What is MAZA?

Getting Started With Mazacoin

Mazacoin (or MZC) is a digital currency that requires no trust in a central authority. It’s based on the software behind Bitcoin. At its core, Mazacoin is a software program that anyone can run on their PC or Android device, and some rules for computers to communicate. This wallet software creates and keeps track of addresses. A Mazacoin address is a string of 27-34 characters that begins with an ‘M’. To send someone mazacoins, all you need to know is an address that they own. With the wallet software, you can freely generate unlimited addresses with the click of a button. Nobody else even knows that those addresses exist until you tell someone.

For example, two people – Alice and Bob – use Mazacoin. Alice wants to send 5 mazacoins to Bob. This is a very simple and convenient process. First, Bob gets an address from his wallet, and tells it to Alice. Then, Alice enters that address and the amount of mazacoins to send it into her wallet and clicks “Send.” That’s it. Her wallet will broadcast the transaction to others, and after about 10 minutes Bob can spend those 5 mazacoins he received. The technology behind this is complex, but it’s easy to use.

Starting With/Using Mazacoin

OFFICIAL MAZACOIN WALLET

To start using Mazacoin, you just need to download the wallet software. You can find it at the Mazacoin website. Once you download it, you can just drag-and-drop the program file onto your Desktop or any folder in your computer. If you’re using an Android device, you can install it like any app. After you start the wallet program, you’re ready to use Mazacoin. But first, you need to allow the wallet to (automatically) download the blockchain, which is the database that contains all transactions made with Mazacoin.

Sending And Receiving Coins

To send coins to someone, you need to know an address that they own (Addresses look like this: “MD9Ue5qyge7ndShrgpZQsstueEVDqr3awM”). Always check that the address is correct before sending mazacoins to it. Transactions are irreversible, so if you send coins to the wrong address you cannot undo this action. Enter the address and the amount of mazacoins to send in your wallet’s “Send” form, and click the “Send” button. Sometimes you will have to pay a small fee, like 0.001 MZC, to make a transaction. This fee goes to miners, people that use their computing power to make Mazacoin work. (Anyone can be a miner, but that’s beyond the scope of this article.)

To receive mazacoins, somebody needs to know an address that you own. You can tell anyone an address that you own, the only thing they can do is send mazacoins to it. When you receive mazacoins, your wallet will show the number of confirmations next to the transaction. This is a measure of how certain you can be that the transaction happened. Because there’s no central authority, you need to wait for confirmations to know that the whole Mazacoin network agrees the transaction happened. A confirmation occurs roughly every 2 minutes, and 5 confirmations is safe enough to assume the mazacoins are now yours.

Security

This is a very important part of using Mazacoin. There is no bank that you must depend on to keep your mazacoins safe. You are your own bank, and with that comes the responsibility to secure your wallet. Fortunately, it’s not difficult to do:

You absolutely should set a passphrase to keep your wallet safe! You can do this by clicking ‘Settings > Encrypt Wallet’ in the menu. Your passphrase should be at least 10 characters long. Remember that because Mazacoin requires no trust in a central authority, if you forget your passphrase your mazacoins are lost; you can only change your passphrase if you know what it is. After setting a passphrase, write it down somewhere safe. Without the passphrase, nobody can spend your mazacoins, so never tell it to anyone.

Backup your wallet. You can do this easily by clicking ‘File > Backup Wallet’ in the menu. Best practice is to save your backup copy on a removable storage device that you only use for this purpose.

Reusing Addresses

Mazacoin is transparent. There’s no way to hide a transaction; if a transaction happens then it is permanently stored in the blockchain, the decentralized record of transactions. Therefore, if you reuse an address that somebody knows you own, they can see that you receive mazacoins with it. This does not put your mazacoins at risk of theft, but it does reduce the amount of privacy that your transactions have. It’s not required that you use a new address whenever you want to receive mazacoins, but it is a good practice.

How Mazacoin Works

The technology behind Mazacoin is very complex, being essentially made of math, so it can be difficult to understand. At the heart of Mazacoin is the blockchain, and the process of mining. When you send mazacoins to someone’s address, your wallet broadcasts that transaction to other computers in the Mazacoin network. Miners gather these transactions and attempt to create a block – a group of transactions that agrees with already-existing blocks in the blockchain. Creating a block involves repeatedly performing mathematical calculations on the transaction data until it generates a valid result. This is a random process, but the software has rules that change the difficulty of mining based on the target of 1 block being created every 2 minutes. The miner that creates the block is awarded with some mazacoins, which gives people an incentive to mine.

When a valid block is created, it’s broadcast through the network and the Mazacoin software accepts it, adding it to the end of the blockchain. At that point, transactions in the block have 1 confirmation – the number of blocks that agree the transaction happened. Since new blocks have to agree with all the old blocks, when another block is added to the blockchain, those transactions have 2 confirmations, because the new block also agrees. This process continues indefinitely, and a completely decentralized, trustless currency is the result.

Differences From Fiat

Mazacoin is very different from fiat currencies like the US dollar. Here are some major differences between Mazacoin and fiat currency.

Access
To spend your dollars, you need to either have them on hand, have a credit/debit card, or contact your bank. Mazacoin works very differently. Each Mazacoin address has a private key, which is long and generally too hard to remember. Whoever knows the private key can spend the funds sent to an address. In everyday use, you won’t need to interact with private keys, the wallet software takes care of that.

Irreversible
Transactions made with dollars may be reversed. Third parties are able to make chargebacks and prevent transactions. Mazacoin transactions are irreversible. Once you receive mazacoins, there is no party with the authority to take them back. There is also no way to bar you from sending and receiving coins.

Precision
The US dollar can be divided into hundredths; the smallest possible unit of the US dollar is 0.01. Mazacoin can be divided into one-hundred-millionths; the smallest possible unit of MZC is 0.00000001 (Here are thin spaces for readability: 0.000 000 01).

Storage
For safe-keeping, dollars are usually stored in banks. Banks often charge fees for this service. In some extreme cases, banks may be unable to give you your deposit back. Mazacoin eliminates these issues. The blockchain stores the record of all transactions, and thus the balance that every address has. As a result, you don’t have to keep track of actual mazacoins, just your addresses. The wallet software stores the private keys that enable you to spend your coins.

Supply
The US dollar increases in total supply by a variable amount decided by the US government. Due to the process of fractional reserve banking, the US dollar also increases in total supply by a variable amount decided by banks. Mazacoin’s total supply increases according to an algorithm, and cannot deviate from it. By the end of the year 2050, there will be roughly 2.398 billion MZC in existence. After that, the total supply of MZC will increase by 262,800 each year. Note that these numbers refer to the amount of existing MZC, not the amount in circulation. If somebody loses their wallet passphrase and their backups, their coins will still exist, but nobody can spend them.

Helpful Tips

new multicoin wallet

https://github.com/mazaclub/encompass/releases/tag/v0.2.2

http://imgur.com/a/eKYzr

My mazacoin donation address -Tips appreciated!

MD9Ue5qyge7ndShrgpZQsstueEVDqr3awM

Sultan says so

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