An overview of the token component of the CityCoins protocol.
CityCoins require the Stacks Web Wallet to interact with the smart contracts on the Stacks blockchain. (see How do I get started?)
CityCoins are fungible tokens on the Stacks blockchain with no ICO, no pre-sale, and no pre-mine.
Once a CityCoin is deployed and activated, the emission schedule begins and winning miners mint the CityCoin into existence.
CityCoins can be sent and received using a STX address, used for payment in smart contracts, and more.
Miners receive coinbase rewards for mining CityCoins outlined in the table on this page per block.
The emission schedule does not begin until mining is activated, and once it begins, the current block height of the Stacks blockchain is recorded in the smart contract.
From there, the amount of CityCoins rewarded through mining follow a doubling epoch halving schedule, where the mining rewards are cut in half in intervals over the next 20 years.
There is a bonus block reward for early miners who participate in the first 10,000 blocks.
Epoch End Block
After the final halving the total supply is estimated to be 17,500,000,000 CityCoins and will increase indefinitely by an estimated 164,062,500 CityCoins per year.
The values above are denoted in CityCoins, and the values in the contract and APIs the value will represent the reward/supply above multiplied by
1,000,000to account for the 6 decimal places as micro-CityCoins.
CityCoins have 6 decimals, denoted with
1 BTC = 100,000,000 Satoshis
1 STX = 1,000,000 micro-STX (uSTX)
1 CityCoin = 1,000,000 micro-CityCoin
1 MIA = 1,000,000 uMIA
1 NYC = 1,000,000 NYC
Since CityCoins have 6 decimals, there will be places that may show the balance of
CityCoins * 1,000,000. This is not a bug.
What's showing is the "raw" value on-chain, which represents micro-CityCoins. Consider a
50,000 MIAblock reward - claiming from the contract will mint
50,000,000,000 uMIAwhich is then displayed correctly in wallets based on the number of decimals.
You can also see this in V1 to V2 conversion transactions, where for example,
50 MIA (V1)is burned and
50,000,000 uMIA (V2)minted, and both are equivalent in value because V2 MIA has 6 decimal places.