After hearing about a recent development in the #STX ecosystem I wanted to express my thoughts on this great development.
The project is CityCoins. These are cryptocurrencies that allow you to support your favorite cities while earning yield in Bitcoin. Think like municipal bonds but with crypto and a better interest rate. All we need now is for them to be tax-free when receiving yields.
Currently, CityCoin's first city is Miami who has recently been a big proponent of Bitcoin. San Franciso is coming soon and you can vote for your city at https://survey.citycoins.co/survey/1FQed1QoJ4qpZHznNo31qWgxXZG2D1YKpM/40508aad-b5a5-4b86-8575-77ea0555cf24. Could the next city be something like Reno with the Mayor’s love for Chainlink or even New York if Yang can win the election and his stances so far on potential projects such as a citizen-funded UBI system.
This project sounds very interesting because it has so many potential use cases that could be thought up. A few I can think up are below.
- Decentralized infrastructure funding: Imagine being able to provide CityCoins to contribute to needed roads, bridges, or broadband networks and earn BTC or STX yield bases on usage rates associated with the development and growth of the city. A true way for a citizen to see when their money goes and see the return vs the concepts of taxes where all you know is you had to pay but have no idea where the money was spent or if you received any benefit from the project. (A side note any city doing projects like this should petition states to create a way for CityCoin Infrastructure funded to get tax deductions on their state or federal taxes for implementing government spending and expediting projects that could take forever if being worked through bureaucracy)
- Project input councils based on citizen needs: Something similar to a governance staking system on an exchange where you get to weigh in on changes but with city projects or upcoming legislation giving citizens a way to voice their stance on when the city government is doing vs just the standard petition and mail your rep which not all of them pay attention to. This could allow for neighborhoods that are less known to get attention to their project interest.
- City assistance programs where people can in a tax-free way stack their Citycoins if a portion of the rewards is elected to contribute the programs to help people or programs in need such as homeless, underprivileged school systems, low-income housing, and other programs.
- Special Business Zone programs where citizens can provide CityCoins to back new business loans and develop new city business zones earning a long-term return after the business or business area becomes a staple in the city. This is a great way to encourage support for new businesses and a way for people to benefit when central business districts get developed and ensure they help local businesses that support local jobs and growth.
These are just some examples I could think of. I’m sure there are a lot more out there and it would be great to see a use case forum on the site. For more info on CityCoin check out https://www.citycoins.co/.
If you want to read more of my thoughts on great crypto projects follow me here or on my Twitter @KBCryptoStocks
As always please remember this is not and should not be taken as financial advice.
