Within five years, 200 cities will have their own cryptocurrency. CityCoin contributor, developers to design apps that uses citycoins and know why you want to build with bitcoin?
According to Patrick Stanley, a collaborator to CityCoins, the project hopes to spread beyond the United States in a not too far era.
The Freehold CEO went on to explain on the CoinMarketRecap show that each and every major city will someday get its own virtual currency.
New York City and Miami have already implemented CityCoins. Stacks, a system for enabling smart contracts on the Bitcoin blockchain, powers them.
Miami Mayor Francis Suarez announced in February that the city has received a $5.25 million return from the initiative which seeks to provide an alternate income stream to taxes.
Developers to Design Apps that use Citycoins
Stanley told CoinMarketCap at Stacks’ Bitcoin Unleashed conference in Miami that CityCoins’ ultimate goal is to provide “an App Store for cities,” motivating developers to design apps that use CityCoins.
The CityCoins concept also empowers mayors to concentrate on startups and disruptors rather than major enterprises, according to Trevor Owens, managing partner at Stacks Ventures. They said during the viewing:
“Many cities do not want huge corporations to locate in their city since they leave a large footprint. It raises the cost of renting.”
They claimed that CityCoins provide residents a verifiable stake in their city’s prosperity. And that other prospective use cases include stablecoins that can be traded with local businesses. Thereby increasing revenue.
Why would you want to build with Bitcoin?
Stacks allows DeFi protocols to be developed on top of the Bitcoin blockchain. In addition to smart contracts and city currency… as well as the creation of non-fungible assets.
Brittany Laughlin, executive director of the Stacks Foundation, explained reasons developers wouldn’t just use Ethereum after all:
“I believe Ethereum has a fantastic ecosystem. But I do not believe it is the only area where you can develop. And, when it comes to market capitalization, I believe Bitcoin is the most valuable. It is the most popularly accepted and also most available asset. As a result, Bitcoin should not be left out of the fun of NFTs and DeFi.”
Laughlin also said on the CoinMarketRecap podcast that, notwithstanding Bitcoin’s recent pullback of all highs. There has “not been a better opportunity to build in crypto.”
“If pricing is your sole concern, I believe this is not the company for you. I believe it is due to the builders and I believe we have seen more builders than we have in the past.”
Laughlin explained why Stacks was hosting Bitcoin Unleashed. Saying it was a chance for the group to come together following the COVID outbreak. In the years ahead, she predicts that the worth of apps developed on top of the Bitcoin network via Stacks would one day surpass the cryptocurrency’s market valuation. Within five years, 200 cities will have their own cryptocurrency —CityCoin contributor.
When asked about the EU’s decision to crack down on faceless payments made through unhosted wallets. Laughlin cautioned that such rules would cause enterprises to flee — and relocate to more blockchain areas.