14.5 C
New York
Friday, September 24, 2021

Buy now

Miami to experiment with sidechain DeFi on Bitcoin

Key facts:
  • A City of Miami commission has accepted a contribution of about $ 4 million.

  • The contribution is made to form the MiamiCoin treasury in the city of Miami.

Miami Mayor Francis Suárez, along with a commission from the city of Miami, voted in favor of receiving a contribution of about $ 4.3 million from the CityCoins project. The amount was collected thanks to the creation of MiamiCoin (MIA), a token that runs inside Stacks, a Bitcoin side chain. This was developed and released independently of the Miami city government.

The agreement was published on the CityCoins portal on September 13. There it becomes official that the Miami city commission “has voted to claim their contributions from the MiamiCoin protocol.” The resources will be used in different projects to “benefit the city”, including the program to mitigate the effects of climate change and the “cryptographic education and incentives for technology entrepreneurs” plan.

Now that the city has officially adopted MiamiCoin as a tool for the city, Miami has been heralded as the next major epicenter for technology and innovation. The city has further established itself as a leader in the public sector by accepting your contributions to the MiamiCoin protocol, demonstrating how municipal governments can adopt and take advantage of new technologies to benefit their constituents.

CityCoins Community.

From now on, the city of Miami will be able to manage the MIA treasury, offering incentives to its citizens who own or mine MIA. According to the MiamiCoin document on the CityCoins website, MIA mining will contribute 30% of the total mined to MIA’s treasury and the remaining (70%) in direct benefits to the miners.

MIA is a token launched last August and developed within the Stacks network, a Bitcoin side chain in which the execution of smart contracts and the creation of decentralized platforms is possible. Mining in Stacks, and in this case in MIA, generates benefits both in STX, the network’s own cryptocurrency, and in BTC.

Along with Miami, CityCoins hopes to launch a cryptocurrency for the city of San Francisco.
Source: CityCoins.

According to the announcement, MiamiCoin will serve as an expansion tool, as it does not only offer adoption benefits, but will allow the city to develop decentralized platforms that run directly on top of Stacks.

A cryptocurrency for Miami not developed by Miami

CityCoins is a project that aims to bring cryptocurrencies to different cities in the United States, starting in this case with Miami.

The process begins with a demand by citizens to want a cryptocurrency for their city, through an open choice. Once it is launched, a vote is opened in which citizens and government authorities can vote to adopt and claim the contributions and administration of the created currency.

In the case of Miami, the commission in charge agreed to sign the agreement with CityCoins for the adoption of MIA. Mayor Francis Suárez gave his approval to the proposal, this taking into account that previously, as reported by CriptoNoticias, he has established a position in favor of Bitcoin.

Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: [email protected] Phone: +1 513-209-1700

Related Articles


Please enter your comment!
Please enter your name here

Stay Connected


Latest Articles