City Coin, Issued by City Chain Labs, Adopted as Official Currency of Liberstad, Norway's First Private City

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Feb 12, 2019, 09:00 ET

OSLO, Norway, Feb. 12, 2019 /PRNewswire/ -- Set amidst lush vegetation, pristine lakes and Instagram-worthy vistas is Liberstad, Norway's first (and only) private city. As an autonomous city being built with efficiency, transparency and community in mind, Liberstad has adopted City Coin as its official currency.

City Coin is a secure and innovative cryptocurrency based on City Chain, a smart city platform that enables the design, implementation and use of next-generation services for smart cities and their inhabitants. Whereas cities currently rely on public services operated by government entities, City Chain gives existing and emerging cities such as Liberstad the opportunity to build and offer services conducted on a private, internal and voluntary basis.

At City Chain's core is the principle that while governments and rulers come and go, cities endure. The key ingredient for the development and prosperity of sustainable and free city-societies went undiscovered until the recent invention of blockchain technology. Blockchains are immutable and decentralized networks that allow people to interact with each other in a disintermediated, peer-to-peer fashion by way of inherent trust.

Using blockchain as its basis, City Chain has created a smart city platform that hosts a suite of features for emerging cities like Liberstad. Foremost amongst those features is City Hub, an intuitive and simple-to-use dashboard for smart city inhabitants. By accessing City Hub using a municipal app, citizens can interact with the community, manage their identities, create city-wide initiatives or vote on existing ones, register property, contract insurance and more.

While the broader features of City Hub are under development by the City Chain Foundation, the platform's native currency, City Coin, is tradeable and functional today. City Coin is based on a proof-of-stake algorithm which, unlike Bitcoin's proof-of-work model, is both environmentally friendly and simple to participate in for those without high-end mining rigs. Owing to the elegance of the PoS model, staking City Coin is easy and rewarding. By holding CITY in the City Hub wallet, stakers receive 20 CITY for every staked block, providing them with passive income in return for securing the network.

As the first cryptocurrency to be officially adopted by a smart city, City Coin is the only medium of exchange within Liberstad. It will be used for the payment of city services and worker wages and for funding civic projects. Inhabitants can pay for anything ranging from haircuts, a dozen local eggs or an artisan loaf of bread using CITY, marking a milestone for real-world use of blockchain technology. Over 100 land plots have already been sold within Liberstad and more will become available to purchase using CITY in the near future.

City Coin is available for trading on p2pb2b exchange and Liberstad's Block Exchange. With the City Chain mainnet already live, users can view and explore the blockchain along with transaction history using the City Chain Explorer or the City Chain Insight tool.

For more information about the groundbreaking collaboration between Liberstad and City Chain, visit: