But MazaCoin is still trying to sort out the basics—courting buy-in from tribe members and trying to raise its value. Harris is appealing to the new interim tribal president to establish an official cryptocurrency office. With covid restrictions lifted, he’s planning a road show to pitch MazaCoin across the tribe and to educate people on crypto basics, like setting up a wallet. Currently, indigenous nations use the US dollar, making them dependent on policies set forth by the Federal Reserve, the Treasury, and Congress. But as “domestic dependent” nations, tribes have some freedom from US regulations, meaning that new policies targeting crypto might not affect MazaCoin.
- The cryptocurrency market is highly volatile and can be affected by a variety of factors, such as US dollar policy, government regulations, technological progress, market sentiment, MazaCoin’s circulating supply and the development of project ecology.
- MazaCoin is the national currency of the Oglala Lakota Nation and is used in place of a national currency, opting for a digital currency format.
- Did not ignore the news and representatives of the FBI, who called the leader of Lakota, to warn him that in fact bitcoins and other cryptocurrencies are not a legal means of payment, ie currency.
- Eventually, along with a coder known only by the pseudonym AnonymousPirate, he built a digital currency, then called the Oyate Initiative, for the Oglala Sioux, a subtribe of the Lakota Nation.
- Trading and investing in digital assets is highly speculative and comes with many risks.
He’d argue that MazaCoin could be called a success if she used it every day. If that seems an unlikely prospect, it is—and MazaCoin has had its ups and downs since he conceived the idea. But 10 years on, Harris’s dream is clearer than ever, albeit a bit more complicated than it was at the start. A measure of how much of a cryptocurrency was https://cryptolisting.org/ traded in the last 24 hours. For the creator of MazaCoin, the dream of a sovereign monetary system for indigenous people is still alive, but it looks different than it did 10 years ago. You need an account in order to star coins, keep track of your portfolio, set up alerts, vote on coins as well as use all the other advanced features.
During the day, he’d leave his laptop running to mine coins, checking in during smoke breaks. Harris grew more invested in the Bitcoin hype, learning to code and reading white papers on his days off. Eventually, along with a coder known only by the pseudonym AnonymousPirate, he built a digital currency, then called the Oyate Initiative, for the Oglala Sioux, a subtribe of the Lakota Nation.
Currency Converter by Date – Historical Exchange Rate Graph of change in 1 MazaCoin to US Dollar
He’s been working on tokenizing natural resources owned by the tribe, such as unmined gold in the Black Hills or coal reserves that could be commoditized. Harris is also storing tribal treaties, documents, and historic assets on the blockchain to establish an indigenous system of recordkeeping. For him, it’s all about finding new ways to assert sovereignty and pump money back into the reservation. Though no such movement has ever really taken hold, the thinking is that a sovereign currency could offer increased independence from the American regulatory system, as well as more control over economic development. Harris was working at the mall near Pine Ridge when he first learned about Bitcoin from a friend.
Harris hopes this insulation could make MazaCoin more appealing in the near future, given renewed federal appetite for crypto regulation. View the total and circulating supply of MazaCoin, including details on how the supplies are calculated. Harris, however, is not inclined to listen to this warning and organizes an educational campaign that will tell everyone about the benefits of MazaCoin cryptocurrency. An overview showing the statistics of MazaCoin, such as the base and quote currency, the rank, and trading volume. For all grandmas, he would say, or uncis in Lakota—especially the impoverished ones living on the outskirts of Pine Ridge Indian Reservation in South Dakota, with little access to electricity or the internet.
MazaCoin (MAZA) Community
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 “mining”. 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. The Lakota Nation anticipates that 2.4 billion MazaCoin will be produced within five years, and drop to 1 million MazaCoin per year thereafter.
The cryptocurrency market is highly volatile and can be affected by a variety of factors, such as US dollar policy, government regulations, technological progress, market sentiment, MazaCoin’s circulating supply and the development of project ecology. Therefore, it is impossible to accurately predict the price of MazaCoin 5 years from now. 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 reservation. Journalist Forbes tried to learn the opinion of Mazacoin the elders of the rakata, but they just brushed it aside, redirecting it to Harris.
Once MazaCoin is live on an exchange, CoinCarp will provide real-time MazaCoin (MAZA) prices from different exchanges. This website is using a security service to protect itself from online attacks. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. CoinCheckup provides live cryptocurrency prices and charts, listed by crypto market cap. Get latest crypto prices, predictions,
news, and historical data for Bitcoin and thousands of altcoins. MazaCoin is the national currency of the Oglala Lakota Nation and is used in place of a national currency, opting for a digital currency format.
He was intent on providing his reservation with a more independent economy. From the outset, Harris set aside 10 million coins as reserve for a Lakota development fund. Apart from the reserve, little sets MazaCoin apart technically from Bitcoin, making it a bit of a hard sell as an appealing “alt coin.” But Harris isn’t looking to court a wide array of investors. He says he didn’t even need the soaring mazacoin price valuations seen at the beginning; he just wants to build a system that can deliver value to native people, starting with the Lakota on Pine Ridge and expanding to other tribes and reservations from there. Did not ignore the news and representatives of the FBI, who called the leader of Lakota, to warn him that in fact bitcoins and other cryptocurrencies are not a legal means of payment, ie currency.
Mazacoin was developed by the BTC Oyate Initiative, under the direction of Payu Harris, a Native American activist, web developer, and digital currency trader who has traced his ancestry to the Northern Cheyenne tribe. Harris hopes that the currency will cause the international community to “realize we’re serious about our sovereignty”, as well as help alleviate poverty within the nation. It is impossible to predict what MazaCoin will be worth in five years.
Trading and investing in digital assets is highly speculative and comes with many risks. The analysis / stats on CoinCheckup.com are for informational purposes and should not be considered investment advice. Statements and financial information on CoinCheckup.com should not be construed as an endorsement or recommendation to buy, sell or hold. Scores are based on common sense Formulas that we personally use to analyse crypto coins & tokens.
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