Blog Cryptocurrency 

Use Cases of City Coins

nxtgenvirtue

Snapshot

  • Financial Incentives
  • Community Governance
  • Access Controls

CityCoins are cryptocurrencies that allow their holders to support cities in return for rewards in cryptocurrency, mostly Bitcoin (BTC) and Stack tokens (STX). CityCoins are powered by using Stacks, a blockchain that will allow smart contracts on the Bitcoin network.         

Some of the use cases for the CityCoins are listed below:

Financial Incentives

The most direct usage of the CityCoins could be to support the local community, this could include:

  • CityCoins holders could be offered discounts for sporting events and various activities. 
  • Giving rewards to students who perform well in academics and other events or automated lotteries to help pay the tuition of the students. 
  • CityCoins are delegated as grants or collateralized loans so that other businesses can be attracted to the city. 
  • Various simple tasks of maintenance, especially in remote areas can be done. This is extremely helpful in cities, where the administration is slow to respond to such requests. Payments could be made in CityCoins and then locked up, to be released only when the job is completed. 
  • An ‘auto-stacking’ feature is developed that will automatically redirect the CityCoin earnings towards buying or mining of more CityCoins.       

Community Governance

CityCoin token holders will have the power to vote on community proposals, similar to how DAO voting works in the crypto ecosystem today. 

  • Tokens could be delegated by token holders to assist in modernizing the communities. This could be achieved by funding new projects, like free Wi-Fi services for the city or the installation of new solar panels. 
  • CityCoin can be swapped with other CityCoins as a means to offer support to one city and disapproval to another. 
  • Communities belonging to different cities can pool their CityCoins to vote on regional initiatives and projects. 

Access Controls

CityCoin holders can be given privileged access to digital or physical spaces and services. This has been further elaborated below:

  • For various digital and physical spaces and events, a ‘Proof of HODL’ login credential is established. 
  • A decentralized global network of living spaces is created and access to this can be gained through CityCoins. 
  • Decentralized, city-specific domain registrar that can be used by the users as an app dashboard or as a personalized crypto wallet. 

Disclaimer: The article should not be considered as any financial advice. It is advisable to conduct thorough research before investing.

Photo by – WorldSpectrum on Pixabay