{"id":315577,"date":"2021-08-05T16:07:00","date_gmt":"2021-08-05T13:07:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/civic-engagement-and-crypto-miami-unveils-its-own-digital-coin\/"},"modified":"2021-08-05T16:07:00","modified_gmt":"2021-08-05T13:07:00","slug":"civic-engagement-and-crypto-miami-unveils-its-own-digital-coin","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/civic-engagement-and-crypto-miami-unveils-its-own-digital-coin\/","title":{"rendered":"# Civic engagement and crypto: Miami unveils its own digital coin"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a413c56dc9d9\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a413c56dc9d9\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/civic-engagement-and-crypto-miami-unveils-its-own-digital-coin\/#A_developer_platform_for_cities\" >A developer platform for cities<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/civic-engagement-and-crypto-miami-unveils-its-own-digital-coin\/#%E2%80%9CCommunity_money%E2%80%9D_enabled_by_crypto\" >\u201cCommunity money\u201d enabled by crypto<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/civic-engagement-and-crypto-miami-unveils-its-own-digital-coin\/#Will_the_concept_be_widely_adopted\" >Will the concept be widely adopted?<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Civic engagement and crypto: Miami unveils its own digital coin <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDgvMjY5MDNkMTgtYWM2MC00YzJmLTk5NWEtMDdmNzQ0ZGQ5NjVkLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-128018ef>On June 2, 2021, Miami Mayor Francis Suarez <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/FrancisSuarez\/status\/1400151530456616972\">tweeted<\/a> that \u201cMiamiCoin\u201d will be the first \u201cCityCoin\u201d ever to be launched, representing Miami\u2019s very own cryptocurrency. Fast forward about two months later and the anticipation surrounding the release of MiamiCoin has been on the rise.\u00a0<\/p>\n<p>Initially, it may <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ear as if the Magic City\u2019s digital currency will function just like other cryptocurrencies that can be bought, sold and traded to profit both investors and the city of Miami. Yet, \u201cMiamiCoin\u201d is quite unique from other digital currencies. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"A_developer_platform_for_cities\"><\/span>A developer platform for cities<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Patrick Stanley, founder and CEO of CityCoins \u2014 the project behind MiamiCoin \u2014 told Cointelegraph that MiamiCoin (MIA) can actually be considered as a developer platform for cities. \u201cMiamiCoin, being the first-ever CityCoin, is entirely programmable. Therefore, applications can easily be built on top of it,\u201d said Stanley. <\/p>\n<p>Specifically speaking, CityCoins is a project built on Stacks, which is an open-source network of decentralized applications (DApps) and smart contracts built adjacent to the Bitcoin blockchain. This means that MiamiCoin, which was officially activated on August 3, could be considered as a DApp powered by the Stacks network \u2014 a smart contract platform built on the Bitcoin network.\u00a0As such, Stanley explained that MiamiCoin cannot be pre-mined or bought at the moment:<\/p>\n<blockquote><p>\u201cThe community launched MiamiCoin, so everyone has to mine $MIA fairly and equally. This represents open membership mining, which is the same concept as when Satoshi launched Bitcoin. Mining officially began on August 4.\u201d<\/p><\/blockquote>\n<p>Regarding the tokenomics behind MiamiCoin, Stanley mentioned that during the first two weeks of mining MIA, the base currency being used to mine CityCoin \u2014 which is Stacks\u2019 STX token \u2014 will go directly into a reserved wallet claimed by the city of Miami. After two weeks, 30% of all those funds will remain in the reserved wallet, while 70% will be allocated to the miners. <\/p>\n<p>Stanley further shared that because CityCoins is powered by Stacks, users will be able to swap between MIA and Bitcoin (BTC) when performing a Bitcoin transaction. \u201cWe consider Bitcoin as something that can power many other applications, though it\u2019s currently underutilized,\u201d commented Stanley. To his point, most DApps are currently built on Ethereum, which saw a number of increased activity last year. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E2%80%9CCommunity_money%E2%80%9D_enabled_by_crypto\"><\/span>\u201cCommunity money\u201d enabled by crypto<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>An important point to note here is that 30% of the mined MIA will be allocated to the city of Miami. According to an article <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.miamiherald.com\/news\/business\/article252978498.html\">published<\/a> by The Miami Herald<em> <\/em>last month, city officials mentioned that MiamiCoin could be used to build roads, parks and other public infrastructures. <\/p>\n<p>Stanley noted that the city of Miami leveraging MIA for civic engagement is extremely important, given the community aspect behind CityCoins. According to Stanley, CityCoins are in a small part a coin for geographies, meaning those who value certain regions can show their support by holding digital currencies created for different cities. Stanley further remarked that over time, CityCoins will overflow to other communities across various regions.<\/p>\n<p>While futuristic, this concept was part of the reason why the cryptocurrency exchange Okcoin pledged to list MIA on its platform. Haider Rafique, chief marketing officer at Okcoin, told Cointelegraph that there have been a few historically compelling projects and teams that have taken a long time to arrive in the United States. Rafique believes that CityCoins could potentially put together an ecosystem for different applications:<\/p>\n<blockquote><p>\u201cBy opening these markets, we bring investors in who can buy these assets and then further explore these ecosystems. For example, Stacks has various decentralized finance applications to interact with. We see CityCoins as having that same type of utility.\u201d<\/p><\/blockquote>\n<p>Moreover, Rafique considers MiamiCoin to demonstrate a new way for people to leverage cryptocurrency to participate in civic engagement: \u201cCityCoins is not just an incentive for retail investors, but also for governing bodies. Cryptocurrency shouldn\u2019t just be about speculation, but also about real-world usage.\u201d Rafique added that MIA will become tradable on Okcoin later on, once liquidity is created from mining. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"Will_the_concept_be_widely_adopted\"><\/span>Will the concept be widely adopted?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Although it\u2019s notable that Miami is the first city to launch a CityCoins token, concerns around adoption and regulations remain. Tim Shields, a partner at Kelley Kronenberg\u2019s Fort Lauderdale law office, told Cointelegraph that he doesn\u2019t think MiamiCoin will result in widespread adoption: \u201cThe technological scheme of how MiamiCoin works is fairly complex and it will go beyond the scope of most people who already hold cryptocurrency.\u201d<\/p>\n<p>While this may be, Shields does believe that MIA will help further develop Miami\u2019s growing tech ecosystem. According to Shields, MiamiCoin is yet another effort that highlights Miami\u2019s openness and friendly stance toward cryptocurrency. Shields further remarked that Mayor Suarez has clearly been working on his goal of making Miami the Bitcoin capital of the world, and if nothing else, MiamiCoin shows that a city mayor can attract innovation in the blockchain space.<\/p>\n<p><strong><em>Related:\u00a0Miami stakes the claim to become the world\u2019s Bitcoin and crypto capital<\/em><\/strong><\/p>\n<p>Regarding regulations, Shields explained that this will likely be challenging, noting that he\u2019s not sure how the city of Miami will hold MIA. \u201cThis may be held as property and then converted to cash,\u201d he remarked. <\/p>\n<p>Ben Bartlett, Berkeley City Council member and crypto lawyer, told Cointelegraph that the risks with MiamiCoin appear to be in assessing liquidity for the tokens. Bartlett also mentioned friction when leveraging MiamiCoin:\u00a0\u201cOrdinary people don\u2019t have the bandwidth to deal with the complexities of wallets and seeing out the right exchange. There may be some regulatory issues that need to be carefully considered.\u201d<\/p>\n<p><iframe loading=\"lazy\" title=\"\u2018You\u2019re really feeling all the Bitcoin love\u2019 \u2764\ufe0f: The Bitcoin 2021 final report\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/K1rZehWVuTw?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p>Bartlett explained this is especially the case in light of new proposals laid out by the new digital asset infrastructure bill that aims to expand the definition of brokers to include miners and other linchpins of the crypto ecosystem. <\/p>\n<p>Concerns aside, Bartlett remains hopeful that the city of Miami can resolve these issues by adopting an agile approach, ensuring popular participation while avoiding regulatory pitfalls. \u201cI\u2019m very excited and thankful for the mayor of Miami\u2019s bold leadership. MiamiCoin represents the next level of governance and shared prosperity,\u201d said Bartlett. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/civic-engagement-and-crypto-miami-unveils-its-own-digital-coin\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Civic engagement and crypto: Miami unveils its own digital coin &#8221; On June 2, 2021, Miami Mayor Francis Suarez tweeted that \u201cMiamiCoin\u201d will be the first \u201cCityCoin\u201d ever to be launched, representing Miami\u2019s very own cryptocurrency. Fast forward about two months later and the anticipation surrounding the release of MiamiCoin has been on the&#8230;<\/p>\n","protected":false},"author":1,"featured_media":315578,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDgvMjY5MDNkMTgtYWM2MC00YzJmLTk5NWEtMDdmNzQ0ZGQ5NjVkLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,74894,74986,74355,70954,67874],"class_list":["post-315577","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-blockchain","tag-okcoin","tag-adoption","tag-miami","tag-united-states"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/315577","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=315577"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/315577\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/315578"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=315577"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=315577"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=315577"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}