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.