What is City Chain
City Chain is the name of a new blockchain released on October 2nd. City Chain is a blockchain project that we in Liberstad has been planning and working on since early 2017. In February 2018 the City Chain Labs was established and development of the blockchain and software was initiated and led by Sondre Bjellås.
City Chain will be used for many services in Liberstad including :
The first application for City Chain is its crypto-currency City Coin
City Chain will be used for many services in Liberstad including :
- Crypto-currency
- Property registration
- Vehicle registration
- Identification system
- Smart contracts
- Business registry
- Insurance
- Certifications
- Subscriptions
- and more
The first application for City Chain is its crypto-currency City Coin
What is City Coin
City Coin (CITY) is the crypto currency that runs on City Chain. It is the medium of exchange and payment for services on the City Chain.
The City Chain is a Proof-of-Stake blockchain, making it more accessible to people without the need for hardware investments for mining. Instead of mining, you can decide if you want to use your coins for staking. As a staker, you provide a service to the community and the network, and receive staking award in the form of new coins for every block you are selected to stake.
City Coin will be partially premined and all those coins will be donated to three different non-profit foundations:
The City Chain is a Proof-of-Stake blockchain, making it more accessible to people without the need for hardware investments for mining. Instead of mining, you can decide if you want to use your coins for staking. As a staker, you provide a service to the community and the network, and receive staking award in the form of new coins for every block you are selected to stake.
City Coin will be partially premined and all those coins will be donated to three different non-profit foundations:
- City Chain Foundation (20%)
- Private City Fund (55%) (under development)
- Private Business Incubator Program (25%) (not operational yet)
Private City Fund
55 percent of the premined City Coins has been donated to Private City Fund. Private City Funds mission is help establish private start-up cities, micro-nations and other communities that is founded upon the voluntaryist philosophy.
The funds that are donated to Private City Fund is intended to last 200 years and each year the fund will be allowed to use 1/200th of the funds for a yearly budget. A large part of the Private City Funds yearly budget goes to funding various projects and Liberstad has been granted a one-time amount of 10 mill CITY in addition to a monthly payout of 200k CITY
The funds that are donated to Private City Fund is intended to last 200 years and each year the fund will be allowed to use 1/200th of the funds for a yearly budget. A large part of the Private City Funds yearly budget goes to funding various projects and Liberstad has been granted a one-time amount of 10 mill CITY in addition to a monthly payout of 200k CITY
Liberstad's CITY Coins
In Liberstad we do not wish to pay our workers in government fiat currency and until now everyone has been working without compensation on a voluntary basis.
A large portion of the City Coins we have received will therefor be used as salary for our workers and also compensation for external work that is related to the continuous development of Liberstad.
City Coin will therefor be the only means of payment for our workers in Liberstad. Citycoins can be used directly as payment for products and services in Liberstad or can be exchanged for other cryptocurrencies or fiat currencies on Liberstad Block Exchange.
A large portion of the City Coins we have received will therefor be used as salary for our workers and also compensation for external work that is related to the continuous development of Liberstad.
City Coin will therefor be the only means of payment for our workers in Liberstad. Citycoins can be used directly as payment for products and services in Liberstad or can be exchanged for other cryptocurrencies or fiat currencies on Liberstad Block Exchange.
Valuation of CITY Coins
Because City Coins (CITY) is a brand new cryptocurrency and is not yet traded on any exchanges, there is no market valuation of CITY. During our joint development of City Chain together with the City Chain Foundation we had to set a desired initial valuation of CITY to calculate the number of coins that was to be issued on a yearly basis over the next 200 years as well as how much was to be donated to each of the three funds.
We agreed on a initial valuation of 1 NOK (0.12 USD) per CITY and we will therefor base our hourly wage for workers on this valuation. Workers in Liberstad will be paid between 150 and 300 CITY pr hour depending on the work and qualifications.
We agreed on a initial valuation of 1 NOK (0.12 USD) per CITY and we will therefor base our hourly wage for workers on this valuation. Workers in Liberstad will be paid between 150 and 300 CITY pr hour depending on the work and qualifications.
City Hub
City Hub is the name of the wallet where you can send, receive and store your Citycoins. In the wallet you can also stake your coins and receive reward in the form of new coins. City Hub is currently available for PC, Mac or Linux. A smartphone version for Android or iOS will be launched in the near future. You can download the latest version of City Hub by clicking on the link below.
Where to buy CITY coins
City Coin is traded at txbit.io exchange with trading pair BTC/CITY, ETH/BTC, USD/CITY and EUR/CITY
We are currently in the process of setting up our own exchange here in Liberstad. Liberstad Block Exchange (LBX) will be a fully functional crypto exchange for exchanging crypto currencies and government fiat currencies.
Liberstad Block Exchange will also be a stock- and security exchange for companies and organisations registered on the City Chain. Companies and organisations that register on the City Chain will be able to easily issue their own stocks- and securities that can be sold and traded on Liberstad Block Exchange.
Because of new laws and regulation it will take som time, and capital, before the exchange is ready for exchanging NOK, USD or EUR. As for now Liberstad Block Exchange is purely a crypto to crypto exchange and currently CITY coins can only be exchange for Bitcoin (BTC)
Liberstad Block Exchange will also be a stock- and security exchange for companies and organisations registered on the City Chain. Companies and organisations that register on the City Chain will be able to easily issue their own stocks- and securities that can be sold and traded on Liberstad Block Exchange.
Because of new laws and regulation it will take som time, and capital, before the exchange is ready for exchanging NOK, USD or EUR. As for now Liberstad Block Exchange is purely a crypto to crypto exchange and currently CITY coins can only be exchange for Bitcoin (BTC)
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City Chain Intro