DEFINITION of 'MazaCoin'

MazaCoin, a cryptocurrency launched in February 2014, is the official national currency of the Traditional Lakota Nation, a Native American tribe. The Lakota Nation is the first tribe to launch and adopt a cryptocurrency. MazaCoin is an offshoot of Zetacoin, which is based on the Bitcoin protocol. The word Mazacoin is derived from the Lakota Sioux words "maza" and "ska," meaning iron and white. It uses SHA-256 proof-of-work, which was designed to imitate the value curve and rarity of precious metal commodities. MazaCoin founder Payu Harris has said in interviews that he intended for MazaCoin to help alleviate poverty in the Lakota Nation.

BREAKING DOWN 'MazaCoin'

MazaCoin (currency symbol: MZC) has been designed to have a fast-moving, safe yet easy-to-mine blockchain.  It has all the standardized features of any other cryptocurrency, with certain modifications. MazaCoin uses the SHA-256 proof-of-work mining protocol, which helps to reduce clogging of landfills as it encourages the recycling and re-purposing of dated ASIC mining hardware. MazaCoin uses peer-to-peer technology and is a decentralized digital currency, which means that the transactions and issuing of coins is managed collectively by the network.

MazaCoin has been pitched for the long term; thus the prime focus for the developers has been on providing the currency with features like a slow deflationary curve along with stable value retention. It has a block target time of 120 seconds with quick difficulty readjustment (every four blocks based on the previous 90 blocks). Overall, MazaCoin allows for ease in carrying out everyday transactions, as well as being a stable store of wealth.

The Traditional Lakota Nation’s landmark decision to adopt a cryptocurrency as its official currency may pave the way for many other types of cryptocurrency in the times to come.  

RELATED TERMS
  1. Cryptocurrency

    A digital or virtual currency that uses cryptography for security. ...
  2. Peercoin

    Peercoin is an alternative cryptocurrency launched in August ...
  3. Bitcoin Mining

    Bitcoin mining is the process by which transactions are verified ...
  4. National Currency

    The currency or legal tender issued by a nation's central bank ...
  5. Block (Bitcoin Block)

    Blocks are files where data pertaining to the Bitcoin network ...
  6. Dogecoin

    Dogecoin is a peer-to-peer open source cryptocurrency and falls ...
Related Articles
  1. Financial Advisor

    What Advisors Need to Know About Cryptocurrencies

    As Bitcoin and currencies like it grow in popularity, advisors should have a good grasp on how to explain them to clients. Here's a primer.
  2. Trading

    What Is Bitcoin

    Bitcoin is the first decentralized digital currency. It is also sometimes referred to as a virtual currency or a crypto-currency.
  3. Small Business

    5 Ways to Invest in the Blockchain Boom

    Blockchain technology is one of the hottest trends in the finance scene, with the potential to completely transform traditional business models.
  4. Investing

    How to Use Blockchain to Buy and Sell Gold

    Most people still haven't heard of the term "blockchain," but chances are you will soon. A blockchain is a tamper-proof, distributed electronic ledger that exists across a decentralized network. ...
  5. Small Business

    Analyzing Bitcoin in 2016

    Discover the market dynamics behind bitcoin's latest price recovery in late 2015 and why its underlying value is expected to remain strong in 2016.
  6. Investing

    3 Disrupters of Retail Banking

    Understand how the retail banking industry operates and why it's becoming outdated. Learn about three disrupters that are changing the way consumers bank.
  7. Small Business

    Countries Where Bitcoin Is Legal & Illegal (DISH, OTSK)

    Although bitcoin has been in existence for five years, most countries still do not have consistent laws regulating the cryptocurrency. However, a few countries have banned bitcoin altogether.
  8. Financial Advisor

    Bitcoin Vs. Litecoin Vs. Dogecoin: Comparing Virtual Currencies

    Read about several of the world's most widely used cryptocurrencies, and learn more about how they function and perform in the marketplace.
  9. Trading

    Here's How the SETLcoin Trade System Will Work

    Goldman Sachs is expected to launch its own cryptocurrency, SETLcoin, and a trade settlement system based on it. Here's how it will transform the trading business.
  10. Trading

    The BoE's Brave New World of Cryptocurrencies

    The Bank of England advocates for the virtues of blockchain-based digital currency technology, which would be a seismic shift in the world of currencies
RELATED FAQS
  1. What does a block chain record in a bitcoin exchange transaction?

    Read about the bitcoin blockchain, a public ledger shared among all bitcoin users that records the information of every single ... Read Answer >>
  2. What are the advantages of paying with Bitcoin?

    Learn how payments made with Bitcoins offer certain advantages over standard currency, including user anonymity, no taxation ... Read Answer >>
  3. How does a block chain prevent double-spending of Bitcoins?

    Find out how double-spending is prevented in the Bitcoin server and how transactions are posted and verified on the Bitcoin ... Read Answer >>
  4. What is the difference between a nation's current account deficit and its currency ...

    Learn the respective meanings of the two terms, current account deficit and currency valuation, and understand the relationship ... Read Answer >>
  5. How is a block chain network useful for trading goods and assets in virtual currencies?

    Find out how blockchain technology works and why it is so crucial for maintaining trading networks for virtual currencies ... Read Answer >>
  6. How do you buy Bitcoins?

    Many people have heard of this virtual cryptocurrency, but few know all the ways you can purchase Bitcoin. Read Answer >>
Hot Definitions
  1. Cover Letter

    A written document submitted with a job application explaining the applicant's credentials and interest in the open position. ...
  2. 403(b) Plan

    A retirement plan for certain employees of public schools, tax-exempt organizations and certain ministers. Generally, retirement ...
  3. Master Of Business Administration - MBA

    A graduate degree achieved at a university or college that provides theoretical and practical training to help graduates ...
  4. Liquidity Event

    An event that allows initial investors in a company to cash out some or all of their ownership shares and is considered an ...
  5. Job Market

    A market in which employers search for employees and employees search for jobs. The job market is not a physical place as ...
  6. Yuppie

    Yuppie is a slang term denoting the market segment of young urban professionals. A yuppie is often characterized by youth, ...
Trading Center