This week, he hopes to mine the genesis block for mazacoin, an altcoin for the native American nation in the US. Specifically designed for the Traditional Lakota Nation, mazacoin is initially being targeted at the Oglala Lakota Nation, which is Harris' own tribe.
Harris is launching the altcoin under the Bitcoin Oyate Project, and hopes it will give native American communities some fiscal autonomy.
Mazacoin is based on the Zetacoin altcoin, which is in turn based on bitcoin's SHA-256 proof of work implementation.
A second pre-mine will generate another 25 million MZC, which will be given to a new entity: the Mazacoin Tribal Trust.
Anti-deflation is an important feature for a coin like mazacoin, which is designed to be used practically by the native American community, said 'Anonymous Pirate', an anonymous Canadian cryptocurrency expert and self-described hacktivist who created the coin for Harris.
"Bitcoin will always be useful, as a store of mass value like gold bars. But gold bars are not what you bring to the corner store to buy groceries," said AP. "The ideal merchantable value for mazacoin would be between 3 and 5 dollars USD. That would make it portable and easy to use/adopt."
"The crushing poverty makes the redistribution necessary if we are to ensure that mazacoin is circulating in the tribal economy," he says.
29% of native Americans were in poverty that year, which is almost twice the national average.
Harris wants mazacoin to stretch beyond those borders to be used by other tribal groups.
Mazacoin plans to mine the genesis block this week, and has scheduled a public launch for the coin on Feb 20th. Native American image via Shutterstock.
Mazacoin Aims to be Sovereign Altcoin for Native Americans
Publicado en Feb 6, 2014
by Coindesk | Publicado en Coinage
Coinage
Noticias recientes
Ver todo
First Mover: What's Next for Bitcoin as Wall Street Gets Vaccine Booster
Bitcoin was higher for a second day, staying in a range of between roughly $15,200 and $15,600, as news of progress in developing a coronavirus vaccine appeared to touch off a rally in U.S. stocks.
Market Wrap: Bitcoin Fails to Break $15.9K; Over 50K ETH Staked on Eth 2.0 Contract
Bitcoin gained Wednesday while Ethereum 2.0 staking has been ramping up.
Citibank Analyst Says Bitcoin Could Pass $300K by December 2021
A senior analyst at U.S.-based financial giant Citibank has penned a report drawing on similarities between the 1970s gold market and bitcoin.
Blockchain Bites: Data Unions. Hard Forks. And One Citi Analyst's Case for $300K BTC.
A Citibank managing director thinks bitcoin could hit $318,000.