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Philadelphia set to develop its digital asset

Philadelphia

TL; DR Breakdown

  • Philadelphia is ramping up plans to develop its digital asset
  • The city will partner with CityCoins for the project
  • Mining the token will not cause harm to the environment

Last year, there was a massive turn of individuals towards the crypto sector. This was majorly because of the massive increase in the price of the digital assets during the period. One of these pushed major cities across the United States to develop their token to bring some form of revenue for users and the government. However, despite the decline witnessed in the digital asset market, Philadelphia has announced that it will launch its digital token very soon.

Philadelphia will partner with CityCoins

In order to achieve their dream, the United States city will ink a partnership with CityCoins. Doing this will follow the laid-down path of Miami, New York, and Austin. Giving his review, the Mayor of the city says he is ecstatic about the partnership and would look forward to donations from CityCoins to help the citizens of the city. Also, in another tweet, the Information officer of Philadelphia, Mark Wheeler, said that the city had put things in place for the program’s success. Notably, Mark Wheeler is also an ardent follower of Bitcoin.

Mining will not be energy consuming

CityCoins is an application that was developed to help the government come up with its unique digital asset. The software runs on the Stacks blockchain, which uses the Bitcoin blockchain to offset transactions. Miami and New York are two cities that have leveraged the application to help their treasury. For every minted STX token, 30% goes to the government wallets, who can then decide to sell it for profit. The rest of the tokens are miners’ gains from their productivity.

Going by a recent publication by Wheeler, the government of Philadelphia has been looking into CityCoins to ensure that they comply with the basic laws that govern crypto. Wheeler also allayed fears of citizens of Philadelphia who might be thinking of the adverse effects of mining via the Bitcoin blockchain. He mentioned that users do not necessarily need heavy hardware, which could impact the environment negatively to mine the coins. Austin is also another potential customer on CityCoin’s list. However, mining has not been kicked into full gear.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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