MiamiCoin (MIA) Review

In a previous article, we mentioned that Killer Whale will be moving headquarters to the crypto capital of the world Miami, Florida. In that piece we detailed some of the various reasons that Miami is considered the crypto capital of the world, one of which being MiamiCoin. In this piece, we will be taking a closer look at MiamiCoin and its impact on the city of Miami.

What is MiamiCoin

MiamiCoin is a cryptocurrency project that was created by CityCoins and was the first CityCoins project to go live. It was designed so citizens could easily support Miami by simply holding MiamiCoin. By purchasing MiamiCoin, citizens contribute to increasing the cryptocurrency holdings of the city of Miami, while simultaneously accumulating both Bitcoin (BTC) and Stacks (STX) for themselves.

How MiamiCoin Works

MiiamiCoin is powered by Stacks, which is a protocol that enables smart contracts on the Bitcoin network and can be described in three steps:

Step 1 The community mines to create MiamiCoin, by forwarding STX tokens into a smart contract in a given Stacks block. This is a one-way process, meaning the STX tokens cannot be taken back out of the smart contract. once the STX tokens have been deposited however, the miners are then rewarded with newly minted MIA tokens.

Step 2 “Stackers” receive the STX which was spent to mine MiamiCoin. 70% of mining rewards are distributed to people who chose to stack their MiamiCoin

Step 3 30% of mining rewards are sent (in STX) to a custodied reserve wallet for the city of Miami. The city can claim this and convert their STX to USD whenever they want.

How Does MiamiCoin Benefit Miami

The most important aspect of MiamiCoin has to do with the 30% of the mining rewards which go to the city. The City can elect to use the funds generated from MiamiCoin to benefit the infostructure of Miami. The city most commonly uses MiamiCoin to create new, or improve upon public spaces, to fund city events, and host recruiting startups.

MiamiCoin has already done quite a bit to benefit the city of Miami. Since its debut, MiamiCoin has brought the city over 21 million dollars in revenue. This is equivalently 1/5th of the value of Miami’s tax revenue. Furthermore, the way MiamiCoin was designed, there is no end in sight for how much money MiamiCoin can provide for the city.

Other Similar Cryptocurrency Projects

Although Miami is the first city to deploy its own cryptocurrency, it isn’t the only one. Both New York, New York and Austin, Texas have deployed their own cryptocurrency projects after witnessing the success of MiamiCoin. Both NYCCoin (NYC) and AustinCoin (ATX) are projects of CityCoins, therefore all of these coins function in the exact same fashion.

CityCoins

CityCoins is a grassroots foundation that assists city governments by creating cryptocurrency projects like MiamiCoin in order to provide funding that would otherwise never find it’s way to city treasuries. The projects created by CityCoins communities include apps which use the tokens for rewards and local benefits. As an example, local businesses can offer discounts or benefits to people who show they “Stack for Their City” with their respective CityCoins.

CityCoin Tokenomics

Conclusion

MiamiCoin and its backing project CityCoins is one of the most unique and innovative projects in cryptocurrency. Given the success, of MiamiCoin, more cities are likely to create their own respective CityCoin, and for good reason! CityCoins is an incredibly creative approach to normalizing cryptocurrency in our ever-evolving world.

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