What is Marscoin (MARS)?

Marscoin (MARS) is a blockchain technology that aims to allow users to trade cryptocurrency while funding space exploration projects as well. The platform seeks to develop a medium for trade for “Martian Society,” early settlers of Mars planet. Seeking influence from Bitcoin, the platform focuses on launching MARS token on the Mars planet. 

However, Bitcoin requires high energy with special hardware needs to function. Also, Bitcoin needs 10 minutes to form a block on the blockchain. Hence, considering these notions, Marscoin (MARS) was developed in the market using network ledger speed of light on the planet Mars. This means that the transactions would be recorded on the platform with high speed. Thus, Marscoin (MARS) aims to become the fuel on planet Mars as well as settle huge power consumption requirements.

NASA adopted the plan of colonization on Mars. However, the program was halted due to a lack of appropriate funds. Soon after, Elon Musk developed SpaceX Company with the vision of providing transportation in space. Thus, with the vision of Mars entering in colonization, the Martian society worried that using Bitcoin on Mars would be an impractical approach. Therefore, Marscoin was developed to offer individuals a coin that can be traded on Mars planet. The platform also connects with Mars Society, a non-profit international space advocacy organization, to kickstart the development on Mars. For the development of the project, the Marscoin (MARS) token holders and traders act as contributors to the settlement on Mars. The project aims to get linked with those who dream of becoming a multi-planetary species.

MARS is the native utility cryptocurrency available on the Marscoin platform. The token is developed using a crypto mining process similar to Bitcoin or Litecoin, as the platform states. Marscoin also claims that the early colonists of the Mars planet will continue to produce new MARS tokens as their quick confirmation time and other facilities would make the transaction more convenient and secure. The Marscoin white paper lists six specific functions that the MARS token will be utilized for on the Mars planet. These functions include:

• Measuring and incentivizing choices of early settlers, 

• Raising capital for colonization

• Selling and determining land ownership

• Optimizing energy production

• Expansion of new colonies

• Driving innovation. 

In a nutshell, through the MARS token, the platform aims to find permanent methods for human livelihood settlement on Mars. Hence, the system aspires to facilitate an electronic and resource-saving payment method that is functional on multiple planets.

History of Marscoin (MARS)

The Marscoin network was launched on January 01, 2014. The project was founded by Lennart Lopin, the President of Marscoin. Lennart is a computer scientist with over a decade of experience in the crypto-blockchain industry. He is also the co-founder of the Florida Blockchain Association. Apart from Lennart, many of the Marscoin team are members of the Mars Society. The roadmap of the platform claims to launch an inventory tracking tool for MARS Desert Research Station in the near future. The total supply of the token is 48,000,000 MARS. 

How Marscoin (MARS) is created?

Since the platform is influenced by Bitcoin and Litecoin, therefore, Marscoin (MARS) also implements a proof of work consensus algorithm to produce new blocks on the blockchain. The mining rewards are distributed among the participants in the form of MARS tokens. At the same time, the platform claims to be open towards other staking mechanisms like proof of stake and federated consensus if they save valuable energy. Federated consensus is a mechanism in which every individual is responsible for their own chain of transactions occurring on the Marscoin platform.