With the varied drama playing out in the crypto world, it is essential that crypto lovers both old and new keep abreast of happenings in the space. As such this coin is a must watch. This is because Monacoin (Mona) is a fully distributed payment system that is well-preserved by everyone who uses it through the client application programs running on their computers.
Presenting Monacoin (Mona)
Monacoin (mona) which has been christened the ‘first Japanese cryptocurrency’ by its creator, is a digital currency that was built for peer to peer digital transactions. By virtue of its Japanese origin the altcoin has to a certain extent become Japan’s national alternative to Bitcoin or Litecoin.
Like those before it, Monacoin (Mona) was created to serve as a peer-to-peer (P2P) electronic cash, a decentralized virtual currency targeted at Japanese citizens.
Monacoin’s (Mona) Birth and Attributes.
After being conceptualized in December 2013, Monacoin was birthed officially on the 1st of January 2014 with no premine.
A soft fork was implemented to keep the Monacoin in line with Bitcoin (BTC), Vertcoin, Litecoin (LTC) and other cryptocurrencies that are payment focused. The lightning network has also been implemented by the Monacoin team for their coin.
Monacoin is a hard fork of Litecoin. As you have been intimated on the coins brief history, it is time to examine what Monacoin intends to do in a different way from its competitors.
As a hard fork of Litecoin, Monacoin’s aim is to improve on its parent original archetypal; as Litecoin is to Bitcoin. Monacoin has a larger circulating supply (105,120,000 MONA) and runs on an entirely different hashing algorithm. It was created to achieve faster transactions than its predecessors.
One of the major attributes of Monacoin is its ASIC resistance. At first it ran Scrypt to fortify itself against ASIC mining just like Vertcoin. When miners broke the obstacle posed by this algorithm by creating a Scrypt-compliant ASIC, Monacoin progressed to Lyra2Rev2. This movement was to enable them stay true to their GPU/CPU mining mission. Monacoin employs the Dark Gravity Wave v3 algorithm to enable it readjust its difficulty every block.
Monacoin (Mona) Project and Progress
Monacoin (Mona) was originally created by Mr. Wantanabe, a fictitious name possibly chosen as a tribute to Bitcoin’s Satoshi Nakamoto. Aside from this alias, the rest of the team of the Monacoin project is wholly anonymous. Through a process known as ‘mining’, coins are issued to users who are running programs to execute computational work.
It is interesting to note that since the Monacoin launch, Monacoin project has not set aside any coin for themselves. As such, both the developer of the coin and all its users have had the same conditions for obtaining coins from the very beginning.
Even though the project does not have a visible roadmap on its site or online, the team seems to keep abreast of upgrades and updates. This view is supported by the Lightning Network implementation, the Segwit and Lyra2Rev2 updates that were put in place by the Monacoin project team. For information concerning Monacoin’s development, you can follow on its official Github.
Monacoin (Mona) Contenders
Since Monacoin (Mona) acts exclusively as a currency, it has numerous competitors in the cryptocurrency arena. Vertcoin and Groestlcoin are more direct competitors because of their focus on ASIC resistance than Bitcoin, Litecoin and a host of others.
Monacoin (Mona) has become so popular in Japan, its country of origin, that it was featured on the Tokyo Television Network. In fact it was reported that back in 2014 a man bought a plot of land with Monacoin. It has also been said that numerous restaurants and retailers accept Monacoin (Mona) in Japan but the validity of this is up in the air.
When it comes to Japan, Monacoin leads them all as the de facto national cryptocurrency
Acquiring Monacoin (Mona)
The Japanese exchange is the most popular venue to go to when you want some Monacoin (Mona) for yourself. For instance, Zaif and Bitbank exchanges permit investors to trade MONA for Japanese Yen or Bitcoin (BTC). These exchanges account for virtually 70% of the Monacoin entire trading volume. Likewise, Livecoin, Upbit and Bittrex all have BTC/MONA trading pairs also.
Storing Monacoin (Mona)
List of available wallets for the cryptocurrency are available on the Monacoin website. It also has its own Electrum Wallet and a Coinomi wallet for Android. This is in addition to core wallets for Windows, Mac and Linux.
In a Nutshell
Monacoin operates as a purely digital currency. Though it shares similarities with Bitcoin and Litecoin, Vertcoin is the most appropriate comparison to Monacoin.
Whereas much of crypto enthusiast treats cryptocurrencies as speculative ventures, Monacoin as a cryptocurrrency has been made popular by the resourcefulness of its community. Monacoin (Mona) keeps being nurtured and built upon not by the principal development team, but by its eager user base. To cite a few examples, users of Monacoin have brought up various kinds of Mona-based web applications and services, they have erected shrines in honor of Monacoin, play word games regularly when tipping others (known as monage)and otherwise used the coin in a way that users of most other coins usually do not think of.
With the way the coin is playing out you will agree that it will help in the race to incorporate cryptocurrrency into the mainstream economic culture by taking its usage beyond speculative uses.