Bitcoin Vies with New Cryptocurrencies as Coin of the Cyber Realm

As hundreds of “altcoin” knockoffs are minted online, bitcoins no longer dominate as the principal form of digital currency

Bitcoin Vies with New Cryptocurrencies as Coin of the Cyber Realm
Mazacoin, claims to be the "national currency of the traditional Lakota Nation". This is the tribal flag of Oglala Sioux a sub-tribe of the Lakota. Image:Wikimedia Commons



What it is
This year the Oglala Lakota tribe in the Great Plains adopted its own digital currency called mazacoin. Mazacoin is similar to a lot of other altcoins out there. The main difference is that a central authority controls who gets it. Unlike bitcoins, which are created by the public, the Mazacoin Tribal Trust privately mined most mazacoins before the official launch of the currency, essentially giving the role of central bank to the trust. It is now disbursing the coins to members of the tribe and has promised to hand out a separate portion of the coins to fund businesses and charities in the community. But the trust can only control the coins that it privately mined. So, anyone in the world is free to turn on a computer and mine the remaining mazacoins.
Who started it
Mazacoin was founded by Payu Harris as part of the BTC Oyate Initiative.
Other similar altcoins
Baldur Friggiar Odinsson, an Icelander, created a geographically constrained altcoin called auroracoin and wants it to become the official currency of Iceland. He distributed it this March by creating auroracoin vouchers for every Icelander listed in the country’s national registry.
Current exchange rate
1 mazacoin = $0.0000001

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