Peter Schott // pcs2144
*an article cannot be found however the concept is an interesting take on our capital city/government budget discussion from 6/1)*
*this is not investment advice*
(1) Sustainability Problem: Everything / Civic Engagement
By utilizing blockchain and the Bitcoin infrastructure, the concept of Citycoin(s) attempts to raise equity for US cities, allowing for external investment.
(2) Citycoin attempts to strengthen the treasury of existing cities, as individuals stake their existing crypto (Stacks, or STX) to support the particular city.
- The first city (arguably the pilot) is Miami
- Without getting technical, users can commit their STX crypto, exchanging it for Citycoin.
- With Citycoin, users are able to “stack” (lock) the currency, providing security to the network while earning interest paid out in STX/BTC
- Big picture, this mechanism provides the given city an ongoing revenue stream to benefit its infrastructure and civic engagement
- While this is a premature idea (in my opinion), Citycoin provides a clever way for cities to generate external capital without raising debt
- Includes Local (and potentially State) Government (in the case of Miami, specific the Mayor and other public offices like the Treasury Dept.)
- Includes the general public within the cities as ideally they support a crypto treasury
- Potential projects resulting from the funds can span various industries and consequently NGOs, Universities and Corporations (e.g, Utility companies, Water companies, Waste companies, etc.)
(4) Next Steps
- Develop a user engagement plan/strategy to spread the concept of Citycoins, in an effort to gather feedback/input from City Governments and the community (both general public and crypto community)
- Have individuals that hold Stacks (STX) vote in their desired cities to be a part of Citycoin(s) to ensure the sustainability of the Citycoin concept
- Request that Stack (STX) holders execute a Stacks smart contract (already a part of the ecosystem), locking their crypto to mine Miamicoin ($MIA); publish results from first mining and staking cycle to justify concept