Mars - the Red Planet - the fourth planet in our solar system has been a part of the exploration program by NASA. The goal of the program consists of exploring the planet, which involves studying and gathering scientific discovery and information; the working also involves finding the search of Life in the Perseverance Mars Sample. The human settlement seems to have the potential to be a reality someday!

Wherein SpaceX has been developing and working on the surface logistics and infrastructure on transportation solution and The Mars society that also involves making human a multi-planetary species! Thus that’s when Marscoin comes into the picture - Marscoin supports the non-profit Mars Society and lets you make a contribution to the exploration, settlement and other space-related projects.

Marscoin is derived from the Litecoin fork of Bitcoin. The cryptocurrency is a peer-to-peer and distributed open cryptocurrency that would help incentivize space exploration. It is a testbed for experiments along with the technologies that would help build governance, inventory tracking, voting, trading and capital allocation. The cryptocurrency is generated through the process of mining and has a circulating supply of 28,279,074 MARS coin wherein the maximum supply of the coin has not been stated. The cryptocurrency is available on applications such as Google Play, macOS, Linux and Windows wherein it is currently listed on XT.com and Finexbox.

On the other hand, Elon Musk - the CEO of Tesla and SpaceX, has been showing a keen interest in launching the cryptocurrency that would either be called ‘MarsCoin’ or ‘ElonCoin’. It is said that Dogecoin might not be the only Martian cryptocurrency as it is also expected to create a financial system that would be suitable for Mars - Thus, as the name suggests, MarsCoin - will be a cryptocurrency that will be used on Mars and it is expected that cryptocurrency will run the economy of Mars.  

Also Read, Binge Between Social Media And Cryptocurrency

The tweet was followed by when Changpeng Zhao - the CEO of Binance asked Elon Musk to name his coin as “MarsCoin”, to which Musk wrote, “There will definitely be a MarsCoin!”

The whole story seems a little uncertain and confusing as Elon Musk tweeted about a potential “MarsCoin” while there is a existing cryptocurrency named - “MarsCoin” that has already been listed, so the confusion is whether it is the same cryptocurrency or not.

The analysts have also connected the MarsCoin creation to SpaceX whereas the first aircraft to Mars is expected to be launched in 2022, wherein in 2026 it is expected to bring the human population to Mars. Excluding that, ever since, the tweet by Elon Musk about the launch of MarsCoin, the price of the real ‘MarsCoin’ that is already in the crypto market has pumped by 3000% just like the escapade of Dogecoin. 

The existing ‘MarsCoin’ project was developed in 2014, however, the About section of the website has a picture of Musk but the FAQ section of the website states that many associated with MarsCoin are the members of the Mars Society but currently there is no official affiliation. 

So unless, there is no official announcement about the confusion - the confusing mystery remains!