Okcoin is the first exchange in the world to list NYCCoin, the CityCoin for New York City. Here’s what it’s all about, in simple terms. 🍎
- What? Okcoin is the only exchange to offer deposit, withdrawal, and trading of NYCCoin (NYC) against USD.
- Who? All Okcoin customers except for residents of the EU, the UK, Singapore, and Brunei.
- When? Deposits, withdrawals, and trading are live. Stacking is coming soon. 👀
What is NYCCoin (NYC)?
NYCCoin (NYC) is the CityCoin for New York City. The first CityCoin to launch was MiamiCoin (MIA), which is also available exclusively on Okcoin.
CityCoins are tokens built on top of the Stacks blockchain. They allow holders to earn stacking rewards, support a city by growing its treasury, and program new applications. Since its launch a few months ago, MIA has already earned Miami City’s treasury more than $30 million.
CityCoins are a grassroot movement, but New York City’s Mayor Eric Adams and his administration are bullish on crypto and how it can transform citizen engagement. He tweeted his greetings to NYCCoin and called the city “the global home of Web3″ – indicating New York City might be into crypto for the long haul. 🚀
What are CityCoins?
CityCoins are a new way for people to help grow the cities they care about. CityCoins holders get to:
- Earn stacking rewards
- Grow the city’s treasury
- Program applications using the token as fuel
- Support innovative and crypto-friendly cities
- In the long term, vote for on-chain governance
CityCoins are programmable so their utility will grow over time and with the different use-cases local communities need, such as businesses offering discounts or benefits to people who “stack for their city,” and more.
How do CityCoins work?
We’ve been enthusiastic about the Stacks ecosystem since day one, because it allows building smart contracts on top of Bitcoin. That’s why we were the first regulated exchange to list its token, STX, and remain the only exchange to offer stacking. “Stacking” is Stacks’ version of staking, with a twist: It allows STX holders who lock their funds over a fixed period of time to earn rewards in bitcoin. 🤑
What does that have to do with NYCCoin? Mining: NYC coins are mined by forwarding STX to the CityCoins smart contract on the Stacks protocol. Out of all the STX that miners forward:
- 30% is sent directly to the wallet reserved for New York City’s treasury. The city can decide at any time to use that wallet to fund the initiatives of their choice.
- 70% is distributed to CityCoin holders who choose to stack their tokens. Holders who stack NYC earn STX rewards, which can then be stacked on Stacks to earn BTC rewards.
This means only STX holders are able to mine NYCCoin and earn extra STX.