Miami to pay dividends to residents for staking MiamiCoin
The Mayor of Miami, Francis Suarez, announced on CoinDesk TV Thursday morning that he will be dishing out 'Bitcoin yield' to those residents of the city who are staking the cryptocurrency of the city.
Miami is the first city to pay dividends
"We're going to be the first city in America to give a bitcoin yield as a dividend directly to its residents," said Miami Mayor in his statement to CoinDesk. Mayor Suarez brought the CityCoins project to Miami in the month of August, making MiamiCoin the first CityCoin crypto project.In his statement, the Mayor shed light on his plans to pay these dividends using a crypto-based wallet. Furthermore, the city of Miami will work with several cryptocurrency exchanges, also helping the residents to acquire and activate a crypto wallet after getting verified.
"I do see very quickly a world where the satoshi system is what is used to make payments," Mayor Suarez said. We need for people to understand that … yes, we want you to hold bitcoin, but we also want to increase the utility of bitcoin.
Mining and staking of MIA
The mining of the coin (MIA) began on Aug 3, which uses a three-step process for mining. The Miami CityCoin projects are based on Stacks, a protocol that deploys smart contracts on the Bitcoin network.In the first step, the miners will mine MiamiCoins by forwarding the Stack tokens (STX) in the smart contract in a given Stack block. For this, they will be awarded MIA tokens. Next, 70% of the reward generated from the mining process is distributed among the miners who choose to Stack their MIA tokens (Stackers). The other 30% of the rewards are sent to the Miami wallet, wherein the funds are stored in STX, ready to be converted into USD anytime.
Following this process, the MIA wallet value shot above $21.5 million, which, when continued annually, will be worth actually one-fifth of the total tax collected in Miami.
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