MazaCoin. All about cryptocurrency – BitcoinWiki

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MazaCoin ( MZC ) is a decentralize open-source cryptocurrency forked from Zetacoin in March 2014. It was conceived as a result of signing a memo of understanding with the Oglala Sioux Tribe, a native american tribe in North America. An inscription was placed into the genesis pulley to remind the users about the reasons behind creating MazaCoin. It reads : “ The Black Hills are not for sale. 1868 is the law ! “, referring to the Sioux treaty with the u government signed in 1868. The cryptocurrency uses the proof-of-work consensus mechanism, with a entire of 2.4192 billion coins mined during the first five years, followed by 1 million coins per class thereafter .
MazaCoin is the national currentness of the Oglala Lakota Nation and is used in identify of a national currentness, opting for a digital currency format. Mazacoin was developed by the BTC Oyate Initiative, under the direction of Payu Harris, a native american english activist, web developer, and digital currency trader who has traced his lineage to the Northern Cheyenne tribe. Harris hopes that the currency will cause the external community to “ realize we ’ re good about our reign ”, vitamin a well as help facilitate poverty within the nation .

description [edit ]

MazaCoin : The First native American Cryptocurrency – Mashable doctor
The digital currency is a type of cryptocurrency, and like the cryptocurrency bitcoin, MazaCoin can be bought or sold on international cryptocurrency exchanges, or it can be obtained through virtual “ mine ”. The underlying software for MazaCoin is derived from that of another cryptocurrency, ZetaCoin, which in turn is based on bitcoin ‘s SHA-256 proof-of-work system. It includes 50 million pre-mined Mazacoin, equally split by the Lakota Nation between a national reserve and a planned “ tribal Trust ”, which it is hoped will help “ to prevent the angry guess that has caused bitcoin such price excitability. “ One of its differences from bitcoin is that it is “ inflationary ” ( in the austrian economics sense—see ostentation for the mainstream common sense ) ; while there is a maximum cap of 21 million bitcoins that will be produced, there is no similar detonator for MazaCoin. The Lakota Nation anticipates that 2.4 billion MazaCoin will be produced within five years, and neglect to 1 million MazaCoin per year thereafter. Another deviation from bitcoin is that it is “ simple ” in a room that makes it consume less exponent to run the cryptanalytic mining algorithm, making it more environmentally friendly .
The MazaCoin development received a Memorandum of Understanding between the Oglala Lakota Nation & the MazaCoin Development Team. [ 1 ]

Read more: Events Timeline

On 25 March 2014, David Mills, Director Oglala Sioux Tribe, Office of Economic Development commented on the status of MazaCoin that the tribe is “ for support of more research ” and “ if we are satisfied with the result we will develop a settlement to the Tribal E & BD Committee in corroborate of this venture to be forwarded on the Tribal Council for final examination approval. ” [ 2 ]
The MazaCoin development team officially endorsed a community-built and -driven web site called MazaTalk. [ 3 ]
“ This coin has a block target of 120 seconds, and a obstruct reward of 1000 MZC, halving nowadays every 950,000 blocks. The initial block reinforce was 5000MZC, which was lowered to 1000MZC at block 100,000 when the difficulty retartgeting algorithm was changed in Mazacoin ”

historical background [edit ]

The Fort Laramie treaty of 1868 ended Red Cloud ’ s war and guaranteed the ownership of the Black Hills to the Oglala Lakota. [ 4 ] MazaCoin was created as reaction to the capture of the Black Hills. Their genesis blockchain serves as a ledger, which reads, “ The Black Hills are not for sale. 1868 is the law ! ”
At the beginning of 2014, Harris signed an agreement with the Oglala Sioux tribe economic development Department and now this cryptocurrency is in circulation on the territory of the Lakota mental reservation. At the lapp time, its future is hush ill-defined. Journalist Forbes tried to learn the public opinion of Mazacoin the elders of the rakata, but they just brushed it aside, redirecting it to Harris .
Did not ignore the news and representatives of the FBI, who called the leader of Lakota, to warn him that in fact bitcoins and early cryptocurrencies are not a legal means of requital, internet explorer currency .
Harris, however, is not incline to listen to this warning and organizes an educational campaign that will tell everyone about the benefits of MazaCoin cryptocurrency .

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References [edit ]

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