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Sarasota Coin network enables a data sharing economy powering smart cities

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SRQ COIN

The Future of Cities

The age of the truly smart city has just begun. Over half of the world’s population lives in cities and expected to rise to 66% by 2050. The number of urban area residents will increase by two billion during the next two decades. A migration of approximately three million people move to cities every week. Urban centers are not well prepared for such extreme migration without a strain on existing resources. The problems of huge growth of population in cities have posed challenges to residents. In order to adapt to the growing diverse needs in the information age, smart technologies are essential. Cities become ‘smarter’ by adapting and upgrading infrastructure with technologies that address the massive challenges of the rapidly urbanizing world. The end result is an improved quality of life, civic engagement, economic development, service delivery and a stronger community. A smarter city connects residents, visitors and businesses with the latest technology.

Smart cities are in their infancy and the potential is enormous. There is a $70 billion smart city opportunity.

Energy savings is expected to reach $96 billion by 2025, making smart city initiatives deployment highly cost-effective. Smart city projects will generate almost $70 billion in spend annually by 2025, up from $35 billion in 2021. The largest focus will be on smart technology utilizing data driven autonomous decision making. Connected digital infrastructure is the backbone linking people to internet services. Low latency communication leads to more quality interactions which enhances every aspect of people’s lives. By pairing devices with the existing infrastructure of the city, it is possible to cut costs, and improve metrics such as energy distribution, air quality, traffic congestion, and internet access. Integrating information on buildings, transport, parks, drainage etc.
Allows city operators to monitor traffic, building operations, road maintenance and flooding more efficiently. Connected internet of things (IoT) devices allow us to optimize data in real time to make decisions. At this point you should pose the big question. Along the lines of who is going to control all of this data, or we believe these mechanisms should be decentralized etc. Smart City Coin is a digital infrastructure solution for cities. The Smart City Coin protocol leverages edge computing to create a peer-to-peer interconnected network. Internet connected devices using Long Range Radio (LoRa) technology form a wireless platform for Internet of Things (IoT) within the network area. The network utilizes decentralized ledger technology to communicate data in a way that can be trusted without giving up ownership of a digital asset. A digital representation of an asset can be sent, received, or swapped for another asset on chain. As the network grows, the digital ecosystem grows with it, and opens the door for new assets to be created and traded. Governance is carried out through innovative decentralized autonomous organizations (DAOs) which utilize smart contract technologies to vote on initiatives. Smart City Coin tokens are a digital representation of voting rights used to make decisions on how the network evolves. A synergistic relationship is formed between public and private entities working together to enhance the services provided to all participants. By using blockchain technology, decisions can be proposed and voted on in a truthful and deterministic manner.

Smart City Coin Network

A system is only as good as its data. Smart City Coin is an infrastructure for applications, devices, and systems to share data on a trusted protocol. More reliable data results in improved infrastructure fuelling economic growth. Connectivity of devices, applications, and systems creates a more efficient economy. Smart cities are powered by the people, businesses, infrastructure, and government, using their services to drive a decentralized digital asset network. Insights produced by data empower municipalities with the information to make decisions, streamline services, engage with residents, support business growth, and drive sustainability efforts as their communities become the standard for technological integration with surrounding localities, the nation, and the world.
A city is a system of agencies that work together with people to form a community. Innovation is what makes a city smart. Smart cities use advanced technology to collect and analyze a wide array of data for their residents. The insights that these forwardthinking municipalities gain from this data, enable them to make informed decision, streamline services, engage with residents, support business growth, and drive sustainability efforts.

Sarasota’s City Coin – SRQ

By integrating edge network computer technology into its infrastructure, a city can become the catalyst for global digital transformation. Smart city initiatives begin with investment in innovative digital solutions that can collect and utilize data in real-time. Smart city initiatives begin with investment in innovative digital solutions that can collect and utilize data in real-time. Data produces insights that create a ripple effect of innovation across all business sectors.

Sarasota County Node Network

SRQ NODES

Nodes are the validators of the network. Each transaction is assigned a unique hash which is combined with every transaction to form a mega hash. Nodes solve complex equations to validate the accuracy of each transaction.
Higher value transactions require higher value validation costs by requiring more nodes to verify the authenticity of the sender and

Improving public safety

The Smart City nodes broadcast Wi-Fi internet service for devices on the network and are paid in SRQ coin. IoT devices using the network pay the nodes in SRQ to send larger information packages to the internet. This allows humans and IoT devices to maintain realtime connectivity.

Economic growth

Just like Bitcoin, the SRQ can be mined. Nodes connected within the network are awarded SRQ for providing bandwidth to IoT devices — rewarding users for participating in local economic activity and fueling its growth.

Reduced Carbon Emissions

Unlike Bitcoin, SRQ transactions and mining takes place on a local network of proprietary devices without the need for power-hungry supercomputers and mining farms. Data collected through the SRQ and IoT devices offer clear-cut evidence of— and opportunities to reduce—carbon emissions.

Reduced Operational Costs

SRQ mining devices are designed to scale at little-to-no transaction cost

Enhancing traffic mobility

Using IoT data collected from devices throughout the city, AI algorithms can analyze traffic and develop computational solutions designed to relieve congestion and achieve maximum traffic efficiency.

Extended Device Life

Decentralized applications powered by the Smart City Coin Network keep equipment from being overwhelmed by intensive operations, extending their lifespans and saving costs

Interoperability

Numerous cryptocurrencies operating across chains allow for dynamic and seamless financial transactions enabled by a universal wallet, or a UPAP.
Diggital assets

Digital Infrastructure

Several blockchains have gained mass adoption beginning with Bitcoin for a store of value and Ethereum for smart contracts. Blockchain technology creates utility for users by eliminating third-party intermediaries, resulting in complete control of the cryptographic asset. Ethereum and other smart contract platforms like it, improved upon Bitcoin’s original use case by adding tokenization built on top of Ethereum’s smart contract framework.Decentralized applications built on Ethereum’s virtual machine protocol have spearheaded a plethora of decentralized finance applications like Aave, Uniswap, and Sushi Swap. Alternate decentralized smart contract protocols like Solana and Avalanche have improved upon Ethereum by reducing gas or transaction fees to interact on the network. Any advances in fee reduction have added a sacrifice of a more centralized consensus mechanism. Crypto currency, NFTs, and other digital assets are now widely used to send value online. Peer to peer transactions improve infrastructure, enhance quality of life, and fuel economic growth

Sarasota Coin – Digital Infrastructure ReImagined

The most successful smart cities invest in innovative digital solutions that enable them to collect and use data in real time and act quickly on insights. The concept of a decentralized economy is taking root all over the world — revealing the power of peer-topeer systems in everything from buying and selling to voting. With the Smart City Coin Network, Sarasota becomes the first-ever city to integrate a digital currency right into the infrastructure, economy, and governance of its community.

SRQ is Sarasota’s Token

Sarasota Coin, also known as SRQ, is a cryptocurrency of the County of Sarasota which is the first community on the greater Smart City Coin network. The token SRQ is used to pay the nodes on the network that provide internet access. The network allows for seamless transactions and connectivity with local businesses, government, and services. When users participate in network activities, the coin is “mined” — a process by which new coins are generated and verified across a decentralized network that records and protects transaction data.
SRQ mining can also be performed with specialized devices, intended to be used by local businesses — allowing both patron and business owner to control and monetize their data as a profitable feature of the digital economy. To be awarded SRQ tokens users will access a Long-Range Radio Wide Area Network device, or LoRaWan, which will securely deliver SRQs into their cryptographic wallet. With SRQs, users will gain voting rights on how city funds are spent in Sarasota County, giving community members newfound connectivity, interaction and engagement with their municipalities. SRQs can be acquired by shopping at participating local businesses and vendors, or through purchase with other digital assets such as Bitcoin and Ethereum, as well as fiat currency (USD). Sarasota Coin is built on the Smart City Coin Network. This newfound public/ private partnership offers a solution that takes advantage of blockchain technology to empower cities and municipalities. Through peer-to-peer networks, communities can develop a smart strategy with the overall goal of improving quality of life and integrating cities within the world’s most cutting-edge technology systems. Sarasota Coin is the first city on the Smart City Coin network, a protocol developed for bridging the gap between a city and its data.

Voting

Voting is achieved using an open and fair method for decentralized parties to come to a consensus about a proposal. A proposal for vote enables the community to prompt a response from nodes and issue a vote proposal decided by a majority vote. Nodes are paid for validating accuracy of the community voting. Decentralized voting opens the door for interoperability of other networks, enabling technological integration, growth, efficiency and interoperability with surrounding cities.
Both SRQ and the Smart City governance token are used to vote on proposals put forth by the community with SRQ being the governance token for Sarasota and SCC the greater Smart City Coin Network. As more cities come online, SCC will be used to vote on important protocol changes and upgrades. SRQ is used to vote on how the city will use revenue generated only by the Sarasota Coin network.

Distributed Governance

Smart City Coin operates as a Decentralized Autonomous Organization or DAO. The SCC token allows for voting rights of protocol changes and network upgrades. When a city reaches a “staking threshold” on the blockchain, the city is “activated” and joins the Smart City Coin Network. This threshold is determined via Smart City contract protocol and varies depending on the size and economy of a city. To reach this threshold, cities will need to acquire Smart City Governance Tokens on a decentralized exchange at a value of 1:1 USD. Once activated, the city can now generate City Coins such as SRQ using mining devices across its very own peer-to-peer LoRaWan network.

Governance Token Economics

The SCC token is the governance token of the Smart City Coin network. 100,000 SCC tokens is the requirement threshold to activate a city and allow for mining of the city token. Half of the staked SCC is used for protocol development, developer salaries, marketing and overall sustainment of the network. The remaining staked SCC is used as a voting mechanism for local city level implementations. Local businesses, restaurants, and museums can send SRQ to patrons who attend real life events.

Staking

Once the network is more established, nodes can opt for the ability to stake their SRQ Coin where the largest staked wallets will offer a higher reward payout to close proximity devices on the network.

Staking of SRQ Coin Allows for Proportional Rewards for Devices Within Hotspot

interoperability of blockchains

Network Economics

Sarasota Coin on Smart City Coin Network allows for interoperability of blockchains thus eliminating the pain of bridging to multiple networks. Smart City Coin is the underlying protocol which enables cities to activate and start mining their own city token. The city token is mined in a similar manner as bitcoin with a maximum fixed supply of 21 million and diminishing rewards on a predetermined halving cycle every 4 years after the inception of activation.
Smart City Coin token owners have share rights that entitle them to a pro-rata portion of the treasury wallet controlled by the community. A consensus of nodes uses their master key wallets to form a multi signature signed account to approve transactions of large value. NFTs can easily be minted and transferred and easily exchanged without any costly transaction fees. Sarasota’s native token SRQ can be purchased and transferred on the network to mint, purchase, and rank NFTs resulting in a peer-to-peer voting system.

Interoperability

SRQ and SCC tokens are interoperable across other smart contract platforms including Ethereum. Smart City Coin uses UPAP, a universal wallet which enables swapping other crypto for value to any other crypto

Universal Swap

Sarasota coin utilizes Wire network to swap multiple crypto currencies for value without large transaction fees. Sarasota coin has a universal wallet where coins can be mined, swapped, and exchanged for value.

Consensus

Sarasota coin uses a hybrid Proof of Work and Proof of Stake model. Bittorrent was the first decentralized application which allowed users to share large files quickly and easily. Bitcoin was the first decentralized application to solve the double spend problem originally outlined in Satoshi Nakamoto’s whitepaper. Ethereum is a smart contract capable blockchain that allows other applications to be built on a decentralized network. Ethereum uses a similar consensus algorithm that relies on computing power to solve predetermined proofs to receive rewards, including the transaction fees known as ‘gas’ on the Ethereum virtual machine. Recently, the Ethereum consensus is preparing to migrate to a 2.0 version that proposes changing the mining algorithm to a Proof of Stake (PoS) where delegates are awarded transaction fees by staking or locking up the native currency, ETH. A PoS model is hypothesized to increase transactions per and decrease network gas fees.
Smart City Coin and Sarasota coin utilize the best features of both the proof of stake and proof of work model by combining them into a scalable solution for cities and municipalities. By utilizing a hybrid model for consensus, Smart City Coin network provides security, speed and scalability for participants.

Traditional Finance

The traditional financial system as we know it is antiquated and relies on legacy systems that have not innovated to keep pace with technological advancements. We have become accustomed to a banking system that has full control of our money with little to know transparency. Banks make billions of dollars every year collecting a spread between a rate of interest that is lent and borrowed. Short term deposits such as CDs and savings accounts pay less than 1% but lend at a much higher rate and collect the spread. The bank also has full control of a lender’s deposits. In several instances in recent history, financial institutions have frozen their clients assets citing both political pressure or solvency issues as a reason to renege on custodial agreements.
Intermediaries have become an integral part of the legacy financial system. Payment processors such as Visa and Mastercard can handle roughly 5,000 transactions per second and charge merchants anywhere from 3-5% to use their services. eCommerce fraud and chargebacks cripple both the merchant and the credit card companies accounting for upwards of $20 Billion in 2021. The payment processors are forced to devote resources to investigate and mitigate these issues, often passing the cost down to the merchant.
Large technology companies like Apple have entered the payments space offering Apple Pay, credit cards, and convenient financing options. Even innovative technologically savvy companies run into the same issues of centralized points of failure that can be exploited by bad actors such as hackers. Data has become a more valuable commodity than oil in terms of monetization. Companies like Google have built their entire business model on search which acts as a data broker. The roadblock encountered by all legacy companies in the payments space is costs associated with a centralized ledger that can be exploited. Financial data stored on a centralized database creates a honey pot for bad actors and centralized storage is an exploitable attack vector.

Decentralized Finance

Sarasota Coin is the next generation of community powered economies. Sarasota Coin and Smart City Coin Network gives participants full control over their money without the need of third parties. Similar to bitcoin, a token SRQ is mined by the nodes which are awarded crypto currency for securing the network. The Smart City Coin network uses universal wallets that can swap crypto currencies at their market value to pay for goods and services within Sarasota County with SRQ for example. The miners and their crypto accounts form a peer-to-peer economy allowing for fast and secure transactions. Merchants now have the ability to send and receive crypto, which increases the way their customers can choose to pay. Device owners can earn crypto passively choosing to verify transactions of other users. The mining is done automatically without a need to thoroughly know the technology. Smart City Coin nodes earn crypto currency for providing internet as a service.

Anchor validators create a Mesh Network Using LoRa Distance

SRQ Coin is an ERC-20 token that is generated by the PoL mining algorithm where geolocation is leveraged to strengthen the mesh network of IoT devices on the network.
The coin owners are provided voting rights for initiatives proposed by the community. Proposals can include how grants will be spent within a Smart City Coin network
SRQ is used to swap its value using a smart contract to calculate the price of a given crypto currency in relation to the US Dollar via USDC. SRQ utilizes a decentralized oracle via Chainlink’s secure price feed. SRQ acts as a ledger for swaps between a crypto currency and its current value. A merchant with a SRQ coin wallet can opt to receive a stable USDC thus increasing the types of digital money that can be used to transact for goods and services.

Smart City Node

Low Range Radio Wide Area Network or LoRaWAN, is a spread spectrum modulation technique derived from chirp spread spectrum technology. Device to pick up signal while in range by city ‘hot spots’ where information packets are sent and received by the devices and pushed to the internet. The network of devices creates a mesh network of nodes that provide access to devices within its area radius similar to a traditional WAN.

Anchor Beacons

Anchor beacons emit a broadcast with a location radius. The anchor beacon sends a cryptographic proof that can only be solved by other devices that have connected to the network. The network device receives the proof from the anchor beacon and responds back with a secret message to prove the device is authentic. The relationship between anchor beacons and devices creates a decentralized mesh network. Anchor beacons benefit from other IoT devices that have geolocation services turned on. The location relationship between devices strengthens the network by providing proof that transactions are valid between any two devices. Anchor beacons can incentize other devices to come within a proximity by increasing the SRQ Coin reward.
pinging of Geolocation

Proof of Location

Proof of Location (PoL) is a unique algorithm that uses pinging of Geolocation relationship of two points in time and space. An anchor beacon sends a broadcast using Low Range Radio (LoRa) technology to a proximity up to a 2-mile radius. The SRQ coin application uses your device’s GPS to determine if a proximity to a anchor beacon is within the predetermined threshold. If Device A is within 50 meters of the anchor beacon, a mining event is triggered. The anchor beacon sends a broadcast to the network that Device A is within the proximity threshold of 50 meters, the network of anchor beacons verifies the proximity by witnessing the proximity touch. Once the proximity touch is verified by the majority of the network anchor beacons, a transaction is executed by a smart contract that sends SRQ coin to the Device A wallet. A portion of this transaction goes to the anchor beacon network as a mining reward.

Anchor Validator Beacon Verifies Transactions Between Devices

Anchor validators create a Mesh Network Using LoRa Distance relationship

Anchor validators are the validators on the LoRa mesh network. Anchor validators opt into the network and receive rewards in SRQ Coin for verifying transactions

Geolocation Incentive Model

Anchor beacons are the nodes of the network. They validate transactions and for this service receive mining rewards in the form of the SRQ coin. Citizens with the SRQ application receive SRQ Coin when they are near an anchor beacon. Local businesses, Museums, parks and even beaches can be an anchor beacon. Anchor beacons that are also network validators can both earn SRQ Coin and drive foot traffic to the location.
LoRaWAN acts as a beacon node emitting a signal (10-50m) at point of destination and citizens of SRQ would hold a device or application that connects when in range.

IoT and data sharing

Connect LoRa node to other devices for data and proof of completed task or objective. LoRa devices and networks such as the LoRaWAN, enable smart IoT applications that solve some of the biggest challenges facing our planet: energy management, natural resource reduction, pollution control, infrastructure efficiency and disaster prevention. LoRa devices have amassed several hundred known use cases for smart cities, homes and buildings, communities, metering, supply chain and logistics, agriculture, and more. With hundreds of millions of devices connected to networks in more than 100 countries and growing, LoRa has many benefits to the city and city coins.

Edge Network Steps

Byzantine Fault Tolerant (BFT) consensus

Consensus approach that resists a system to get into the Byzantine Generals’ problem means the system should stay intact even if one of the nodes fails. BFT reduces the effect of malicious byzantine actors on the network. This method of consensus is used by the Sarasota Coin mining devices to agree on which transactions are valid.
Storage space – LoRA acting as a Node
Range – Distance the LoRaWAN can retrieve signal
Bandwidth – Governed by the rate the server can receive requests and send replies
Geography – Locations around Sarasota County that need volume and attraction/tourist locations
Computing resources are required to support a large number of concurrent users, each of which run queries that retrieve information from the data store
T-Score

Trust Score

Both anchor beacons and anchor validators have a trust score (T-Score). The T-Score uses a machine learning algorithm to compile attributes of the participants in the network. The factors that affect the T-Score are node uptime and validation accuracy. LoRaWAN devices are assigned a Trust Score based on the reputation of the device. Reputation is determined by the uptime of the device. The Trust Score quantifies the time that the device is running and online.

NFTs on Sarasota Coin

Sarasota Coin (SRQ) is a utility token that can be exchanged to create NFTs. An algorithm calculates the average daily mining rewards which is roughly equal to the cost to mint an NFT. NFTs can be exchanged fast and securely with 0 transaction fees on using Wire network. The Sarasota Coin NFTs can be bought, sold and swapped on Lokey NFT decentralized exchange.
A hash of the NFT’s image is stored on a block within the block chain of Sarasota Coin. Smart City Coin powered by Wire network’s technology has a decentralized exchange in the form of a grid with each NFT minted on the SRQ coin chain in sequential order. Each NFT also contains a name service with a .SRQ extension that connects to an IPFS hash. Users can purchase NFTs from the exchange and are held in their crypto wallet.
20% of each NFT minted goes to a multiple signature wallet controlled by the City of Sarasota. Smart City Coin is the governance token for the decentralized platform with SRQ operating as the utility token for minting. Non-Fungible Tokens generated on the Smart City Coin network have a ranking mechanism known as a NFT Reputation Score. The NFT Reputation Score allows for competition between local device operators that have decided to mint NFTs.

Structure

Device1 Device 1 outside of Anchor proximity
Anchor sends a message to Device 2 which contains a secret key. If Device 2 responds to message with the secret key back to Anchor, Device 2 receives SRQ coin.
SRQ wallets can send the token to patrons by sending a secret password via a secure network. The patron receives and returns the password which verifies the authenticity of the location of the patron for an ‘In real life’ event. This unique location method of verification is called Proof of Location and is unique to SRQ coin network.

Version 2.0 and beyond

Explore

Roadmap

Weeks 1-4

Develop code for Sarasota Coin (SRQ) and deploy on Stacks test network.

Debugging and redeploy

Audit code internally

Third party audit code

Deploy on main network

Weeks 1-4

Weeks 5-8

Community awareness campaign

Virtual AMA session

In person convention for technology and finance industry leaders

Designation of verified nodes (20 nodes minimum)

Release date announcement

Weeks 5-8

Weeks 9-12

SRQ fair launch

Weeks 9-12
QUESTION

The most frequently asked questions

What is Sarasota Coin?

Sarasota Coin is a token that exists on Stacks network.  Tokens on Stacks network earn the STX token.  By holdings or delegating Sarasota Coin, users earn rewards.  A portion of the rewards also go to the City of Sarasota.  The city treasury wallet is controlled by the Mayor of Sarasota.  

Stacks connects to Bitcoin. Bitcoin is the world’s largest decentralized payments network. There is no centralized controller of Bitcoin therefore the network is governed by the concensus of the users. Bitcoin is both the first and the largest crypto currency.

How does Sarasota Coin work?

Sarasota Coin (SRQ) is built on Stacks which enables smart contracts on Bitcoin.

Sarasota Coin is a smart contract built on Stacks. The growth of Sarasota Coin funds the City of Sarasota. Sarasota Coin growth benfits both the city and the users who participate in mining. 30% of the rewards go to the City’s treasury wallet and 70% go to the miners. The municipal government and the citizens of Sarasota have aligned incentives in this type of equity taxation model isntead of the debt model we commonly use today.  Sarasota coin represents the future of public municipality funding. 

Why we are using Stacks?

Stacks is built on Bitcoin. Using Bitcoin as a settlement layer adds finality to the network, ensuring that transactions are irreversible. Stacks has it’s own blockchain which uses proof of transaction (PoX) as their consensus mechanism. This unique consensus mechanism incentivizes miners to bid their Bitcoin to earn the next block reward of Stacks token STX. Holders or ‘Stakers’ earn both STX and Bitcoin for their time held, similar to a bond in traditional financial markets. Sarasota Coin (SRQ) can be mined to earn Stacks (STX).

Stacks is built using the programming language Clarity.

Clarity is a trusted programming language

Contracts are human readable. There is no ambiguity about gas fees.

Language is interpreted not compiled

Clarity is a non-Turing complete programming language

There have been a handful of extremely high profile exploits around the blockchain industry. In 2017, ‘The DAO’ hack abused a recursive call exploit to completely eviscerate one of early blockchains’ most promising smart contract use cases. Re-entrancy is always a concern and is what caused the Parity multi-sig wallet to lose over $30 million in $ETH. The halting problem, where a program gets trapped in a particular code snippet, can cause big computational problems and is what forced Ethereum to implement the gas system.

All of these vulnerabilities were in some way caused by unnecessary complexity accompanying a Turing-complete programming language such as Solidity.

Clarity’s support for types and a type-checker eliminates bugs like unintended casts, re-entrancy exploits and reads of uninitialized values.

How do I buy SRQ?
SRQ cannot be purchased but can be mined using STX on the Stacks network. Download a Hiro wallet to get started. https://www.hiro.so/wallet
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Sarasota Coin network enables a data sharing economy powering smart cities