By Shelly Melancon (Switzerland)
When Miami Mayor, Francis Suarez, took to Twitter two months ago to announce that the MiamiCoin would soon be launched (even tagging it the first-ever CityCoin), many people didn’t take him seriously. However, there is increased expectation about the launch of the coin right now.
MiamiCoin Functions Differently From Other Digital Currencies
Anyone would be forgiven to assume that the MiamiCoin would be like other digital assets which you can buy, sell or trade for profit. But, from all indications, the first ‘CityCoin’ would function differently.
Citycoins CEO, Patrick Stanley, reveals that CityCoins-built MiamiCoins can likened to a developer network for cities. Stanley said, “the programmability feature of the MiamiCoin makes it easy for applications to be developed on it.”
The CityCoins project is stacks-built; it is an open-source network of decentralized applications and smart contracts developed around the Bitcoin blockchain. Therefore, MiamiCoin can be considered as a stack-powered decentralized app (Dapp). Hence, it is impossible to buy or pre-mine the MiamiCoin right now.
Stanley further explained, “MiamiCoin would be launched for everyone to have equal rights to mine the MIA. It is similar to the way Satoshi launched Bitcoin.” For the MiamiCoin tokenomics, Stanley explained that stacks’ STX token would be the base currency to mine citycoin in the first fourteen days of mining MIA. It will be deposited in a reserve wallet for Miami city’s use. Fourteen days later, miners will be given 70% of those funds, while 30% will be left in the wallet.
Also read:Okcoin Sees The Future
Stanley also mentioned that MIA holders could switch to BTC to perform BTC transactions since CityCoins are developed on stacks. “several applications can be built on Bitcoin, but it’s still underutilized,” Stanley concluded. Stanley is right because Ethereum powers most of the current Dapps, a sub-niche in the crypto space growing at an alarming rate.
The Miami Herald published an article last month that revealed that the MiamiCoin would be used to develop public infrastructures such as roads and parks. Stanley further remarked that CityCoins are designed explicitly for geographic regions. But anyone can hold the virtual asset for any geographic region. He also opined that it would also be possible to deploy CityCoins in other geographic regions.
Okcoin must have seen the future when it promised to list the MIA on its exchange platform. Okcoin’s chief marketing officer, Haider Rafique, said, “listing MIA on our platform exposes this market to investors who can explore the community after buying these assets. We consider CityCoins as having similar functionalities like stacks expansive list of decentralized finance (DeFi) applications.”
While it is laudable for Miami to launch the first-ever city coin, there are still worries about its adoption and oversight. A co-partner at one of Kelley Kronenberg’s subsidiary offices, Tim shields opined that “most people (including crypto holders and investors) will struggle to understand the technology behind how the MiamiCoin works. Hence, the coin might not be widely adopted as anticipated.” But Shields did admit that the MIA will enhance the city’s expanding tech community.
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