Miami Mayor Francis Suarez has been celebrating the success of a recent initiative to fund municipal projects through the proceeds of a city-specific crypto protocol built atop the Bitcoin blockchain. On Sept. 13, Miami’s city commissioners voted to accept funds generated by a new cryptocurrency, MiamiCoin, which was launched in August by CityCoins. The coin is built on Stacks, an open-source network of decentralized applications and smart contracts that use the Bitcoin blockchain as a programmable base layer. Hard-coded into MiamiCoin’s protocol is the requirement that 30% of all coins mined are routed to a digital wallet designated for the city. Those funds will be earmarked for spending on projects such as projects to mitigate the risks of climate change, funding initiatives for underprivileged communities, and investing in crypto education for tech entrepreneurs.
