Marscoin (cryptocurrency)

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Marscoin
Denominations
PluralMarscoins
SymbolMARS, MRS
Ticker symbolMARS, MRS
Subunits
 ​11000millimarscoin
 ​11000000micromarscoins
CoinsMARS, MRS
Development
Original author(s)Lennart Lopin
White paperhttps://www.marscoin.org/whitepaper/
Initial release1 January 2014; 8 years ago (2014-01-01)
Code repositorygithub.com/marscoin/marscoin
Development statusActive
Written inC++
Operating systemWindows, OS X, Linux, Android
Developer(s)Marscoin Foundation marscoinfoundation.org
Source modelOpen source
LicenseMIT License
Website[1] marscoin.org
Ledger
Timestamping schemeProof-of-work
Hash functionscrypt
Block time2 minutes
Block explorerexplore.marscoin.org

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Marscoin (MARS or MRS) is a peer-to-peer cryptocurrency and open-source software project released under the MIT license and is managed by the nonprofit organization Marscoin Foundation[1]. The creation and transfer of coins is based on an open source cryptographic protocol and is decentralized. The project was introduced to the public by Lennart Lopin at the Mars Society conference in 2014.[2]

Marscoin has the technology of a decentralized digital ledger. A peer-to-peer network similar to the cryptocurrency Bitcoin manages all transactions, balance sheets and expenses.[citation needed] Marscoins are created by generating blocks based on a cryptographic hash function. This process of finding a block is called mining.[3] It was developed as an alternative cryptocurrency, well known as altcoin and differs from it in some ways of other cryptocurrencies.

In contrast to Bitcoin, blocks are generated in the Marscoin network every two minutes instead of every ten minutes in average[4], which results in faster transaction confirmations for clients. Therefore the blockchain of Marscoin also produces more units over the entire course than the Bitcoin network, of which the maximum converges towards 21 million Bitcoin.[5] Marscoin uses the scrypt technology instead of SHA256 in their proof-of-work algorithm for mining. Scrypt was specially developed to make brute-force attacks with specialized hardware such as ASICs more difficult. To do this, it takes advantage of the fact that random-access memory (RAM) is relatively more expensive.[6][7]

The case for Marscoin is creating a financial system for Mars that is not managed by any central authority so that first colonists already bring an independent economic infrastructure in form of a blockchain to the red planet.[8]

In December 2020, Elon Musk shows sympathy for a financial economy based on a cryptocurrency called Marscoin.[9]

In February 2021, the value of Marscoin suddenly went up by a multiple as a result of attention from a tweet by Elon Musk.[10][11][12]

References[edit]

  1. "The Marscoin Foundation". Retrieved February 27, 2021.
  2. Lennart, Lopin. "17th Annual International Mars Society Convention". The Mars Society. Retrieved February 27, 2021.
  3. MacKenzie, Donald (April 18, 2019). "Pick a nonce and try a hash" (PDF). London Review of Books.
  4. Kawase, Yoshiaki (November 23, 2017). Transaction-Confirmation Time for Bitcoin: A Queueing Analytical Approach to Blockchain Mechanism. Lecture Notes in Computer Science. 10591. Springer International Publishing. pp. 75–88. doi:10.1007/978-3-319-68520-5_5. ISBN 978-3-319-68519-9. Search this book on Amazon.com Logo.png
  5. Østbye, Peder (March 7, 2018). "The Case for a 21 Million Bitcoin Conspiracy". SSRN 3136044.
  6. Coventry, Alex. "NooShare: A decentralized ledger of shared computational resources" (PDF). Massachusetts Institute of Technology (MIT).
  7. Perival, Colin. "Stronger Key Derivation Via Sequential Memory-Hard Functions" (PDF). Retrieved February 27, 2021.
  8. "Trustless-ledger technology implications for a Martian society" (PDF). Retrieved February 27, 2021.
  9. Helms, Kevin (December 30, 2020). "Elon Musk Endorses Cryptocurrency for Martian Economy". Bitcoin.com. Retrieved February 27, 2021.
  10. "MarsCoin: Elon Musk accidentally pumped this tiny crypto by 2,000%". protos.com. Retrieved March 3, 2021.
  11. "Musk denkt laut über eigene Kryptowährung nach und sorgt aus Versehen für Rally beim MarsCoin". Finanzen.net. Retrieved February 27, 2021.
  12. Petereit, Dieter. "Elon Musk und Binance-Chef CZ sorgen für rasanten Anstieg des Marscoin – unabsichtlich". Retrieved February 27, 2021.


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