CityCoins have been one of the most critical and emerging avenues to invest in nowadays. They can provide the citizens of a country to contribute to getting a grip on the base revenue for themselves and the city in which they live.
These cryptographic tokens are issued by the private CityCoins company and powered by Stacks. This blockchain technology allows smart contracts and apps built on Bitcoin by a “proof-of-transfer” consensus algorithm. Miners generate CityCoins by forwarding Stacks Tokens (STX) to a CityCoin contract.
Under the protocol, 70% of the STX is distributed among existing CityCoin users who stack their coins, i.e., time-lock their tokens until new ones are mined. The remaining 30% of the STX is sent directly to a digital wallet reserved for the city.
Miami and New York have emerged as the first two cities where CityCoins have been launched.
How does it work?
These cryptos are intended to help people leverage the power of public blockchains to invest in cities. They are designed to encourage civic involvement, most notably by reserving a percentage of the gains from mining for a particular city. The tokens also offer an opportunity for cities to experiment with new ways of accepting, using, and distributing money.
It might seem like the project’s team carries out the creation and management of these coins. However, the process is entirely in the hands of individual users.
Top three things to know before starting:
- The crypto community can vote on which city they’d like to launch a coin for next by completing a survey on the website.
- Anyone can initiate the deployment of a new coin by launching a smart contract on the Stacks mainnet or live version.
- A minimum of 20 individuals must send an amount of STX. Once a CityCoin smart contract is activated, miners must wait 24 hours before being able to mine the newly created CityCoins.
Best CityCoins to buy in 2022
Let’s take a look at the best to invest in.
MiamiCoin (MIA)
This coin is on the Stacks, a layer-one blockchain that enables decentralized apps to operate on Bitcoin. Thanks to the smart contract language Clarity used by Stacks, DeFi can launch on and be secured by the BTC blockchain.
MiamiCoin provides an ongoing crypto revenue stream for the city, while also earning STX for MIA holders. This crypto can be mined or bought by individuals who want to support the Magic City and earn crypto from the Stacks protocol.
Anyone can mine MIA, program it via smart contracts, and even earn BTC from the protocol as it gets more usage.
Price history
MiamiCoin’s market cap is unknown, and its 24-hour volume is $30,272. It had a market cap rank of 5802 and an all-time high of $0.0550 seven months ago. Today’s MiamiCoin price is $0.001926, up 4% over the last 24 hours.
Over the last day, MiamiCoin has had 0% transparent volume and traded on two active markets, with its highest volume trading pairs being USD and BTC.
Where to buy it?
MiamiCoin is traded on one exchange, with the top exchange being OKCoin.
What are the perspectives of the MiamiCoin?
Francis Suarez, the mayor of Miami, has been promoting crypto for a while now — he thinks this will attract tech investors to the city. In February 2021, Suarez proposed paying city employees in Bitcoin — though this didn’t work out legally. In June, Miami hosted the massive Bitcoin Miami conference. MiamiCoin was promoted locally on banners, signs, and truck billboards.
NewYorkCoin (NYCCoin)
It is another variant of the CityCoins tokens specially designed to promote an enabling crypto community in New York. Like MiamiCoin, this crypto creates an avenue for users to contribute to the economic growth of the city of New York.
On Nov. 10, 2021, the NYCCoin smart contract was deployed, and citizens have already started mining and stacking the token for a chance to earn rewards. The mayor-elect of New York City, Eric Adams, has expressed his support for this crypto.
Anyone can mine NYCCoin, program it via smart contracts, and even earn BTC from the protocol as it gets more usage.
Price history
Today’s NewYorkCoin price is $0.000403, up 1,875% over the last 24 hours. Its market cap is unknown, and the 24-hour volume is $3,554. It has a market cap rank of 7855 and a max supply of 100 000 000 000. The crypto had an all-time high of $0.000403 about 13 hours ago.
Over the last day, the crypto has had 0% transparent volume and has been trading on 36 active markets, with its highest volume trading pairs being BTC and LTC.
Where to buy it?
NewYorkCoin is traded on five exchanges, with the top exchanges being SouthXchange, YoBit, and Folgory.
What are the perspectives of the NYCCoin?
One issue for NYCCoin is that neither CityCoins nor Stacks has a New York Bitlicense required for cryptocurrency companies to operate in the state. Expect CityCoins to use New York as social proof that their idea is excellent and other cities to follow suit — whether or not NYCCoin goes anywhere.
CityCoin (CITY)
Launched in October 2018, City Chain is a proof-of-stake coin. It aims to become the foundation for a Smart City Platform, which leverages blockchain technology to improve and modernize how a city can organize and deliver services to its citizens.
Price history
As of today, the last reported CITY price is $0.06901. City Coin’s last market cap was unknown and its 24-hour volume is unknown. It has a market cap rank of unknown.
The crypto had an all-time high of $0.114906 almost two years ago. Over the last day, City Coin has had 0% transparent volume and has been trading on 17 active markets.
Where to buy it?
CITY is not yet traded on any exchanges.
What are the perspectives of the CITY?
Cities and citizens will be able to use the City Chain to improve how we communicate, socialize, trade, and manage our physical and digital assets. In addition, it will be possible to reduce costs/overhead and, at the same time, empower us with all the tools we need to take the next step forward.
Pros and cons
| Worth to invest | Worth to getaway |
| The concept of these coins is very new in the fintech sector and has the potential. | The project’s aim is not precise. |
| People can participate in making their own city coin by voting. | Investors should follow a strict risk management system as it is very new in the industry. |
| Like any other crypto, anyone can compete to mine these coins whenever a new coin is launched. | This crypto will not solve the main problems of any city. |
Final thoughts
While CityCoins warrant much closer attention, as interest grows, the potential to leverage technological innovations and community efforts to increase the quality of life in our cities is an exciting opportunity.