What is Monacoin?
Monacoin is known as a virtual currency designed for peer-to-peer digital transactions. Named by its creators as “the first Japanese cryptocurrency,” the coin has become moderately of Japan’s public option to Bitcoin or Litecoin.
Similar to its predecessors, the coin was designed purely to serve as P2P electronic cash, a decentralized digital currency aimed at Japanese citizens. Some key exceptions set it apart from the coins that came before it, and this guide is committed to representing out these differences.
This project commenced in December of 2013, Monacoin was formally born on January 1st, 2014 with no premine. A Bitcoin Talk Forum on the same date describes the coin’s launch and its specifications.
A soft fork was administered at block 937440 to implement Segwit; a move secured to keep it in line with Bitcoin, Litecoin, Vertcoin, and other payment-focused cryptocurrencies. Also, the Monacoin team has reportedly executed the Lightning Network for their coin.
Decentralization: Proof-of-Work algorithm permits all users mine the MONA coin. It restricts the centralization of large miners and diminishes price volatility. ASIC resistance issues coin fairly & do not let users mine coins based on higher processing power.
Secure: All MonaCoin users can perform secure transactions as the Scrypt algorithm can be utilized even on a personal machine with a graphics processing unit.
Faster: The MonaCoin has a block time of just 1.5 minutes as contrasted to 10 minutes in Bitcoin. The currency can be transferred almost immediately because of Lightning Network implemented and values far less.
How is MonaCoin distinctive from other cryptocurrencies?
MonaCoin has many standout features causing it unique from most other cryptocurrencies. Its miners are granted 25 MONA coins when they build a block utilizing the network’s PoW algorithm. The implementation of Lightning Network grows the number of transactions per second for transactions on MonaCoin blockchain & cross-blockchain. SegWit helps even the most complex transactions and provides MonaCoin the best characteristics of the two leading cryptocurrencies viz – Bitcoin, and Ethereum. Compared to the most cryptocurrencies, MONA is more like a system of payment than a source of speculation. It is simple to use online and has a much lower handling charge as compared to other means of payment.
The pseudonymous Mr. Wantanabe originally established Monacoin, no doubt in tribute to Bitcoin’s Satoshi Nakamoto. Aside from this pen name, the rest of the coin’s team is anonymous.
Also, the project has no clear roadmap on its site or anywhere else online. The team does appear to stay on top of updates and upgrades, but, as the Segwit and Lyra2REv2 updates and Lightning Network implementation recommend. Anyone can keep track of Monacoin’s progress on its official Github.
Buying And Storing Monacoin
Anyone who wants to buy Monacoin should refer to the most popular venue, which is a Japanese exchange. Both Bitbank and Zaif exchanges, for instance, enable investors to trade MONA for Japanese Yen or BTC, and these exchanges account for almost 70% of the coin’s whole trading volume. As an optionLivecoin, Upbit, and Bittrex all have BTC/MONA trading pairs as well.
Monacoin’s website posts all available wallets for the currency. In extension to core wallets for Windows, Mac, and Linux, it also has its private Electrum Wallet and a Coinomi wallet for Android.
Monacoin primarily purposes as a digital currency. It has similarities with Bitcoin and Litecoin, but it distinguishes itself enough from either of these to the feature that Vertcoin is a more suitable comparison.
This project is functionally Japan’s cryptocurrency and the first of its kind in Japan. It has become trendy in its country of origin. So popular that it was highlighted on the Tokyo TV Network, WBS, and a man bought a plot of property in Monacoin back in 2014. Based on the internet grapevine, various retailers and restaurants take Monacoin in Japan, but because we don’t live there, they can’t verify or deny this.
Monacoin is an entertaining feline counterpart to Dogecoin.