In the shadow of El Salvador (likely) accepting bitcoin as legal tender, you may have missed that Miami is getting its own coin. Miami Coin, built on City Coins, which is built on Stacks, which is built adjacent to Bitcoin, is a new way for the city to potentially raise funds. And it appears to have Mayor Frances X. Suarez’s approval.
The idea is pretty simple: You contribute crypto to a city’s wallet that the city could then receive as a kind of charitable donation. Whatever money you donate earns a yield. It’s the type of win-win scenario that crypto could enable but may have little chance of taking off.
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Apart from a few tweets from the project’s notable backers including Balaji Srinivasan and project organizer Patrick Stanley, it has been little noticed. Announced officially on June 4 but going live soon, it seems worthwhile asking what it’s all about. Stanley says the project needs to attract at least 20 independent miners to launch.
City Coins is a way for people to support locales they vibe with. Mechanically, they send STX to a CityCoins smart contract on the Stacks blockchain, which is then split