In a move that opens new areas of constructive communication between the city and its residents, It achieves unprecedented economic differentiation by creating a new package of technological products that will motivate people to move to the city or participate in its state-of-the-art economy. The American city of Miami has launched its first cryptocurrency under the name “MiamiCoin”.
In light of the wide spread that the world has witnessed after the development of cryptocurrencies and blockchain technologies over the past years, In the midst of recent events in the global economy, especially with the outbreak of the COVID-19 pandemic, It has become clear to government agencies and private companies that the virtual asset market may one day become insufficient to secure a thriving and sustainable economy. While the value of cryptocurrencies is steadily increasing, Where many areas were opened for it that were not previously foreseen.
The most important examples include: The launch of city cryptocurrencies or “City Coins”, which are programmed tokens or tokens for cities The goal of trading these cryptocurrencies is to open up areas to generate additional income for local governments while at the same time engaging and motivating people by leveraging them to bring about positive change in the city. In other words, cryptocurrencies can be a new mechanism that reflects the community’s sense of local policies in place in the city and the pressure to change them. It enables communities to improve cities, At the same time, crypto rewards are offered to individual shareholders as well as to local governments.
Miami was one of the first cities to welcome CityCoins, recently launching its first cryptocurrency. The city announced the start of the process of “mining” the digital currency, That is, putting cryptocurrency into circulation at a slow and controlled rate, She confirmed that her new cryptocurrency will soon be made available for sale, purchase or exchange via the cryptocurrency exchange platform “Okcoin”, It is one of the fastest growing platforms in this field globally. The city administration is also working on tools that help everyone invest in cryptocurrencies easily, allowing anyone who wants to participate to make financial gains. The currency will also be available to residents outside the UK, EU, Singapore and Brunei. Cities that accept City Coins will have their own wallet and be convertible into US dollars. As the City Coins system grows, New applications will be devised to stimulate local participation.
The City Coins initiative, one of Miami’s local government partners in this field, explained that the Miami cryptocurrency was launched through a system of smart contracts on the Bitcoin network. Mining can now activate the process of mining Miami through this system, allowing them to obtain it.
But how does the city of Miami benefit from the currency mining process? Initially, Users download a cryptocurrency e-wallet, Cryptocurrencies are obtained from the Oki Coin platform without any need for additional equipment. Users then convert those coins into the Miami Cryptocurrency smart contract by following the protocols for the process. Through conversion, Users who mine the currency succeed in converting cryptocurrencies from the platform to the Miami Coin smart contract, 30% of their remittances go to a private wallet that the City of Miami uses to fund any projects it desires, including helping the homeless or funding police initiatives. The remaining 70% is due to miners in the form of Miami Coin coins they own. They accumulate it and make a profit through it. The “stacking” process means that the user does not trade the currency, but only freezes it within a specific wallet to be entitled to process it and make profits from it.
The Miami Coin is specifically designed to help the City of Miami catalyze funding to invest in upgrading roads or building new roads and parks. That is, investing in the future of the city as a whole. The project expects the city to generate millions of dollars as a result of the popularity of the new currency. The city has always been a center of culture and innovation in the United States. As for the expansion of the US Cities Cryptocurrency Initiative, Miami’s pioneering experience will be a field of experimentation and expertise for other cities to study the adoption of modern technologies and their ability to drive local initiatives and improve their infrastructure. Indeed, If Miami was the first city to launch its cryptocurrency, But San Francisco will be the next after it also signed a deal with Citycoins to launch its own cryptocurrency as well.
According to the views of those concerned, Facilitating the adoption of cryptocurrencies can bring a real impact on the daily lives of traders. And this is exactly what the Cryptocurrency Initiative has achieved, It created an ecosystem in which everyone could participate and provided financial assets that spurred civic engagement in cities that matter to users.
References:
https://www.entrepreneur.com/article/379387
https://www.smartcitiesworld.net/news/miami-becomes-first-city-to-launch-citycoin-6698
