Reports said that NewYorkCityCoin (NYCCoin) is set to launch on Thursday, with the community-led proposal endorsed by New York City Mayor-elect Eric Adams.
It has been reported that the New York-focused cryptocurrency is being launched by CityCoins, the same firm that launched MiamiCoin (MIA). The project utilizes the Stacks protocol built atop the Bitcoin (BTC) blockchain to enable smart contracts and issue its coins.
However, CityCoins tweeted on Tuesday that it was activating NYCCoin mining this week after Adams stated last week on Thursday that he wanted to have a “CityCoin for NYC” like in the case of Miami. Adams followed that up on Monday by posting that “We’re glad to welcome you to the global home of Web3! We’re counting on tech and innovation to help drive our city forward.”
The report said that Adams was elected as New York City’s mayor on Nov. 2 and will take the reins at the start of 2022. The 61-year-old is a strong crypto proponent and has vowed to take his first three paychecks in Bitcoin and has advocated for crypto education to be taught in local schools.
"We must open our schools to teach the technology, to teach this new way of thinking."
Likewise, in Miami, the city’s commissioners voted to accept funds generated from MiamiCoin. CityCoins noted that it has yet to officially partner with New York's government despite the social media endorsement from Adams.
The website read:
"CityCoins like NYCCoin are grassroots initiatives. As communities grow around CityCoins, they can encourage their mayor to claim the reserved city treasury wallet and begin putting its funds to use."
If the City of New York agrees to partner with CityCoins, it will have access to a custodied reserve wallet that holds 30% of all NYCCoin mining rewards. The funds can be used to support whatever initiatives the city deems fit.
Miami Mayor Francis Suarez has stated the coin’s funds will go toward crypto education, funding underprivileged communities, and programs to mitigate the risks of climate change.
Thus, NYCCoin users can mine the coin by forwarding STX tokens into the smart contract on Stacks to receive new CityCoins tokens, with 70% of the mining rewards going to users who lock up and “stack” or stake their CityCoins.