MazaCoin

Last updated
MazaCoin
MazaCoin.png
MazaCoin logo
Denominations
CodeMZC
Precision10−8
Development
Original author(s)Payu Harris, AnonymousPirate
White paper mazacoin.org/docs/MAZA-whitepaper-2014.pdf
Initial release7 February 2014;10 years ago (2014-02-07)
Code repository github.com/MazaCoin/maza
Project fork of Zetacoin, Bitcoin
Written in C++
Operating system Windows, OS X, Linux
Source model Open source
License MIT License
Ledger
Timestamping scheme Proof-of-work
Block reward250 MAZA (as of September, 3 2021), (halved every 950,000 blocks)
Block time1 minute
Block explorer mazacha.in
Website
Website Official website OOjs UI icon edit-ltr-progressive.svg

MazaCoin (Maza, MZC) is a cryptocurrency launched in 2014. [1]

Contents

History

MazaCoin was developed by Payu Harris in 2014. [2] MazaCoin was specifically designed for the Oglala Lakota tribe in South Dakota. [3] Some Native Americans adopted the use of MazaCoin to battle the US Government. [4] [5] [6] [ clarification needed ]

In October 2017, a Mashable article on the Oglala Lakota included a video about Harris's efforts to get MazaCoin accepted. [7]

Recognition and use

The currency was adopted by the Lakota Nation in 2014, with half of its supply reserved by the tribe to minimize the price volatility common in cryptocurrencies. [8]

In 2017, The Lakota leadership formally recognized MazaCoin as their national currency, yet this decision encountered skepticism within the community. [8] The concept of digital currencies, heavily reliant on technology such as apps and smartphones, was less accessible to older generations and those without consistent internet access. [8] To counteract this, a system of paper wallets was developed, allowing MazaCoin to be stored and used in a more traditional, physical format. [8] This system allowed tribal members to use MazaCoin in physical form for transactions within the community, converting it back to digital format at the centralized facility. [8]

Related Research Articles

<span class="mw-page-title-main">Lakota people</span> Indigenous people of the Great Plains

The Lakota are a Native American people. Also known as the Teton Sioux, they are one of the three prominent subcultures of the Sioux people, with the Eastern Dakota (Santee) and Western Dakota (Wičhíyena). Their current lands are in North and South Dakota. They speak Lakȟótiyapi—the Lakota language, the westernmost of three closely related languages that belong to the Siouan language family.

<span class="mw-page-title-main">Sioux</span> Native American and First Nations ethnic groups

The Sioux or Oceti Sakowin are groups of Native American tribes and First Nations people from the Great Plains of North America. The Sioux have two major linguistic divisions: the Dakota and Lakota peoples. Collectively, they are the Očhéthi Šakówiŋ, or "Seven Council Fires". The term "Sioux", an exonym from a French transcription ("Nadouessioux") of the Ojibwe term "Nadowessi", can refer to any ethnic group within the Great Sioux Nation or to any of the nation's many language dialects.

<span class="mw-page-title-main">Pine Ridge Indian Reservation</span> Indian reservation in United States, Oglala Sioux

The Pine Ridge Indian Reservation, also called Pine Ridge Agency, is an Oglala Lakota Indian reservation located in the U.S. state of South Dakota, with a small portion of it extending into Nebraska. Originally included within the territory of the Great Sioux Reservation, Pine Ridge was created by the Act of March 2, 1889, 25 Stat. 888. in the southwest corner of South Dakota on the Nebraska border. It consists of 3,468.85 sq mi (8,984 km2) of land area and is one of the largest reservations in the United States.

<span class="mw-page-title-main">Russell Means</span> Oglala Lakota activist (1939–2012)

Russell Charles Means was an Oglala Lakota activist for the rights of American Indians and all oppressed First Nation Americans, libertarian political activist, actor, musician and writer. He became a prominent member of the American Indian Movement (AIM) after joining the organization in 1968 and helped organize notable events that attracted national and international media coverage.

<span class="mw-page-title-main">Digital currency</span> Currency stored on electronic systems

Digital currency is any currency, money, or money-like asset that is primarily managed, stored or exchanged on digital computer systems, especially over the internet. Types of digital currencies include cryptocurrency, virtual currency and central bank digital currency. Digital currency may be recorded on a distributed database on the internet, a centralized electronic computer database owned by a company or bank, within digital files or even on a stored-value card.

ICT is a daily digital news platform that covers the Indigenous world, including American Indians, Alaska Natives and First Nations.

Virtual currency, or virtual money, is a digital currency that is largely unregulated, issued and usually controlled by its developers, and used and accepted electronically among the members of a specific virtual community. In 2014, the European Banking Authority defined virtual currency as "a digital representation of value that is neither issued by a central bank or a public authority, nor necessarily attached to a fiat currency but is accepted by natural or legal persons as a means of payment and can be transferred, stored or traded electronically." A digital currency issued by a central bank is referred to as a central bank digital currency.

<span class="mw-page-title-main">Oglala</span> Traditional tribal grouping within the Lakota people

The Oglala are one of the seven subtribes of the Lakota people who, along with the Dakota, make up the Očhéthi Šakówiŋ. A majority of the Oglala live on the Pine Ridge Indian Reservation in South Dakota, the eighth-largest Native American reservation in the United States.

<span class="mw-page-title-main">Cryptocurrency</span> Digital currency not reliant on a central authority

A cryptocurrency, crypto-currency, or crypto is a digital currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it. It has, in a financial point of view, grown to be its own asset class. However, on the contrary to other asset classes like equities or commodities, sectors have not been officially defined as of yet though abstract version of them exist.

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<span class="mw-page-title-main">History of bitcoin</span> Cryptocurrency

Bitcoin is a cryptocurrency, a digital asset that uses cryptography to control its creation and management rather than relying on central authorities. Originally designed as a medium of exchange, Bitcoin is now primarily regarded as a store of value. The history of bitcoin started with its invention and implementation by Satoshi Nakamoto, who integrated many existing ideas from the cryptography community. Over the course of bitcoin's history, it has undergone rapid growth to become a significant store of value both on- and offline. From the mid-2010s, some businesses began accepting bitcoin in addition to traditional currencies.

<span class="mw-page-title-main">Coinye</span> Defunct 2014 cryptocurrency named after Kanye West

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References

  1. Vigna, Paul (March 7, 2014). "Lakota Indian Promotes New Digital Currency, Mazacoin". Archived from the original on March 26, 2014. Retrieved March 25, 2014 via www.wsj.com.
  2. "He created an indigenous digital currency. The dream is still alive". MIT Technology Review. Archived from the original on 2023-09-29. Retrieved 2023-11-26.
  3. Browning, Lynnley (2014-08-14). "Tribal Bitcoin". Newsweek. Archived from the original on 2023-12-24. Retrieved 2023-12-24.
  4. Jeffries, Adrianne (March 5, 2014). "Native American tribes adopt Bitcoin-like currency, prepare to battle US government". theverge.com. Archived from the original on March 5, 2014. Retrieved September 4, 2017.
  5. Consuji, Bianca; Engel, Evan (18 September 2014). "No Country for Cryptocurrency This man thinks "Bitcoin for Native Americans" can solve tribal poverty. So why won't anyone give him a chance?". Mashable. Archived from the original on 19 April 2021. Retrieved 13 April 2016.
  6. Landry, Alysa. "9 Questions Surrounding MazaCoin, the Lakota CryptoCurrency: Answered". Indian Country Today. Indian Country Today. Archived from the original on 9 October 2016. Retrieved 13 April 2016.
  7. Petronzio, Matt (9 October 2017). "Why Square commissioned this stunning short film about Native American youth". Mashable. Archived from the original on 2017-10-09. Retrieved 2019-01-06.
  8. 1 2 3 4 5 Jeffries, Adrianne (March 5, 2014). "Native American tribes adopt Bitcoin-like currency, prepare to battle US government". The Verge. Archived from the original on March 5, 2014. Retrieved November 4, 2020.

Further reading