New York gets its own token similar to Miami Coin, says Mayor Eric Adams

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New York City will soon get its own city token as the city’s elected mayor, Eric Adams is not one who does not waste time competing with Miami for the crypto hub crown in the USA. CityCoins has announced that NYCCoin will be the next token to start mining on Wednesday at 3:00 p.m. EST (around 1:30 a.m. IST on Thursday) – the second city token after Miami Coin. City tokens are essentially cryptocurrency-based projects that allow people to invest in a city by purchasing tokens.

What are city marks?

City tokens introduced by CityCoins are programmable tokens that are used to become an additional source of income for local governments through the mining of the tokens by residents. Those who run the software earn a percentage of the coins they mint. With NYCCoin, “30 percent goes to the wallet reserved for the city. New York City can decide at any time to claim the money in the wallet,” claims CityCoins.

We look forward to welcoming you to the global home of Web3! We count on technology and innovation to move our city forward. https://t.co/SY9pv1Ebct

– Eric Adams (@ericadamsfornyc) November 8, 2021

While Austin, Texas was a contender, the community eventually chose New York, buoyed by the mayor’s pro-crypto stance, Patrick Stanley, a CityCoins community leader, said in an interview with Bloomberg.

NYCCoin can be mined or bought by anyone who wishes to support New York City while making crypto through the Stacks Protocol. The city token is also programmable, meaning that builders can improve the city from their keyboard by using NYCCoin to create Web 3.0 apps, mint NFTs, or otherwise improve the city’s digital infrastructure. The CityCoins announcement was retweeted by Eric Adams and greeted enthusiasts in what he has already referred to as the “global home of Web 3”.

Elected on November 2, Adams expressed his admiration for cryptocurrencies during his acceptance speech and followed the role of Miami Mayor Francis Suarez to receive his first paychecks in bitcoin. He promised to turn New York into a crypto hub that would create jobs in this thriving industry.

In a recent interview, the mayor-elect also spoke about how children should learn blockchain technology and digital assets in schools.

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Shomik is the senior editor at Gadgets 360. As someone who has explored the consumer tech space for the past four years, his focus is now on the crypto verse. When he’s not converting currency values ​​in his head, you might find him in an intense five-player soccer game or the newest Destiny 2 weekly challenge on his Xbox. You can reach him for tips or questions at ShomikB@ndtv.com. More OnePlus Nord 2 5G User Seriously Burned From Explosion Receives Reimbursement, Medical Expenses: Report Peter Jackson is selling Oscar-winning special effects company Weta Digital in a $ 1.6 billion “Metaverse” deal

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