Okcoin is the only platform in the world to buy, sell, trade, and stack CityCoins’ first coin: MiamiCoin. Here’s everything you need to know about this new asset, and how CityCoins have the potential to revolutionize how people and organizations support innovation in the cities they care about.
- What? Okcoin is the only exchange to offer deposit, withdrawal, trading, and stacking of MiamiCoin (MIA) against USD. MiamiCoin is the first CityCoin to launch, which is a coin project built on top of Stacks that allows people to support cities around the world.
- Who? All Okcoin customers except for residents of the EU, the UK, Singapore, and Brunei.
- When? Deposits, withdrawals, trading, and stacking are all live now. 👀
What are CityCoins?
CityCoins are tokens built on top of the Stacks blockchain that allow people to grow their cities. CityCoins allow their holders 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 access control to digital or physical spaces, businesses offering discounts or benefits to people who “stack for their city”, and much more.
How do CityCoins work?
CityCoins are built on top of the Stacks protocol, a blockchain project allowing the development of smart contracts and decentralized applications on top of Bitcoin. We were early supporters of Stacks and the first regulated exchange to list its token, STX. We are also the only exchange to offer access to its stacking function which allows STX holders who lock their funds over a fixed period of time to earn rewards in bitcoin.
The 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 each CityCoin city. The city can decide at any time to use that wallet to fund various city initiatives.
- 70% is distributed to CityCoin holders who choose to stack their tokens. Holders who stack CityCoins earn STX rewards, which can then be stacked on Stacks to earn bitcoin rewards.
This means only STX holders will be able to mine MiamiCoin when mining starts August 3 at 1 pm ET.
What is MiamiCoin (MIA)?
MiamiCoin (MIA) is the first CityCoin to launch. Miami has long been an innovation hub and in the last year it has become a true crypto powerhouse. Its crypto-friendly city leadership and community make it the logical first city to support this important project.
CityCoins are a grassroot movement, but Miami Mayor, Francis Suarez, and his administration are excited about the future of the coin and what it may help them accomplish.
“We could use it for roads, parks, regional resilience — the idea is [MiamiCoin holders] are making an investment in the quality of the city’s future. They’re betting on Miami to be successful, and from a holder perspective, when Miami does better, their coin does better.”
Michael Sarasti, Miami CIO
Disclosure: Trading in digital assets is considered high risk. Digital assets are not backed by any government or central bank, and digital assets are not subject to FDIC or SIPC protection. The risk of loss in trading or holding digital assets can be substantial. Okcoin does not provide investment or asset recommendations, and Okcoin is not engaged in the offer, sale, or trading of securities. You should carefully consider whether interacting, holding, or trading digital assets is suitable for you in light of your financial condition.