Miami mayor Francis Suarez has a plan.
Move Miami further into the crypto space; and in turn, raise money for city projects while passing profit onto Miami citizens via BTC.
We don't know the exact mechanism behind how citizens will get their hands on their share but we do know that Miamicoin is looking more sustainable by the day.
Miami is the test city for 'City Coin', a smart contract protocol for the Bitcoin network. As 'City Coin' miners forward "Stacks" into smart contracts, miners will receive a reward. Meanwhile 70% of those mining rewards are sent to those "stacking" their 'City Coins', while the remaining 30% is sent to the city's custodial wallet.
That custodial wallet is what will allow Miami (or New York, or whatever city signs up next) to fund city projects through the revenue this will generate - and pass on a portion of that revenue to all Miami residents. The city of Miami could reportedly give as much as $21 million from their Miamicoin earnings through city issued BTC wallets.
"We're going to create digital wallets for our residents. And we're going to give them some Bitcoin directly from the proceeds of MiamiCoin." - Francis Suarez
It may not seem like much, but Miami is all in on crypto even working with Dale County officials to allow residents to pay taxes with Cryptocurrency. According to Suarez, Miami has made $21 million through Miamicoin in the past 3 months.
Miamicoin currently trades at $0.23 as of this writing, with a market cap of $46,687,085.
As for the rest of the world, City Coin has announced plans to launch in New York and Austin with potential sites in LA, Rio De Janeiro, Lagos, Tokyo, London, Sydney, and more.
What do you think of the project so far, does it have long term stability?