By Alicia Maher
In just two months of its launch, Miami City’s native coin, MiamiCoin, has raked in a revenue of $10 million. MiamiCoin (MIA), was designed and launched as a project to raise more funds for the city of Miami. The coin is built on Bitcoin using the blockchain stacks and is powered by CityCoin, the blockchain for cities.
As per the City’s plan, the $10 million and future revenue generated by the coin will be deployed for use across Miami City to further the city’s development.
Miami Native Token Mining
MiamiCoin is a Proof-of-Stake coin; one reason why it has a high mining rate and has brought in such huge revenue within a short time. The proof-of-stake mining has a programmed feature to allocate 30% of the mining revenue to a wallet owned by the City. The coin is mined by the citizens and residents of Miami who willingly donate 30% of the revenue to the State. This implies that the $10 million is only 30% of the total revenue that MIA has generated.
MiamiCoin Generates Revenue for Miami City
The MiamiCoin was created after Miami City mayor, Francis Suarez birthed the idea and pitched it to the City’s Governing Council. The Council accepted the idea and put plans in motion to create the coin. Mayor Francis believes that MIA can go on to not just raise funds for the City, but also help them to pay off its tax budgets, helping citizens to stay tax-free.
In a podcast with Anthony Pompliano in September, Mayor Francis had discussed the MIA project and expressed his belief that the coin will be a major part of Miami’s future financial plans. According to the Mayor, MIA will change the way Miami citizens donate and contribute to the City’s future projects. His predictions are already coming through, seeing that MIA only started accepting donations about three weeks ago today.
MIA generated $4.3 million in the first week and two weeks later, an additional $6 million that brings the total amount to just over $10 million.
Miami Coin Runs on Bitcoin
Anthony Pompliano believes that the Bitcoin network on which MIA is built contributes to the huge success that it is recording. MIA is built using Stacks and has a smart contract that runs on Bitcoin. Stacks makes it easy to deploy smart contracts on Bitcoin.
Bitcoin, the world’s first blockchain network, is a decentralized, open, and “the network of truth” according to Pompliano. Bitcoin plays an important role in the success of MIA as a base network that people can trust.
MiamiCoin is built on a second-layer protocol that assures users of security and true decentralization. It also makes it easy for the City Council to apportion revenue to projects across the city and give details of such transactions on the public ledger.
Miami City will hope to raise more revenue from MIA and even work towards a reduction of the tax burden on its citizens. Mayor Francis is a known cryptocurrency supporter; in light of the growing crackdown and calls for regulation, it is positive news for the crypto community across the U.S. that a government official is deploying the power of cryptocurrency to drive growth and development.