The Pomp Podcast #721 Paying Bitcoin Dividend To Miami Citizens w/ Patrick Stanley and Muneeb Ali
Nov 14, 2021
In this engaging discussion, Muneeb Ali, co-founder of Stacks, and Patrick Stanley, founder of Freehold, dive into the revolutionary concept of paying Miami citizens in Bitcoin. They explore the integration of smart contracts with Bitcoin, enhancing its utility in decentralized finance. Patrick shares insights on CityCoins and its potential to boost city revenues while benefiting citizens. The conversation delves into how municipalities can leverage cryptocurrency for leadership and community engagement, setting a precedent for financial innovation in cities.
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Bitcoin's Evolution
- Bitcoin's primary use case now is buying, holding, or trading on centralized exchanges.
- Decentralized exchanges, lending protocols, and smart contracts represent its next evolution.
Stacks and Bitcoin's Architecture
- Bitcoin's base layer should remain simple and durable, avoiding the complexity of other blockchains.
- Stacks adds a separate layer for smart contracts, enabling functionalities similar to Ethereum.
CityCoins and Miami's Treasury
- Mining CityCoins sends 30% of the cryptocurrency directly to the city's treasury.
- The City of Miami has accumulated almost $22 million worth of Stacks in three months.