Back in June of this year, my city of Miami hosted the Bitcoin conference.
A key figure who promoted it was Miami Mayor Francis Suarez.
I kept seeing him on the local news. He talked about making Miami the next big city for tech.
He said he wanted to turn “the reputation of our city from being a fun-and-sun place, a retirement community, to being a place where you can do serious work.”
His plan was for Miami to get involved with crypto and fintech.
Soon, companies like Blockchain.com set up shop in Miami.
But the most exciting project the mayor brought to Miami is CityCoins.
In August, Miami became the first city to work with CityCoins, leading to the creation of MiamiCoin (MIA).
That’s right: Miami now has its own crypto.
CityCoins Can Help Local Governments
CityCoins is a nonprofit crypto project. It allows investors to support their city by mining CityCoins like MIA.
MIA works on Stacks, a protocol that allows users to create smart contracts on the bitcoin network.
You mine MIA by sending Stacks’ native token, STX, to a CityCoins smart contract.
The smart contract sends 30% of the STX to the city and returns 70% of the STX to you.
It also rewards you with MIA for doing this.
So far, mining has generated nearly $20 million for the City of Miami.
And it’s expected to generate $60 million in the next year.
The mayor hopes to use this money as a source of revenue for the city.
The Future of CityCoins
The city already voted to accept these funds in August.
The next step is to vote to withdraw the funds and how to spend them.
These votes will take place sometime in the next four to six months.
The funds are earmarked for:
- Fighting climate change.
- Helping struggling parts of Miami.
- Crypto education for tech entrepreneurs.
The MIA tokens aren’t a currency, though. Local governments can’t issue a currency against the U.S. dollar.
However, MIA can work as an incentive.
For example, MIA tokens can give discounts to local businesses.
They can also be rewards for participating in events. Residents could then redeem their MIA for benefits.
A Key Step for Crypto
The number of use cases for the MIA token is still limited. But the utility of the token isn’t important right now.
What’s important is that a city government is embracing crypto.
This lends credibility to crypto and a future where it’s part of our lives.
And CityCoins’ goals don’t end with Miami. It’s working on a coin for San Francisco as well.
And CityCoins’ founder says every startup city will have its own token within two years.
We here at Winning Investor Daily will continue to follow this trend to see where it leads.
In the meantime, check out Ian King’s new presentation. It will help you learn about more exciting projects in crypto.
Regards,
Research Analyst, Strategic Fortunes
Morning Movers
From open till noon Eastern time.
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