Another one of the interesting coins bursting onto the crypto scene over the past week is MazaCoin. It actually has shown much in common with Auroracoin in certain respects. Both aspire to take on a role as a national currency. Both have also experienced massive price movements over the past week, posting multifold highs only to then crashing to lose most of their gains.
According to its website, the currency is “the Official National Currency of the Traditional Lakota Nation“. The Lakota are an indigenous people to the Great Plains of North America, and part of a confederation of 7 Sioux tribes. They reside in the Dakotas, Nebraska and Minnesota and are recognized by the U.S. as a semi-autonomous nation within the country.
The currency is said to be a “new fork” of the Zetacoin project, Zetacoin itself being a branch-off from Bitcoin. It touts itself as a preferred alternative to fiat or even gold, as it does not require expensive physical resources for creation.
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In attempting to protect against wild price swings seen in other coins, the Lakota are keeping half of it unavailable for release to the general public.
More notable is that it claims to be the “First Sovereign National Crypto-Coin in History”. The Verge reports that it will be easier for the tribes to use the currency internally at the local general reservation store as opposed to converting it to fiat for spending at Walmart. It is also hoped that with the coin, less money will leak out of the local economy.
The leadership has signed off of adopting it as a national currency. However, there has been some resistance. Many do not have internet access or are unaccustomed to using mobile apps. Some fear letting go of the dollar- which is tied to the federal subsidies they receive.
One MazaCoin (MZC) is now worth $0.037, making for a market cap of around $3.7 million. It ranks 20th on coinmarketcap.com.