An American Indian tribe in South Dakota is experimenting with the use of their own BitCoin alternative, MazaCoin. They believe it will help the economic situation of their tribe, and also be a boost for the local community where they live. Indian Reservations have a semi-sovereign status, so if this MazaCoin does take off, it will be interesting to see how any disputes will be resolved, if any.
Will Bitcoin become the new virtual gold for the Oglala Lakota Nation? The impoverished tribe's reservation is based in rural Rapid City, South Dakota. Payu Harris, the tribal council representative, thinks the Bitcoin (BTC) can empower his people.
Harris is spearheading theBTC Oyate Initiative Project, an "exciting chance for Bitcoin to prove its market viability as a means of trade, identify potential pitfalls and security challenges, and showcase its availability as a merchant-payment solution for small business and entrepreneurs," states the website.
The tribe's currency, the MazaCoin "will be as simple & easy to use as BitCoin of which it is a fork custom designed for the socio-economic needs of the Oglala Lakota," statesMazaCoin on Twiiter.
"We're estimating the initial price on the going market of copy.25, which gives us a $2 billion market capitalization," Harris toldKOTARadio.com.
The Oyate Project will assemble a small-scale "mining cluster" to generate bitcoins while providing the public a hands-on chance to learn about mining and how bitcoins are generated, explains the project's website. "The btc generated will be forwarded to the second aspect of the project which is Crypto Currency Exchanges and trading and will be used to help train beginning Native American traders on the basics of cryptocurrency trading, futures contracts, market strategy, CC pairs, and more," states the Oyate Project description. "Also lastly the project aims to produce a massive promotional campaign aimed at small business owners to help facilitate their acceptance of bitcoin as a viable means of payment for goods and services."
Read more athttp://indiancountrytodaymedianetwork.com/2014/01/03/can-bitcoin-alleviate-poverty-pine-ridge-reservation-tribe-pursues-its-own-cryptocurrencyFor breaking info like this and more, sign up to Global Intel Hub today.
