NYC gets its own crypto
New York City has recently got its own cryptocurrency. The coin was launched with the support from incoming mayor Eric Adams, who strongly promotes the latest technology to the US citizens. Thus, New York became the second city in the US with its own digital currency.
The new token is called NYCCoin, and it is mined on the CityCoins platform using stacking. It is the most environmentally friendly and energy-efficient way. Unlike classic mining, stacking allows mining of new blocks without large computing capacity. Users store coins according to the proof-of-stake (PoS) algorithm, ensuring the blockchain’s performance and receiving a reward. According to the mayor, the profits from NYCCoin mining are split in two parts: miners get 70%, while 30% of mining rewards are sent to a city’s custodied reserve wallet. The proceeds will be used to implement city initiatives and to fund activities.
Notably, Miami was the first city to launch its own digital money in both the US and the whole world. Miami Mayor Francis Suarez instantly realized the benefits of the cryptocurrency market. Besides, last August, he launched the MiamiCoin project on the CityCoins platform. Suarez at once noted that the city’s cryptocurrency could generate a really big sum of money. Now his idea was also supported by Eric Adams, who mostly focuses on cryptocurrencies. He stated that he would take his first three paychecks in bitcoins. Moreover, Adams backed the idea of teaching the basics of cryptocurrencies in schools.