New York City, the most populous city in the United States, is happening digital token of its own. The city is set to receive its own digital token, NYCCoin, with the support of incoming Mayor Eric Adams, who plans to turn New York into the next big cryptocurrency hub, This came hand in hand with Adams’ interest in making cryptocurrency a part of the curriculum in schools, according to one of his interviews with CNN. Earlier, after winning the mayor’s chair in a landslide victory, Adams tweeted that he would take his first three paychecks in bitcoin, which is currently the largest cryptocurrency in the world.
Adams’ decision to take payment Bitcoin is truly unique and has fueled the launch of NYC’s own digital token. Here are some facts about NYCCoin:
1) NYCCoins is being launched by CityCoins, a citizen-minded community and open-source protocol. It gives investors a chance to support their cities by expanding their crypto treasury. This can be done even while earning for yourself. According to Citicoin’s website, it has three main functions: activation, mining, and staking. The website further noted, “New YorkCityCoin (NYCCoin) provides people with new ways to support New York City and grow their crypto treasury while earning Stax (STX) and Bitcoin (BTC).”
2) In an announcement, the company stated that NYCCoins mining “will begin after 20 independent wallet Signal activations following the deployment of the contract.” The company also stated that NYCCoin will only be activated through mining. There will be no ICO, pre-sale or pre-mine. It further said that Adams’ comments prompted him to choose New York City as the next destination for my coins. “We voted which city should be the next,” said Patrick Stanley, CityCoins Community Lead. “We are delighted to welcome you to the global home of Web3,” Adams tweeted in response to the comment.
3) According to data from CoinmarketCap, at the time of writing this article NYCCoin was trading at $0.0001152 on Wednesday. The digital token had a market capitalization of $17,006,086 on its opening day, while the volume of coins traded during the day was 222,9671,912.62 percent. However, CoinMarketCap issued a disclaimer regarding NYCCoins. The website read, “We have received reports that Yobit has disabled NYC withdrawals.” The current CoinMarketCap ranking is #3943, with no live market cap available. Circulating supply is not available and there is no maximum supply. Available,” the website said further on details about the token.
4) CityCoins, specifically NYCCoins, can be mined by anyone. This can be done by forwarding the STX to the Citicoin smart contract on the Stacks blockchain. The CitiCoins website said that 30 percent of STX will be sent directly to miners in wallets reserved for the city, in this case, New York. CityCoin said in a statement, “NYCCoin is also programmable, enabling builders to use NYCCoin to improve the city from their keyboard using a web3 app, mint NFT, or otherwise improve the city’s digital infrastructure.” Is.”
5) New York City is not the first city in the US to achieve this feat. The move coincides with the MiamiCoin launched for the city of Miami. The digital token has brought in over $21 million for the city since its launch in August last year. Mayor Francis Suarez, who launched MiamiCoin, previously told The Washington Post that it is likely that Miami citizens will not have to pay taxes in the future as MiamiCoin will generate enough production to support the city’s operations.
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