Mayor Eric Adams can officially cross his goal for New York City to have its own cryptocurrency off his list of goals.
AfroTech previously shared that Adams had a vision of transforming New York City into a crypto hub, similar to Miami’s MiamiCoin. Now, Markets Insider reports that New York City is getting its own digital coin, NYCCoin.
On Nov. 10, NYCCoin mining will be activated by CityCoins, a non-profit and open-source protocol that allows investors to support their cities by expanding their crypto treasury while earning for themselves, according to the outlet. Anyone can compete to mine NYCCoin and when digital coins are purchased or mined, 30 percent of its reward goes to the city.
NYCCoin mining is officially ready to be activated!
Once 20 miners interact with the contract, the mining process will activate. No mining will occur for 150 blocks (~24 hours). After that, all miners will be able to start mining NYCCoin!https://t.co/6Zf7u6nIBB
— CityCoins (@mineCityCoins) November 10, 2021
Prior to NYCCoin’s launch, CityCoins announced on Twitter that New York City was its next selected city — Miami being the first.
“We’re glad to welcome you to the global home of Web3! We’re counting on tech and innovation to help drive our city forward,” Adams tweeted in response to CityCoins’ announcement.
We're glad to welcome you to the global home of Web3! We're counting on tech and innovation to help drive our city forward. https://t.co/SY9pv1Ebct
— Eric Adams (@ericadamsfornyc) November 8, 2021
The news comes after Adams vocalized his hopes for New York City to become the center of the cryptocurrency industry and his desire for his first three paychecks to come in the form of bitcoin.
His passion for the crypto space was CityCoins’ driving factor for selecting New York City instead of Austin, TX, which was a close contender.
“The community wants to support New York,” CityCoins community lead Patrick Stanley told Insider. “We were very successful in Miami and Eric Adams saw that. He signaled it publicly on Twitter.”
The outlet also said Stanley shared that there is “no formal partnership between the cities and the CityCoins.” But the “selected city, however, does have to accept the project and the designated wallet that is custodied for them.” It continued: “They can choose to convert these assets into US dollars.”
CityCoins, powered by Stacks — a protocol that enables smart contracts on the Bitcoin network — aims to set up coins in 200 startup cities worldwide in the next two years. Based on its current moves, it may well be on its way.