MonaCoin (MONA): cryptocurrency review
This is an open source digital cryptocurrency system and a peer-to-peer payment network that is actively gaining momentum in Japan. The MonaCoin cryptocurrency (MONA) has already achieved several integrations with local streaming video services, which allows content creators and consumers to interact directly. At the same time, the MONA token serves as the settlement currency in such operations. There are also several online stores and trading floors that accept this coin.
History and Team
The start of the project took place on January 1, 2014. Monacoin became the first Japanese cryptocurrency. It was formed by the Litecoin hard fork, but differs from its mother coin in the most affordable number of tokens. MONA exceeds the total emission of LTC and amounts to 105 120 000 coins.
MonaCoin was founded in 2013 by a man whose real name is still a secret. He is known by the pseudonym ‘Mr Watanabe’. His cryptocurrency very quickly became popular after it was first talked about on the Japanese television channel WBS TV Network Tokyo. Since then, it has been trending not only among the Japanese, but also in the cryptocurrency market as a whole.
The company attaches great importance to decentralization and curbing currencies in the peer-to-peer network to ensure the safety of users ’funds.
MonaCoin developers, who do not yet want to reveal their identities, have also created other platforms based on their network, such as Monappy or AskMona, where you can get any information about the coin. It is decorated in the style of a forum, but it also allows you to send coins to other users through the built-in service. Monadash allows you to find out any kind of Monacoin statistics from the start of token trading on the market.
Overview of MonaCoin Key Features
This is one of the few currencies in the world that is already used to purchase products both online and offline. In Japan, many restaurants have already begun to accept payment in it. The number of stores, websites and service providers that accept MonaCoin is increasing every day. In addition, there are many Japanese Internet sites, message boards and various services that offer intermediary services to pay for purchases in stores that have not yet decided on this step.
One of the largest retailers in Japan to start accepting the Monacoin token is the Ark Akihabara Electronics Store. Earlier, he also allowed customers to pay with Bitcoin.
MonaCoin developers implemented the Lightning Network, which provided cryptocurrency transaction acceleration, and after activation Segwit MonaCoin became a kind of Japanese analogue of Ethereum, Dash and Monero.
The creators of Monacoin have set themselves the goal of resisting centralization. The Lyra2REv2 algorithm they created, like the Vertcoin network algorithm, is designed to provide verification of all transactions by a widely distributed network.
Key network parameters:
- Creation date of the first block – April 2014;
- Algorithm – Lyra2REv2 (after creating 450,000 blocks);
- Complexity algorithm – Dark Gravity Wave (after 450,000 blocks);
- Segwit – activated after 977 760 blocks;
- Reward to miners for the block – 25 tokens;
- The average block creation time is 1.5 minutes.
How to mine MonaCoin
The consensus mechanism used in monacoin is proof of work (PoW), which is implemented in most blockchain-based cryptocurrencies. It provides a secure way to mine coins, absolute decentralization and the ability to implement critical economic and technical changes in the network.
To be more precise, Lyrypt’s Scrypt-based Lyra2REv2 algorithm is responsible for security. It is designed to achieve the intensity of computing processes. With it, miners can create new blocks and confirm transactions. His need for high computing power makes hacking attempts and any hacker attacks very expensive.
Today, asic is used to extract monacoin. The creation time of one block is about 1.5 minutes. For each block, miners receive a reward of 25 MONA. This number of coins will be halved every 1,051 million blocks over three years.
There are also mining pools MonaCoin. Below are the five leaders:
Where to buy MonaCoin
Buying and selling MONA tokens is available on exchanges such as:
Where to store MonaCoin
Before you start buying or mining Monacoin, you need to install a wallet. There are official wallets that the owner of coins can download from the project website https://monacoin.org and install on your PC or mobile gadget. All of them are developed and supported by an experienced team of creators of MonaCoin.
Users can choose a wallet for the platform they need:
Description of the differences between MonaCoin and Bitcoin
Bitcoin has shown strong growth in the recent past and continues to lead the digital money market, despite the fact that its rate dropped significantly in December 2017 – January 2018. In addition, he still has not received recognition in Japan. BTC is in demand among Japanese cryptocurrency users, but it is inferior to monacoin in the possibilities of everyday use.
Bitcoin continues to be primarily a speculative tool and is not suitable for small transactions. In contrast, the first Japanese cryptocurrency is aimed at introducing into everyday life. Its integration into a number of gaming sites to simplify the payment system in the gaming industry, which is so popular among the Japanese, is a solid foundation and a good impetus to the development of the coin.
The main advantages of the coin:
- The work is based on a peer-to-peer architecture, which allows protecting this cryptocurrency from any external pressure.
- Guaranteed complete confidentiality of operations. During transactions, the user is not required to provide his personal information. However, you can always see the direction and amount of the transfer. The commission is conditional – each of his own free will determines how much will be charged for the operation.
- Simplicity of work. The system has a fairly intuitive and intuitive interface. Anyone who is even a little familiar with similar sites can easily figure it out.
- Using Proof-of-Work Technology. Thanks to her, electronic money is pretty well protected from possible hacker attacks. Each subsequent block of the system has its own complexity and changes with the emergence of a new one. The process of its creation practically does not load equipment, which means that you can get currency even with a not too powerful computer.
- Laconic design. The visual design of the platform eliminated unnecessary details.
- Reliable protection. Due to the nature of the structure, hacking or stealing Monacoin is an extremely difficult task.
- High performance. Due to the small popularity of the coin, operations (compared to other types of electronic cash) are performed much faster.
Cons of the coin:
- Perhaps the main thing is the mining method itself. Mining requires a very powerful technique that can quickly decrypt the system code of a coin. Accordingly, there are extra expenses not only for new equipment, but also for paying electricity bills. At the same time, no one will guarantee that the invested funds will bring income or at least repulse.
- Monacoin coins, unlike ordinary fiat money, are not provided with anything. It is incredibly difficult to determine its further development, since well-known economic factors do not act on it.
- Inability to cancel a transaction after it is completed. Having, for example, made a mistake in the wallet address, the user will no longer be able to return his money.
- The risk of loss of savings. Despite the fact that the system is quite reliable, there is always a chance of losing cash as a result of a hacker attack. In addition, in case of loss by the owner of the code from his wallet, or when it is hacked, access to coins will also be closed forever.
- Due to a sharp drop in the exchange rate, you can lose a significant part of your savings.
Note! If a user mistakenly made a transaction to a non-existent address, the transfer will still occur (the system will simply register a new account and subsequently everyone will be able to transfer currency to it).
The problem with this cryptocurrency is that it is limited only to the Japanese market. Despite its enormous scale, this is not enough to compete with other large cryptocurrencies such as Ripple, Litecoin, IOTA and even Bitcoin.