What is MonaCoin (MONA)?
MonaCoin (MONA) is a blockchain platform focused on becoming the most widely used cryptocurrency exchange in Japan. MonaCoin has added advanced features to the Litecoin codebase to try to create a better version.
In the crypto space, it is rare to hear of cryptocurrencies that are mostly restricted to one jurisdiction, as they inherently have no borders and permissions. In the case of MonaCoin, an alternative to peer-to-peer digital cash, it was born in Japan and still largely serves the Japanese population.
MonaCoin, dubbed Japan's self-proclaimed national cryptocurrency, doesn't offer much functionality other than storing and transferring value, making it ripe for competition. However, MonaCoin has some distinctly unique features designed to stand out from the competition, with most aspects focused on making MonaCoin a faster and more cost-effective alternative than other cryptocurrencies.
Who created MonaCoin (MONA)?
Following in the footsteps of Bitcoin, the project was also launched by the creator under a pseudonym. Created in December 2013 and officially launched on January 1, 2014, MonaCoin was created by an unknown "Mr. Watanabe", a decision apparently made in deference to Satoshi Nakamoto.
Bitcoin is developed by various community development groups, such as Bitcoin Core members, but the MonaCoin team is still completely anonymous. For many new projects, an anonymous team is a serious red flag, but MonaCoin launched without pre-mining, which means that there are no hidden coins that the team hides to throw on the market later. There are also no hidden threats, as MonaCoin has been operating for the better part of a decade.
What is unique about MonaCoin?
After launching in 2014, MonaCoin initially aimed to become the most convenient and inexpensive cryptocurrency for its users, especially Japanese ones. MonaCoin is a hard fork of Litecoin, which is a hard fork of Bitcoin, with all three cryptocurrencies working to solve a similar problem, but trying to do it in a more efficient way. Litecoin was forked to create a "better" version of Bitcoin, and MonaCoin forked Litecoin for the same reason.
Unlike these two coins, MonaCoin has a much larger turnover and maximum amount, and also runs on a different proprietary hashing algorithm than SHA-256 or Scrypt.
Focusing on application-specific integrated circuit (ASIC) resistance, MonaCoin initially worked on the Scrypt hashing algorithm until Scrypt-based ASIC miners were created. This forced MonaCoin to switch to Lyra2REv2, a Proof of Work consensus algorithm, to encourage cryptocurrency mining on the GPU. ASIC miners are expensive, high-tech, and much more efficient than GPUs, making it impossible for conventional GPU miners to compete.
To continue its mission as a highly accessible and easily verifiable blockchain for everyone, MonaCoin prioritizes GPU mining, as it only requires a basic computer and a limited amount of power, compared to ASIC mining.
Another important difference between MonaCoin and competitors such as Bitcoin, Litecoin, Vertcoin and Groestlcoin is the shortened block chain and their regularly changing falsity. To facilitate more transactions at a lower price, MonaCoin chooses a block time of 1.5 minutes, which is 6.66 times more blocks than the PTS creates over the same time period.
How much monett MonaCoin (MONA) is in circulation?
With a maximum supply of 65,729,675 MONA, there are currently 65,729,675 coins in circulation. As for the value of MONA, it is currently 1.35 USD, with a daily trading volume of 875,536 USD, and a market capitalization of 88,805,589 USD.
How is the MonaCoin (MONA) network protected?
Since the MonaCoin blockchain is based on the Lyra2REv2 algorithm, the network is protected by the Proof of Work consensus.
- To own your crypto assets, you need to manage your own private keys.
- Ledger hardware wallets make private key management easy and secure.
- Each unique 24-word recovery phrase creates a new set of private keys.
- Make sure you secure your 24-word recovery phrase properly.