Philadelphia is on the verge of following in the footsteps of Miami, Austin and New York by partnering with CityCoins to develop the Brotherly Love cryptocurrency.
Philadelphia Mayor Jim Kenny has supported the concept, telling state media site Statescoop that his office is “excited about potential CityCoins donations to solve urgent problems in the city.”
Mark Wheeler, Philadelphia’s chief information officer and apparent supporter of bitcoin (BTC), said Tuesday that “Philadelphia is ready” to get started with CityCoins.
CityCoins is a software application on the Stacks (STX) blockchain that helps the city authorities create a unique cryptocurrency. Transactions are performed in stacks on the Bitcoin network.
New York and Miami are already using CityCoins to increase their treasury holdings. Thirty percent of the recovered STX tokens are sent to the city’s wallet and then sold for US dollars, which go directly to the city’s treasury. The miners leave the rest.
In an interview on Tuesday, Wheeler indicated that the city will officially begin considering CityCoins to ensure that any potential partnerships they create together comply with existing crypto-related laws.
Wheeler solved the problem of protecting the environment by using a program that uses the blockchain to prove work, such as Bitcoin. He noted that CityCoins does not require users to use any additional devices that could further harm the environment. He told Statecoop on Tuesday:
“I think we can just say, ‘This is not Bitcoin, and it does not require new servers to be set up and it does not require much power consumption. “I think this is a valid and verifiable statement.”
In November last year, Wheeler announced that Philadelphia would work to bring blockchain technology to the city council. The initiative inspired the city of Miami.
Miami launched MiamiCoin with CityCoins in August last year to help the city raise money that Mayor Francis Suarez says can be used to cover the tax burden on all residents.
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New York launched NYCCoin in partnership with CityCoins in November last year. As with MiamiCoin, NYCCoin miners are rewarded with STX and BTC for providing the city with tokens.
Austin, Texas is also partnering with CityCoins, but mining has not started yet.