KEY POINTS

  • Eric Adams to bring CityCoins project to NYC
  • Starting Nov. 10, 3 p.m. ET, the NYCCoins will be ready for mining
  • Mining rewards will be received in Stacks (STX)

Eric Adams, who is set to take over as the mayor of New York City on Jan. 1, is known for his pro-crypto stance, including an announcement that he will take his first pay in Bitcoins. Adams also has plans to bring cryptos to New York, according to a statement by the CityCoins community. 

CityCoins is a crypto-based project that allows people to invest in their city by mining and buying city tokens. These coins are powered by the Stacks protocol, which enables digital smart contracts on the Bitcoin network.  

Miami was the first city to launch a city coin, in August. MiamiCoins garnered more than $21 million for the city. Adams now wants NYC to have its own token, the NYCCoin ($NYC). "We're glad to welcome you to the global home of Web3! We're counting on tech and innovation to help drive our city forward," the mayor-elect expressed his excitement for the project in a tweet.

Going by CityCoins's statement, the community activation of mining for the NYCCoin would begin Wednesday, at about 3 p.m. ET. The NYCCoin will be operated by the community of CityCoins and the holders in New York City. 

"As the second CityCoin to launch, NYCCoin will create a novel new mechanism for civic engagement by allowing anyone to play part in growing the city's crypto treasury and creating a new technology ecosystem for development, all while earning STX and BTC rewards," it said.

Mining CityCoins is a straightforward process, which works in three steps. First, the miners forward the STX tokens through the Stacks protocol. Seventy percent of the STX mining rewards are distributed to those who stack CityCoins, called Stackers. These stackers receive the rewards to continue mining the CityCoins. Read about mining NYCCoin here.

Another important component of this process is the city wallet, which receives 30% of all the mining rewards. This reserve holds all the mining rewards until the authorities decide to convert the STX into USD. 

The soon-to-be mayor also wants crypto education to be included in the city, citing that New York is a place of innovation where empires are built.

New York City Democratic Mayor-elect Eric Adams gestures to supporters during his 2021 election victory night on November 2, 2021 in New York City New York City Democratic Mayor-elect Eric Adams gestures to supporters during his 2021 election victory night on November 2, 2021 in New York City Photo: AFP / ANGELA WEISS