Created by “two South African’s with PhD degrees from the University of Pretoria”, the currency will work pretty much the same as Bitcoin, as users will also have to mine for it using various means. The brainchild of Mahala Mobile, they explain that it is decentralised from any bank.
“If you are familiar with bitcoin (BTC) then see madibacoin as an alternate crypto currency which is based on the sound principles of Bitcoin. madibacoins are created as a reward for payment processing work in which users who offer their computing power verify and record payments into a public ledger. Called mining, individuals engage in this activity in exchange for transaction fees and newly minted madibacoins.”
In order to start using madibacoin, you would have to install the madibacoin wallet on your computer or mobile phone. It will then generate a madibacoin address for the wallet which will be used to make and receive payments in the MDC currency.
As with almost all cryptocurrencies, the mining process can be fairly complicated – and madibacoin is no different.
“A user mining madibacoins is running a software program that searches tirelessly for a solution to a very difficult math problem whose difficulty is precisely known. When a solution is found, the user may tell everyone of the existence of this newly found solution, along with other information, packaged together in what is called a “block” – which create 50 new madibacoins at present.”
For a small fee, you can also purchase a USB ASICminer from Mahala Mobile for R199, which will get you started and make the process a bit more bearable.
“An application-specific integrated circuit (ASIC) , is an integrated circuit (IC) customised for a particular use, rather than intended for general-purpose use. An USB ASICMiner Block Eruptor is exactly this, it is designed to mine madibacoins. It’s conveniently packed to run off your PC/Laptop’s USB port,” they explain on their website.
As a first order of business, you will be able to exchange any madibacoins you have for mobile airtime. While the company doesn’t explain which mobile networks are supported, they make use of a pin-less airtime delivery system to supply you with airtime between R2 and R999.
While there has been no “real-world” value pinned onto madibacoin, the company confirmed that no more than 20-million madibacoins will ever exist.[Source: madibacoin, Image: file]