‘Picking up the bag’ could change how cities grow while providing an exciting return for embracing crypto.
, a project led by Freehold and various entities and individuals in the Stacks Ecosystem, launches MiamiCoin ($MIA) on June 8th.
The goal is to create a more fruitful relationship between people and the cities they love by leveraging crypto to create a positive-sum relationship.
The key to this relationship and the heart of the project is Stacking
, the unique yield option powered by Proof of Transfer consensus on the Stacks blockchain. Through this yield, holders of $MIA and future CityCoins will effectively be able to create new budget for their city without spending their principal investment–simultaneously earning crypto for themselves.
It’s an exciting dynamic that enables communities to rally behind a hard resource and fuel the activities they want to see without simply spending more or being taxed more. To start, people will be able to mine CityCoins and then ‘Stack’ them to earn STX. 70% of this yield goes directly to these Stackers, the remainder goes to a reserved wallet for the city. The earned STX can be further put to work by holders to earn bitcoin via regular Stacking pools
CityCoins represents a bold vision for a more cooperative, citizen-driven (and owned) society. As the treasury grows, leadership is further incentivized to #pickupthebag
and put the funds to good use. Down the line, CityCoins anticipate cities rolling out additional functionality with their token as a foundation. This might include voting mechanisms, Stacking activated access or memberships, and payment or grant-based programs for rewarding useful work done in the city. To top it off, all transactions are public and available on the blockchain so holders can see how funds are being spent.
MiamiCoin ($MIA) is the first to launch, but the project has plans to bring the concept to more cities this year. Key supporters of CityCoins include Anthony Pompliano (Pomp Investments), Amanda Cassat (prev. Conensys), Ryan Hoover (Product Hunt), and Balaji Srinivasan (a16z, Coinbase).
Celebrate the launch of CityCoins and all things Bitcoin throughout Bitcoin 2021, in, of course, Miami! Freehold is hosting a party
on June 4th and community from far and wide will be in town
If you’re not in Miami, don’t worry, below you will find several opportunities to meet the team behind the project and learn more about MiamiCoin and future CityCoins.