CityCoins for Cities

Before CityCoins, cryptocurrencies couldn’t be used for municipal funding due to potential regulatory concerns.

CityCoins circumvent this issue by automatically converting a city’s crypto into fiat currency (USD), unlocking the potential of crypto for cities while remaining compliant with current and future regulations.

CityCoins live on a shared, permanent, and transparent record. Every transaction on CityCoins is conducted openly for all to see and is recorded forever. There’s always a paper trail.

Like all crypto networks, CityCoins are built to be trustless—that’s not to say without trust, but without the need for trust, since permanent and unalterable mechanisms are in place to ensure nobody can cheat the system.

Every time a city claims their wallet it signals more confidence in the system. Confidence builds momentum. More users will collect coins, more developers will create new ways to use those coins, and the CityCoins ecosystem will thrive.

Here are some of the qualities that make a successful CityCoins city:

• A technologically progressive mayor: A tech-savvy leader with a strong Twitter presence (an audience of 50K+ that they’re accountable to).
  

• A strong crypto community: An active community that lobbies their mayor and government to take CityCoins seriously, and a willingness to build on top of their coin.

• A thriving tech hub: A place welcoming to startups and digital nomads. One with regular hackathons, tech conferences, and other events that a CityCoin can use to anchor a physical presence.
  

While these qualities are most important, there are other features that make for a good CityCoins candidate. Ideally, there are strong, culturally relevant and innovative brands there (a tech company is better than a breakfast cereal company, for example). Academic roots are a big plus—technologists and entrepreneurs are educated there, and even if they go elsewhere to build, they retain pride in the city that shaped them. Nice weather helps, too. And, of course, strong wifi.

CityCoins present a particularly exciting prospect to cities in resurgence, where private and public sector resources are stimulating regional economic growth. For recovering cities like Detroit and Pittsburgh, with nationwide positive sentiment towards their regrowth, CityCoins let people bet on their turnaround.

No, CityCoins will not use your city’s branding or assets

CityCoins does not co-opt, leverage, or otherwise imply endorsement by using your city’s tightly-controlled brand assets.

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Yes, the average citizen can afford to own a CityCoin

CityCoins are designed to remain stable and affordable because CityCoins are for everyone, and everyone deserves a say in how their city is run.

As of writing, MiamiCoin is $0.04 apiece.

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Don't worry: CityCoins are environmentally friendly

CityCoins offer the security of the Bitcoin network without any additional environmental cost.

CityCoins are built atop the Bitcoin network, which uses proof of work (PoW). This process uses electricity to make Bitcoins secure, but that security comes with an environmental cost. To oversimplify: Bitcoins spend electricity to ensure security.

CityCoins use recycled proof of work to benefit from Bitcoins security without any additional environmental cost. To oversimplify: instead of spending additional electricity for an additional layer of security, recycled proof of work spends cryptocurrency instead.

MiamiCoin

Miami was the world's first CityCoins city.

1. Mining began in late August, 2021
2. City commissioners agreed to accept the donations on September 13, 2021
3. Miami's city wallet balance exceeded US$20MM by early November, 2021

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‘MiamiCoin’ a potential game-changer for revenue collection

—Dalvin Brown, Washington Post (September 30, 2021)

Miami mayor sees the potential for MiamiCoin to support the city without people having to pay taxes

—Isabelle Lee, Business Insider (Oct. 1, 2021)

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Mayor Francis Suarez said the project can “revolutionize” the way local programs are funded.

—Liam Frost, Decrypt (Oct. 1, 2021)

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‘every startup city” will get a coin within two years

—Ryan Johnston, State Scoop (Sept. 21, 2021)