Cointelegraph recently met with Miami Mayor Francis Suarez following the statement that Miami citizens with a digital wallet can receive a Bitcoin dividend.
The firm that will create the infrastructure for residents to receive Bitcoin dividends is CityCoins. It is programmable and an open-source platform. CityCoins are fungible tokens developed on the Stacks blockchain, and smart contracts can be built around them. The Stacks blockchain aims to make Bitcoin (BTC) programmable.
Miami and New York City are the first two cities to start fundraising using MiamiCoin and NYCCoin, respectively. However, neither Miami nor New York City possess MiamiCoin or NYCCoin rather they are loaded with stacks (STX).
According to a presentation delivered by CityCoins Community lead Andre Serrano at the North American Bitcoin Conference 2022 in Miami, MiamiCoin has raised USD 24.7 million in STX, while NYCCoin has raised USD 30.8 million.
“CityCoins have the potential to balance incentives between local administrations and residents. It also provides a business model to generate passive income. 30 percent of mining earnings are given to the city’s judicial reserve wallet, and 70 percent are allocated to anyone who wishes to stake their CityCoins,” Serrano said.
Mining CityCoins is accomplished by transferring STX tokens to the smart contract in a certain Stacks block. After that, miners are paid with fresh CityCoins tokens.
According to Serrano, it provides discounts on public transport, shopping and options for NFT payment.
Funds allocation in Miami is yet to be finalized.
