Move over Dogecoin, Madibacoin is here

Forget Bitcoin, Dogecoin, Hashcoin and Litecoin. The new cryptocurrency hotness is Madibacoin (not Madiba-bacon, calm down) which will function in the exact same manner as other cryptocurrencies.

This Bitcoin clone is the product of South African mobile marketing company Mahala Mobile, according to a report from Htxt. “Madiba” and “Tata” are nicknames for South Africa’s late president Nelson Mandela.

“If you are familiar with bitcoin (BTC)”, says Mahala Mobile, “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.”

Mining Madibacoins operates in the same way as any other bitcoin and begins by installing a wallet app on mobile or PC. Or, users can make their lives a little easier and snag a R199 USB ASICminer directly from Mahala Mobile, a piece of hardware that automates most of the cryptocurrency mining processes.

“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 or Laptop’s USB port,” the report continues.

While the Madibacoins can’t be exchanged for money (yet?) users will be able to earn airtime between R2 and R999 care of a pin-free airtime delivery system. For users who have powerful cryptocurrency mining machines, don’t be greedy, as Mahala Mobile says that only 20-million Madibacoins will ever be produced.