The CityCoins platform will create the NYCCoin municipal token for the City of New York, Mayor Eric Adams said on Twitter. The project will be launched to attract investment to the city budget. New York will become the second American city with its own cryptocurrency.

The mining of the token on the CityCoins platform begins on November 11 and will be carried out in the most environmentally friendly and energy efficient way – using staking. Staking is storing coins by users on the Proof of Stake (PoS) algorithm and, therefore, ensure the operability of the blockchain, receiving a reward. Unlike mining, staking allows you to mine new blocks without using large computing power. Developers will be able to create smart contracts and decentralized applications based on NYCCoin.