BREAKING: Miami Makes Another Major Step Towards Crypto Adoption
It was announced today that the City of Miami commission has voted to “claim their MiamiCoin protocol contributions and will use these funds for a number of projects to benefit the city”. These funds were generated by the launch of MiamiCoin in August, built on the Stacks (STX) blockchain, which builds dApps and smart contracts on top of Bitcoin and is wholly and natively secured by Bitcoin, more on that here.
The biggest red-pill regarding MiamiCoin is summed up by Pomp below: Bitcoin on City Balance Sheets.
In a nutshell: @minecitycoins affords cities an incredible way to add BTC to their balance sheet by creating their own open-source city protocol.
CityCoins was launched by the community with no pre-mine or ICO, and is a shining example of what’s possible building on Bitcoin.
— Pomp ?? (@APompliano) September 13, 2021
The protocol contributions “grew to $4.3 million in just 40 days”. Mayor Suarez has proposed several uses for the funds, such as:
- Programs to mitigate the potential risks of climate change for Miami citizens
- Funding new initiatives for under-privileged communities
- Crypto education and incentives for tech entrepreneurs
According to the announcement, “contributions are initially denominated in STX tokens, but will be auto-converted to USD when the city accesses its wallet—ensuring funds are legally compliant and available for immediate, real-world deployment”.
Miami just passed a resolution to accept @mineCityCoins wallet. More than $4 million was contributed to the city’s wallet by miners in the last month. Big win ?? LFG ??????
— binaya.btc (@binayatripathi) September 13, 2021
It works like this: individuals can use STX to mine MiamiCoin, and 30% of the revenue will go to the city of Miami, which just voted to approve the wallet holding these funds. The city can use that cash to fund any projects it wishes, including, according to Mayor Suarez, helping the homeless or housing initiatives. Crypto is a force for good, it seems.
Notably, MIA owners can lock in the remaining 70% of the money to earn rewards in Stacks and Bitcoin, so there is incentives at play, necessary to get things moving. Investors can earn both BTC and STX by “stacking” their coins, this is the same mechanism that would pay MIA token holders. (You can watch a video on how to do this, here), or read about it, here.
Stacks is the first blockchain that generates BTC as a yield; this can be done via the aforementioned process called stacking, (sort of like staking) or on US exchange OKCoin, for example, which currently offers 10% back in BTC to lock up your STX. OKCoin is the only exchange doing this as Stacks has had regulatory problems with the SEC, but those have basically been resolved.
Suggested Read: COINBASE ANNOUNCES CUSTODY FOR STACKS (STX): WHY IT’S A BIG DEAL
This civic funding mechanism which leverages Bitcoin’s settlement layer via Stacks is just one of the reason’s this is a big deal for Miami and for Bitcoin. Secondly, as the announcement states: “one of the main benefits of MiamiCoin are the decentralized applications that can be built on top of this programmable token, by and for the community.
There are currently over a hundred developers already building applications using MiamiCoin’s open-source protocol for the ongoing MiamiCoin Makers Month hackathon.” The founder of Stacks, Muneeb Ali, tweeted out that today marks a historic moment for crypto.
BREAKING: Miami Commission voted to claim $4.3M in MiamiCoin treasury.
Historic event for a city government to embrace crypto instead of fighting it.
MiamiCoin is a community-driven project built on Stacks + Bitcoin.
— muneeb.btc (@muneeb) September 13, 2021
The $4 million generated by the protocol will now be moved from custodians to the government. Moreover, the Miami Government will now be holding that $4 million in $STX for the next 6 months.
Suggested Read: WHY MIAMI COIN IS A BIG DEAL
The MiamiCoin project is an ingenious way to drive community engagement based around cryptocurrency, and foster community development with dApp building and even ‘city futures’, giving citizens a greater voice. This breakthrough will be the blueprint for municipalities to access new liquidity by opening up their own dedicated crypto wallets.
To top it all off, if other cities follow the MiamiCoin route, it will be all be leveraged by Bitcoin and based on Bitcoin’s settlement layer. Being that Mayor Suarez is a Bitcoin bull, I believe this why he chose Stacks. This also shows that worrying about Bitcoin regulation or the “killing of crypto” is flat out wrong, those days are gone. Crypto, and specifically Stacks and Bitcoin are now (lawfully) fully integrated in the city of Miami.
This is truly a historic moment for crypto and the United States, as one of our major cities has now generated millions in revenues from crypto mining, all built on Bitcoin, and voted to officially adopt it.
You can learn more about mining Miami coin with your Bitcoin yielding STX tokens, here.
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Text source: CryptosRus
