Citycoins disbursement idea

[avinashburra]

Wanted share some thoughts with the community and see what you think.

First, here's my premise: for citycoins to have broad adoption and success, citizens need to have access to them and drive utility by spending them on goods, services, and programs. Currently, it's only the miners who've built up positions in MIA and NYCCoin, and even the respective cities don't hold any. What if the block reward was split, and say 10% went to the city wallet and the remaining 90% to the winning miner? That way, the city builds up a balance over time and can periodically disburse funds to residents.

Any legal or technical challenges to doing something like this?

[StevenLongCFO]

Wanted share some thoughts with the community and see what you think.

First, here's my premise: for citycoins to have broad adoption and success, citizens need to have access to them and drive utility by spending them on goods, services, and programs. Currently, it's only the miners who've built up positions in MIA and NYCCoin, and even the respective cities don't hold any. What if the block reward was split, and say 10% went to the city wallet and the remaining 90% to the winning miner? That way, the city builds up a balance over time and can periodically disburse funds to residents.

Any legal or technical challenges to doing something like this?

Currently, it is illegal in FL and NY for any Jurisdiction to buy/sell or hold/trade cryptocurrency. There is, however, a movement to change this in Miami-Dade County. I am told that Wyoming is the only state that has legalized the above. Perhaps our CityCoins movement will help to foster adoption by states and municipalities once the use-cases grow.