to vote or pay for new public spaces, improve the infrastructure, host city events, and more—similar to paying taxes.
Either send crypto from another wallet or exchange or connect your bank. The only Exchange as of the writing of this (9/24/21) ti purchase Miami Coin on is OkCoin. OkCoin allows you to purchase Miami Coin AND stack it for 430$ APY in 15 day cycles. If Miami Coin congeals as an important revenue for the city, a substantial risk may emerge, Subramanian says.
MiamiCoin is a cryptocurrency powered by the Stacks Protocol, which enables smart contracts on Bitcoin. Stacks is a Bitcoin layer for smart contracts; it enables smart contracts and decentralized applications to use Bitcoin as an asset and settle transactions on the Bitcoin blockchain. Stacks exists to unlock Bitcoin’s full potential as the largest, most valuable, durable, decentralized asset. There are STX or BTC rewards for when people lock up their CityCoins, like MiamiCoin. Taking from the remaining 70/30 split, 70 percent of the STX that miners forward to the Stacks protocol is distributed to holders of CityCoins who choose to stack their tokens.
As mentioned, you’ll need to send your STX tokens to Miami Coin’s smart contract. What happens next is similar to participating in a raffle. After submitting your STX tokens, you’ll be competing with others to mine Miami Coin, which can be can be held to earn either STX or BTC (Bitcoin) rewards. Participants with the most tokens have a better chance of winning. If this is confusing to you, don’t worry; I’ll break it down for you.
Miami Mayor Francis Suarez has long been considering putting some of the city’s treasury reserve into Bitcoin. Now comes the news that the city is launching the Miami Coin crypto ($MIA). It’s hard to imagine a city embracing cryptocurrencies more than Miami is right now.
This is a protocol that enables smart contracts on the Bitcoin network. So you can start putting your hardware to work pretty much immediately. CityCoins are mined by forwarding STX into a CityCoins smart contract on the Stacks protocol. The winner of each block reward is selected randomly, weighted by the total STX spent. CityCoins are claimed by the winning miner and can then be stacked to yield returns in STX and BTC.
“There are no hardware requirements for mining [Miami Coin],” CityCoin said. “All you need to do is transfer Stacks (STX) tokens to [Miami Coin’s] smart contract.” Miami is one of the most cryptocurrency-friendly cities in the US. In fact, the Bitcoin Conference was held in the picturesque Florida city in early June.