MiamiCoin

MiamiCoin (MIA) is a unique cryptocurrency that intends to support and improve the city of Miami. Launched in August 2021, it is the first CityCoin to hit the market. CityCoins are digital currencies that allow individuals to back their favorite cities while potentially receiving Stacks (STX) and Bitcoin (BTC). MiamiCoin is powered by the Stacks protocol, which enables smart contracts on the Bitcoin network. This innovative approach allows communities to unlock a new funding mechanism for their city and create an open-source protocol for developers to build upon.

MiamiCoin operates through a process known as mining, which is performed by forwarding STX tokens into a CityCoins smart contract on the Stacks blockchain. This process is a competition, with the selected miner chosen at random, weighted by the total STX spent. The selected miner receives new MiamiCoins. Notably, 30% of the STX forwarded by miners is sent directly to a reserved wallet for the city. Additionally, MiamiCoin holders can lock their coins in a CityCoins smart contract for selected reward cycles and receive a portion of the remaining 70% of the STX sent by miners.

MiamiCoin offers a range of potential use cases. It can be mined, held, or stacked for potential STX and BTC compensation. As a programmable currency, MiamiCoin opens up endless possibilities for utility, including new opportunities for developers, entrepreneurs, residents, and more. Developers can create apps that use MiamiCoin for access control (to digital or physical spaces), trading, lending, smart contract execution, and more. Furthermore, local businesses can provide discounts or benefits to people who show they support their city by stacking their MiamiCoins.

MiamiCoin was activated by the community in August 2021, marking its entry as the first CityCoin. The concept of CityCoins was designed to give communities the power to improve and program their cities by unlocking a new funding mechanism. Since its launch, MiamiCoin has been mined and stacked by individuals who want to support the city of Miami and participate in the protocol. The project has grown steadily, with the community continuously exploring new use cases and applications for the coin. The Stacks protocol, which enables smart contracts on the Bitcoin network, has been instrumental in the development and growth of MiamiCoin.