A lot of cryptocurrencies emerged after Bitcoin got popular and Monacoin (MONA) is also one of them. Monacoin is Japan’s first cryptocurrency, and it is one of the two cryptocurrencies that can be used to pay in Japan, the other one is Bitcoin. It was launched in December 2013 as an open-source cryptocurrency platform. You can found it at Monacoin.org, and they describe themselves as “the most active cryptocurrency users community in Japan.”
The Monacoin project is described by Coindesk as “the cat meme cryptocurrency” due to its similarity with Dogecoin regarding its logo that has a cute pet. It has a 230 million dollar market cap and $4 price as of February 2018. In early December, it had reached the top price value of coin with $17, and there is 56 million MONA supply.
First of all, Monacoin is a Proof-of-Work coin, and it provides 25 MONA per block. It uses Lyra2RE(v2) algorithm and has a 1.5 minutes block time. It has 105,120,000 coins and until now, about 56 million MONA has been released to the market.
You can start Monacoin mining by using Monacoin AMD or Nvidia cards in 4-5 different stock market, and you have to use Ccminer for Nvidia or Sgminer for AMD.
Monacoin Foundation promotes the Monacoin which is started to become very popular in Japan and overseas. However, developers of Monacoin are not members of the foundation. Monacoin.org is one the most popular websites in Japan, and they describe themselves as the capital of Japanese online culture.
Mr. Watanabe is accepted as the person who is behind Monacoin but similar to the founder of Bitcoin, Satoshi Nakamoto. He does not reveal his identity.
Japan’s government likes and supports the idea of cryptocurrencies. Just like Bitcoin’s legalization as a payment method, Monacoin became a payment method in Japan.
Since Japan is an isolated country as an island country, Japanese people tend to avoid foreign products and the global market, and instead, they use domestic products. Monacoin attracted many Japanese investors due to being a Japanese cryptocurrency.
Block time determines the number of transactions that can be done in a period. Block time generation in Monacoin is 1.5 which is faster than the other cryptocurrencies. Monacoin blocks 50 coins in each block.
