What is Monacoin (MONA)? Why Did Monacoin Become So Popular?

monacoin

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.”

 

What is Monacoin?

Monacoin Mona
Monacoin Mona

 

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.

How Does Monacoin Work?

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.

Who’s Behind Monacoin?

Monacoin review
Monacoin review

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.

Why Did Monacoin Become So Popular?

Japan’s Government

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.

Galapagos Effect

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 Generation

What is Monacoin
What is Monacoin

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.

Summary

Monacoin is one of the biggest cryptocurrency with a market value of $230 million. Investors of Monacoin are %90 Japanese because it is a Japanese origin cryptocurrency. It looks like to the Dogecoin due to its logo with a dog.

It is a kind of PoW cryptocurrency so, you can start mining with a 1.5 minutes block time and 25 MONA award per block.

A Japanese company, Monacoin foundation is behind Monacoin, and Mr. Watanabe describes the coin as a cryptocurrency which was designed to be different from others. Also, Monacoin is a legal payment method in Japan.

MonaCoin Website

MonaCoin Twitter

About the author

I am graduated from the faculty of communication. I have worked for major companies in the communication field, and acquire more than 12+ years of experience. I like to read empowering books, traveling and researching useful stuff on the internet. For a few years now, I have cultivated and developed a passion in the cryptocurrency world. I have decided to dedicate my time to create some posts on my blog about cryptocurrencies in general. Cryptocurrency World is growing fastly and will have longevity future however it has just born. I intend to improve myself on blockchain technology and share my knowledge.

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