New York City is getting its very own cryptocurrency, called NYCCoin. Here’s what you need to know.
When was the mining launch?
How innovative of New York!
Sure, but it’s not the first. Miami has a cryptocurrency, too. It’s called MiamiCoin. Both were launched by CityCoins.
It seems New York hearts crypto?
Certainly, mayor-elect Eric Adams does. Last week, he tweeted that he wanted his first three paychecks in bitcoin, adding that “NYC is going to be the center of the cryptocurrency industry.” Then, on Sunday, he mentioned during a CNN interview that he thinks kids in school should be taught about cryptocurrency.
Is the coin officially connected with the city?
No, but Adams has already indicated his support for it.
How does NYCCoin work?
It works on the Stacks protocol, which allows developers to build applications and smart contracts on the bitcoin blockchain.
What is the point of NYCCoin?
As the CityCoins website explains, “NYCCoin can be mined or bought by anyone who wants to support New York City while earning crypto via the Stacks protocol. NYCCoin is also programmable, enabling builders to improve the city from their keyboard by using NYCCoin to build web3 apps, mint NFTs, or otherwise improve the city’s digital infrastructure.”