Cryptos

What Is CityCoin: How Does It Work, Mine and Stake

0

CityCoins represent themselves as a pathway for citizens to produce revenue on crypto for themselves and their residential cities. It is a procedure allowing users to play a part in crypto funds of their hometown or reinforce other cities for rewards. It appears to be one of the most deprecative and rising pathways to invest in these days.



Moreover, the CityCoins platform’s users have already started issuing tokens for several major cities, devised to support improving the people’s lives of those cities. Interestingly, the project has chosen to establish its functioning on an ecosystem powered by digital currency so that users and cities may potentially gain cryptocurrencies.

What is CityCoin?

It is a cryptocurrency that operates on City-chain. It also works as a circulating medium and payment for services for the City-chain. Also, they created a way for people to support their city, expand its treasury of cryptocurrency, and potentially earn Bitcoin for themselves. Each city has its coin.

How does it work?

Strikingly, the complete CityCoin ecosystem is contingent on two core procedures. One is called mining, and stacking is the other one.

The project team of the particular CityCoins maintains the responsibility such as design and administration. The project merely arranges the configuration to support the distribution of each such a coin. The procedure is entirely contingent upon the individual users.

However, CityCoins utilizes a PoS (proof-of-stake) blockchain, which makes it more open to access to people. Hence people do not have to invest in any hardware in mining. Also, you may decide whether you are willing to utilize the coins for staking rather than mining. You’ll gain a staking reward in the form of new coins for each selected block if you choose to stake.

How to mine CityCoins?

You must deposit STX into the CityCoins smart contract in mining. After making the deposit, you’ll get an opportunity of gaining CityCoins tokens. Bidding will occur on the Stacks blockchain incorporating a winning miner selection.

The selected miner will get a reward as CityCoins tokens for each new disclosed block. Keep in mind that the number of STX each miner deposits into the smart contract compared to the total amount deposited through the contending miners is responsible for the likelihood of appearing as a successful miner.

How to stake CityCoins?

CityCoin staking is almost the same as ETH staking. However, it needs contributors to confine digital currencies in a smart contract for a deliberate period to obtain rewards. The only distinction is that the incomes are designated in a diverse cryptocurrency. By the time of Ether staking, you may earn more of it as a reward. Conversely, for earning STX, the holders of the CityCoin stake their tokens. As per prior mentioned, their earned STX comes from the share out of STX tokens deposited by miners.

CityCoin

CITY/USDT price chart

CITY/USDT price chart

CityCoins are the cryptocurrency coins that are identified on the city chain. It provides a medium to support their city and expand its crypto resources by making the outcome of BTC and STX. Every city has its own Citycoin named upon that very city.

Does CITY have the potential to grow?

These coins are still in their planning and expansion stages. Yet, if executed, it will perhaps be a non-profit and purpose-driven vehicle designated to fund social good.

Newyorkcitycoin (NYCCoin)

NYCCoin price chart

NYCCoin price chart

The coin is named Newyorkcitycoin that CityCoins are introducing. It integrates a public-spirited community and an open-source protocol that provides investors a pathway to contribute to amplifying their crypto reserves in their cities while simultaneously generating income for themselves. Newyorkcitycoin distributes 30% of its reward to the city when Newyorkcitycoin is bought and mined.

Does NYCCoin have the potential to grow?

CityCoins is designed to leverage New York City’s energy, creativity, and entrepreneurial zeal for the city’s benefit. It will be exciting to see what New York City does with NYCCoin.

MiamiCoin (MIA)

MiamiCoin price chart

MiamiCoin price chart

MiamiCoin (MIA) is an approach for the people of Miami in terms of supporting the city and growing its crypto funds together with making income for themselves as well. It is a cryptocurrency established on the Stacks Protocol, enabling smart contracts on Bitcoin. It is the first CityCoin in the market that will go live shortly.

Does MIA have the potential to grow?

It offers a persistent crypto revenue stream for the city while obtaining STX for the holders of MIA. The coin is possible to mine or be bought by the people intending to reinforce the Miami and gain cryptocurrencies from the Stacks protocol. Furthermore, MiamiCoin advantages its holders by authorizing them for stacking and earning Bitcoin via the Stacks protocol.

AustinCoin (ATX)

Austin coin is coming soon

Austin coin is coming soon

AustinCoin (ATX) is a cryptocurrency, and its power is driven by the Stacks Protocol validating smart contracts on Bitcoin. However, it gives people the latest mechanism so that they contribute to Austin and its growth of the cryptocurrency reserve while producing STX and BTC for them as well.

Does ATX have the potential to grow?

According to the recent announcement of the mayor of Austin, AustinCoin, mining is about to start very shortly. The mayor also mentioned the openness to the concept as it has a history of adopting technology earlier.

Pros and cons

👍 Pros 👎 Cons
  • The concept of these coins is very new in the fintech sector that is the potential to grow.
  • The project’s aim is not precise.
  • People can participate in making their own city coin by voting.
  • Investors should follow a strict risk management system as it is very new in the industry.
  • CityCoin price is available to trade on most crypto trading platforms like Binance.
  • Enough trading data is not available.

Final thoughts

Additionally, there are 15 more cities in line that CityCoins declared coming soon. Among the 15 cities, three are in the US: Los Angeles, Las Vegas, and San Francisco. Finally, there is a potential for significant progress in the idea of city-branded cryptocurrencies in the coming years.

The other 12 cities are outside the United States, including Sydney, Singapore, Tokyo, Seoul, Dubai, Lagos, Cairo, Lisbon, Amsterdam, Berlin, Mexico City, and Rio de Janeiro. In the case of expanding the concept further afterward, there is potential to appear noticeable legal issues.

fxcoach

Sberbank, Alfa Bank Targeted in Fresh Round of Full Blocking Sanctions

Previous article

Trix Indicator Crypto Strategy: Get the Profit Easy

Next article

You may also like

Comments

Leave a reply

Your email address will not be published.

More in Cryptos