Learn more about MiamiCoin
What is MiamiCoin?
MiamiCoin is the first CityCoin to market, going live on June 8, 2021. MiamiCoin is a cryptocurrency powered by the Stacks Protocol, which enables smart contracts on Bitcoin.
MiamiCoin ($MIA) is a way for people to support the Magic City and grow its crypto treasury while earning BTC and STX yield for themselves. MiamiCoin can be mined or bought by individuals who want to support the Magic City and earn crypto yield from the Stacks protocol.
MiamiCoin provides an ongoing crypto revenue stream for the city, while also generating STX and BTC yield for $MIA holders. MiamiCoin can be mined or bought by individuals who want to support the Magic City and earn crypto yield from the Stacks protocol. MiamiCoin additionally benefits holders by allowing them to Stack and earn yield through the Stacks protocol.
The city of Miami can elect to use its growing crypto treasury to benefit the city and its constituents — think new public spaces, improvements to infrastructure, hosting city events, recruiting startups, and more.
MiamiCoin is launching June 8, 2021.
Why Miami?
Miami has long been a center of culture and innovation in the States. In the last year, we have witnessed it take center stage as a technical powerhouse among major US cities, particularly in the realm of crypto and blockchain technology. Developers and entrepreneurs have moved to the city en masse under the recognition of strong network effects, a supportive government, and a culture defined by constant evolution and disruption.
Has the city of Miami partnered with CityCoins?
The city of Miami has not partnered with CityCoins. CityCoins 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.
30% of the STX that miners forward in order to compete in the earning of MiamiCoin will go directly to the wallet reserved for the city. The city of Miami may decide at any time to claim the wallet’s funds.
What is the MiamiCoin treasury? How can Miami use its treasury?
The MiamiCoin treasury consists of STX, which is sent by miners when they forward the funds to a Stacks smart contract for the right to compete in a mining competition. 30% of the STX forwarded by miners makes its way into the city treasury. Whenever the city wishes, they may access their reserved STX inside the wallet. At that point, Miami may use its treasury for whatever it deems fit and compliant.
What can MiamiCoin holders do with their coins?
With MiamiCoin, you can mine it, hold it, stack it to earn STX and BTC yield, borrow it, lend it, and program it. Built on open source software, MiamiCoin is a new way for developers to create applications and experiment with innovative use cases.
At launch, the benefit of MiamiCoin will be generating STX and BTC yield. However, MiamiCoin is programmable and will have additional utility over time. Developers will create apps that use MiamiCoin for access control (to digital or physical spaces), trading, lending, smart contract execution, and more.
CityCoins are municipal equity, as opposed to municipal debt.
How do you get MiamiCoin?
MiamiCoin is launching on June 8, 2021 at 3pm ET. At launch, anyone can compete to mine $MIA. Miners can compete to mine MiamiCoin by forwarding STX to a Stacks smart contract, at which point the block winner will be chosen at random weighted by the amount of STX forwarded.
$MIA may be available on exchanges shortly after mining begins and rewards are generated. We will update the community when $MIA becomes available on certain trusted exchanges.
