You might have realized we have a thing for Miami. Something about manicured palm trees and gaudy neon lights and blacking out to a double mojito on a sunny shore just screams late stage capitalism’s in its death throes and it’s a beautiful thing. Well, the crypto bros over at CityCoins must agree, because MiamiCoin is now alive and well and living on South Beach.
CityCoins is a crypto developer with plans to launch a series of tokens linked to U.S. cities in order to generate interest (and capital) for infrastructure. When a city’s coin is mined, 70% of the value is deposited in the miner’s wallet, while 30% goes in a crypto wallet earmarked for the city’s municipal projects.
Only Miami’s coin is currently live (with San Francisco’s supposedly coming soon) so why is this news? Well, aside from the crypto community’s inexplicable fascination with the Magic City, over $5m has already been raised. Not only that, but the local government has already approved accepting the funds. The powers that be cosigning their looming irrelevancy is a rare sight, but we sure love to see it.
Of course, it’s America we’re talking about, so this decision comes with caveats. The city will only accept the funds as USD, not STX (Stacks, the cryptocurrency currently backing the tokens) because, as we’ve recently seen, they’ll treat the blockchain with more caution than the literal plague. And they will not officially endorse the coin or allocate the funds immediately. God forbid a government behaved efficiently.
But Miami’s mayor Francis Suarez is bullish on the coin, alleging it will ‘revolutionize the way governments are funded in the future,’ and we’ve got to agree. After all, we’re HORs for interesting use cases on the blockchain. Which, if you’ll recall, is all Bitcoin was back in 2016.
If anything can keep Miami above water in the coming apocalypse, why not this?