Miami to experiment with DeFi sidechain on Bitcoin

Key Facts:
A City of Miami commission has accepted a contribution of about $4 million.
The contribution is made to form the MiamiCoin treasury in the City of Miami.

Miami Mayor Francis Suarez, along with a City of Miami commission, voted to receive a contribution of about $4.3 million from the CityCoins project. The amount was raised thanks to the creation of MiamiCoin (MIA), a token that runs inside Stacks, a Bitcoin sidechain. This was developed and launched independently from the Miami city government.

The agreement was published on the CityCoins portal this September 13. There it is made official that the Miami city commission “has voted to reclaim its contributions from the MiamiCoin protocol”. The resources will be used in different projects for the “benefit of the city”, among them the program to mitigate the effects of climate change and the plan for “cryptographic education and incentives for technological entrepreneurs”.

Now that the city has officially adopted MiamiCoin as a tool for the city, Miami has been heralded as the next major epicenter for technology and innovation. The city has further established itself as a leader in the public sector by embracing its contributions to the MiamiCoin protocol, demonstrating how city governments can embrace and leverage new technologies to benefit their constituents.

CityCoins Community.

Going forward, the City of Miami will be able to manage the MIA treasury, offering incentives to its citizens who own or mine MIAs. As highlighted by the MiamiCoin document on the CityCoins website, MIA mining will contribute 30% of the total mined to the MIA treasury and the remaining (70%) in direct benefits to miners.

MIA is a token launched last August and developed within the Stacks network, a Bitcoin sidechain on which it is possible to execute smart contracts and create decentralized platforms. Mining in Stacks, and in this case in MIA, generates profits both in STX, the network’s own cryptocurrency, and in BTC.

A cryptocurrency for Miami not developed by Miami
CityCoins is a project that aims to bring cryptocurrencies to different cities in the United States, starting in this case with Miami.

The process begins with a demand from citizens wanting a cryptocurrency for their city, through an open election. Once it is launched, a vote is opened in which citizens and government authorities can vote to adopt and claim the contributions and administration of the created currency.

In the case of Miami, the commission in charge agreed to sign the agreement with CityCoins for the adoption of MIA. Mayor Francis Suarez gave his approval to the proposal, this taking into account that previously, as reported by CryptoNews, he has set a position in favor of Bitcoin.

 

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