New York City, the most populous city in the United States, is getting a digital token of its own. The city is set to get its digital token, NYCCoin, with support from incoming mayor Eric Adams, who plans to turn New York into the next big cryptocurrency hub. This came hand-in-hand with Adams’ interest to make cryptocurrency part of curriculum in schools, as per an interview of him with CNN. Earlier, after winning the mayor’s chair in a landslide victory, Adams had tweeted that he would take his first three paychecks in Bitcoin, — the largest cryptocurrency in the world currently.
Adams’ decision to take payments via Bitcoin is indeed unique and this has fuelled the launch of NYC’s own digital token. Here are some facts about NYCCoin:
1) NYCCoins is being launched by CityCoins, which is a civic-minded community and open-source protocol. This gives investors a chance to support their cities by expanding their crypto treasury. This can be done while earning for themselves as well. According to CityCoin’s website, it has three main functions: 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) In an announcement, the company said that NYCCoins mining would begin “once 20 independent wallets signal activation following contract deployment.” The company also stated that NYCCoin would only be activated through mining. It will not have any ICO, pre-sale, or pre-mine. It further said that Adams’ comments made them choose New York City as heir next destination to mine coins. “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) According to CoinmarketCap data, NYCCoin on Wednesday was trading at $0.0001152 at the time of writing this article. The market capitalisation of the digital token was $17,006,086 on its opening day, while the volume of traded coins stood at $222,9671,912.62 per cent over the course of the day. However, CoinMarketCap issued a disclaimer regarding 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) CityCoins, specifically NYCCoins, can be mined by anyone. This can be done by forwarding STX into a CityCoins smart contract on the Stacks blockchain. The CityCoins website said that 30 per cent of the STX that miners forward will be sent directly to the reserved wallet for the city, in this case, New York. “NYCCoin is also programmable, enabling builders to improve the city from their keyboard by using NYCCoin to build web3 apps, mint NFTs, or otherwise improve the city’s digital infrastructure,” CityCoins said in a statement.
5) New York City is not the first one in the US to achieve this feat. The move comes close in heels with that of MiamiCoin, launched for the city of Miami. This digital token has earned more than $21 million for the city since it was launched in August last year. Mayor Francis Suarez, who launched MiamiCoin, had earlier told The Washington Post that it is likely that citizens of Miami would not have to pay taxes in the future because MiamiCoin will generate enough output to support the city’s operations.