A cryptocurrency (or crypto) is a digital asset designed to work as a medium of exchange where individual coin ownership records are stored in a ledger existing in a form of the computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership. It typically does not exist in physical form (like paper money), and is typically not issued by a central authority.
Musk is committed to creating products and services that will make life better for humankind, as well as to create a colony on Mars. It is likely that creating his own unique cryptocurrency will make it easier to pay for all these products and services, both on Earth and Mars, which seems like a great idea. We can also expand on this idea and think about it like a digital coin that will become the currency of Mars.
Musk recently participated in a Twitter conversation about whether he should create his own cryptocurrency. And it seems, provided that it becomes a necessity, he will do it. At the same time, the founder and CEO of Binance Changpeng Zhao asked Musk to name his coin MarsCoin. In response, the entrepreneur wrote that "There will definitely be a MarsCoin!" Musk, of course, did not elaborate on whether this is another joke or a project that may soon be in development.
There will definitely be a MarsCoin!— Elon Musk (@elonmusk) February 16, 2021
However, the name "MarsCoin" is not new. In 1990 Robert Zubrin and David Baker published a feasibility study detailing plans for a journey to Mars and building a rudimentary base using the natural resources available on Mars. They proposed MarsCoin as the Martian currency for the settlers to use. At the moment, this cryptocurrency already exists and is even traded on several exchanges.
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About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.