Monacoin or simply MONA is one of the pioneers of cryptocurrency technology. It is the most popular Japanese cryptocurrency and used more extensively than any other type of cryptocurrencies that are available at present.
It is the standard digital currency in Japan and is preferred over its more popular counterparts such as Ethereum or Bitcoin. The platform that MONA is built on is focused more towards community-based efforts in order to keep the platform running efficiently.
Interestingly, there is a Shinto Shrine dedicated to Monacoin in as of 2017. That’s how dedicated the MONA community are to the Monacoin.
Monacoin was originally developed for using it as a digital currency system for video game platforms, but later branched out to the mainstream cryptocurrency market due to its huge success and dedicated community members.
MonaCoin was founded and developed anonymously under the alias Mr. Watanabe back in December 2013 and officially released on that New Year’s Eve. MonaCoin is a hard fork of LiteCoin, and is controlled primarily by its community and not by a single or centralized person or entity.
The basic working mechanism of MonaCoin is based on ASCII character popularly known as MONA. Although MonaCoin was launched without much hype build around it or even the fact that there were no single pre-mined MonaCoin coins, the launch was still a huge success owing to its large community base in Japan.
MonaCoin gained additional popularity in the cryptocurrency market after the infamous collapse of the Bitcoin Exchange back in 2014. The series of events brought more spotlight to MonaCoin as it provided investors with an alternative to Bitcoin.
MonaCoin proudly advertises itself as “Japan’s first cryptocurrency” and ensures complete safety and a secured alternative to the traditional cryptocurrency system.
The growth of MonaCoin was only inevitable, and by December 2017, its market capitalization had already crossed the $1 Billion mark. The total number of MONA coins in circulation will reach a total of 105,120,000 coins by the end of its latest mine block.
The MineCoin is the “hard fork” of LiteCoin, and as such utilized the LiteCoin’s Scrypt as its primary hashing algorithm. But as time went, MonaCoin platform switched to a more stable and secure hashing algorithm in the form of "Lyra2RE."
The basic concept of functionality in Lyra2RE remains identical to that of Scrypt algorithm. They both employed the same protocol system or the Proof of Work (PoW) system, but Lyra2RE offered more stable ASIC-resistant and harder mining development process.
The process of ensuring more difficulty in developing mining hardware for mining coins makes the system less vulnerable to outside interference and provides more security.
MONA functions fully on a distributed payment structure, and as such, it is very much independent to any other third party system. MonaCoin has never been hacked in its lifetime due to its security measures, and it is estimated that for every 1.5 seconds a total of 25 MonaCoins are being mined. Also, the fact that MonaCoin runs primarily because of its dedicated community makes it much more reliable and credible as well.
The most intriguing and unique feature of MonaCoin over any kind of cryptocurrency has to its community base. The dedication of MonaCoin user community is unmatched, and that's why it gained so much success and popularity even without a major announcement of its launch back in 2013.
The absence of any centralized or core group of people that controls the community is the primary reason why people have embraced MonaCoin. There isn't a single "boss" that gains from the mining developments, and basically, every individual is their own boss. The community is supportive and very much scalable, allowing any enthusiast to jump on the bandwagon.
One of the primary reason why the MonaCoin has such a huge community built around it is due to the fact that any transactions in the MonaCoin platform are simple, convenient and secured.
The Scrypt algorithm allows the user to make any transactions using the GPU from a personal computer itself. This makes the transaction so much easier and convenient for most users in the community.
The normal block generation time for Bitcoin is about 10 minutes, whereas, for MonaCoin, the block time is a negligible 1.5 minutes. This time consumption difference lies in the core working/ transfer functionality of the MonaCoin.
The users in MonaCoin can transfer the currency almost instantaneously owing to its Lightning Network technology. The whole process of the transaction in MonaCoin also cost far less than Bitcoin too.
Buying MONA coins involves a two-step method. The first step involves buying either a Bitcoin (BTC) or Ethereum (ETH) from an exchange that accepts the banking cards as a valid payment option.
The second step is to transfer all that BTC or ETH tokens to the MONA wallets, and from there you can proceed to use them effectively.
You can first purchase the BTC or ETH from Coinbase (or any other exchange) by signing up.
For transferring BTC or ETH from your Coinbase wallet, you can use any exchange-listed below:
To store the MONA coins, you can use any of the MONA wallets below:
Source: NEWSBTC - 6 months ago
Cryptocurrency networks are under multiple threats on a near-constant basis One of the biggest concerns is the so-called 51% attack. During such an attack, a nefarious individual – or group of users – can control the network. It appears the Monacoin network has recently gone through such an attack. There is still no solution to...
Source: NEWSBTC - 1 year ago
With all eyes on Bitcoin as it broke through another price barrier during Asian trading this morning many forget about some of the altcoins that are also reaching new heights. The Bitcoin digital locomotive may be pulling many of these altcoins up with it
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