NYCCoin will launch tomorrow after it was “stolen” by Mayor-elect Eric Adams

NYCCoin will launch on November 11th as proposed by the community and approved by New York City Mayor-elect Eric Adams.

NYCCoin will launch tomorrow after it was stolen by Mayor elect

NYCCoin is issued by CityCoins, the company that issued Miami Coin for the city of Miami. The project uses the Stacks protocol built on the Bitcoin blockchain to enable smart contracts and issue its tokens.

CityCoins tweeted on Nov. 9th that they enabled NYCoin mining this week after Mayor Adams announced on Nov. 4th that he wants “CityCoin for NYC,” as the city of Miami did.

Mayor-elect Adams retweeted saying, “We are excited to see you in the global home of Web3! We believe in technology and innovation to move our city forward. “

Adams was elected Mayor of New York City on November 2 and will take power in early 2022. The 61-year-old Democrat is a staunch crypto advocate and has promised his first three salaries to local schools.

“We need to open classrooms to teach technology to teach this new way of thinking,” Adams told CNN in November.

In Miami, the city’s trustees voted to accept the Miami Coin profits, but CityCoins noted that, despite confirmation from Adams on social media (he is not yet officially in power), they have not yet officially partnered with the New York government to have.

“CityCoins like NYCCoin are basic initiatives. As communities grow around CityCoins, they can encourage their mayor to ask the city treasury to use their coins, ”announced the CityCoins website.

When New York City agrees to partner with CityCoins, they will have access to a curated reserve wallet containing 30% of NYCCoin mining rewards. The funds can be used to support any initiative the city deems appropriate. Miami Mayor Francis Suarez has stated that the coin’s fund will go towards crypto education, funding disadvantaged communities and programs to mitigate the risks of climate change.

NYCCoin users can mine coins by forwarding Stacks (STX) tokens to a smart contract on Stacks and receive new CityCoin tokens, with 70% of the mining rewards going to users who block and “stack” or use their CityCoin .

Sherlock Holmes

According to Cointelegraph