The CityCoins platform will create a Nyccoin municipal token for New York, said in Twitter City Mayor Eric Adams . The project will be launched to attract investment in the budget of the city. New York will be the second American city with its own cryptocompany.
Tocken production on the CityCOINS platform starts on November 11 and will be carried out by the most environmentally friendly and energy efficient way – with the help of stinging. Swinging is that users store coins on the Proof of Stake (POS) algorithm and this ensure the performance of the blockchain, receiving remuneration. Unlike mining, stroke allows mining new blocks without the use of large computing capacities. Developers will be able to create smart contracts based on Nyccoin and decentralized applications.
Income from Nyccoin production will be divided into two parts. 70 percent will receive “Mainers” themselves, and 30 will go to the city treasury. The funds received by the city will be aimed at implementing urban initiatives and financing of activities. The project initiated the city community of New York and the mayor of Adams, who took the post in early November. The head of the city pays great attention to cryptocomputes: he stated that he intends to get three first wages in the new post in Bitcoins, and supported the idea of learning the basics of cryptocurrency in schools.
The first city in the United States and in the world, creating their own digital money, was Miami. In August, the city founded his MiaMicoin project on the CityCoins platform. Profit from stinging is distributed in the same way as Nyccoin. Mayor Miami Francis Suarez plans to make money on the city cryptocurrency “Millions of Dollars”. According to him, funds will go to finance infrastructure projects and urban events.
November turned out to be a very good period for cryptoprojects. The cryptocurrency market on November 8 installed a record: the total value of all tokens for the first time exceeded 3 trillion dollars. Capitalization has reached a maximum after the rise in price of Bitcoin to 66.3 thousand dollars. A little later, the first currency also updated the record for the first time exceeding 69 thousand dollars.