CityCoins: Vote for Your Favorite City

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MiamiCoin was first. NYCCoin followed.

CityCoins are here! It’s one thing for Miami, prestigious in its own right, to test run a cryptocurrency project. It’s quite another for NYC to join the effort with other cities competing for the bronze.

MiamiCoin

Miami dubbed itself the ‘Crypto Capital of the World’. In doing so, the city also tied itself to the FUD surrounding crypto. FedCoin is in development. It’s presented as a national blockchain solution. Miami’s initial quest seemed more trendy.

With the Mayor announcing $30 million in revenue and NYCCoin going live, a trend, city cryptos are not. Maybe they’ll be deemed a failure. Heck, many doubt FedCoin.

NYCCoin

NYCCoin went live on November 10th. This, along with Miami’s profits and growing popularity across global cities, marks the end of trendy municipal cryptos. Now the value of blockchain applications are on showcase for all of the world's government officials.

Advantages and Issues

Questions remain given that there’s only two active coins at the moment. Like:

• Will crypto prove across-the-board profitable?
• Will it do for financial relations what the Internet did for education?

The answers are obvious for those in the crypto-biz. A better question would be:

• Can CityCoins deliver what municipalities need?

That’s a much harder question to answer.

Overviewing CityCoins one finds transaction times dependent upon Bitcoin. The mining mechanism involves a two-pronged staking system, that of STX and the CityCoins. Each city gets its own coin.

The main issue is the transaction time dependency. Delegated Proof-of-Stake dapps have found ways to predicatively mine BTC. Maybe municipalities are not comfortable with this. It’s important to note because long transaction times limit what’s possible.

The primary advantage CityCoins offer municipalities is probably a marketplace. Imagine a world where exchanging cryptocurrencies of cities around the world is as easy as signing a wallet transaction. Not a Bitcoin one. Existing CityCoins have already been mined. No, transactions at PoS speeds.

Concluding Thoughts

There’s more to CItyCoins than presented here. For example, re-staking earnings. More applications are sure to follow. The world is on the precipice of another grandiose transformation. It’s one that takes the power of the Internet and puts it to action.

Upon the writing of this article, it appears that AustinCoin leads the voting for remaining cities.