Wed. Dec 8th, 2021

Miami will soon become the first city in the United States to give its residents some of the gains from its new cryptocurrency, Mayor Francis Suarez said Thursday. Speaking during an interview with CoinDesk TV, Suarez said the city is creating a way to make digital wallets for citizens to distribute the “bitcoin yield.” “We’re going to be the first city in America to give a bitcoin yield as a dividend directly to its residents,” Suarez said. The yield will come from the city’s staking in MiamiCoin, which launched in August through CityCoins, and is marketed as a way for “people to support the Magic City and grow its crypto treasury while earning STX and BTC for themselves.” CityCoins are powered by Stacks, a protocol that enables smart contracts on the Bitcoin network. The protocol allocates 30 percent of the reward that miners forward in order to compete in the earning of MiamiCoin to the city. The city …

Author: Katabella Roberts
Source: https://www.theepochtimes.com/miami-to-become-first-city-to-give-bitcoin-yield-from-miamicoin-to-its-citizens_4100784.html

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