MonaCoin (MONA) is an open-source decentralized cryptocurrency and a peer-to-peer (p2p) payment network. Launched in January 2014 with no pre-mine process, MonaCoin is built on an algorithm called Lyra2RE (v2), and is based on a hard fork of Litecoin.
The MonaCoin payment network is entirely decentralized. Like most decentralized projects, it doesn’t belong to one single person, but belongs to all users. Moreover, the peer-to-peer technology behind MONA makes the platform independent and self-governing. New coins are issued collectively with the users of the system as payment for mining.
Miners earn 25 coins for every 90 blocks processed; block generation time is 1.5 minutes and mining difficulty depends on each block.
The MonaCoin community is the most active and engaged cryptocurrency user association in Japan with impressive support from local investors and crypto enthusiasts. The project gained public attention when it was featured on the WBS TV Network Tokyo, which presented the story of a man who bought a piece of land in Nagano with MonaCoin.
Who Are the Founders of MonaCoin?
MonaCoin was launched on January 1, 2014, based on a cat-like internet meme -- specifically, the popular ASCII art character, Mona.
MONA is the first alternative cryptocurrency developed in Japan. The project was created covertly by a user named 'Mr. Wantanabe'. As of October 2021, the development team remains completely anonymous. There is no information about the founder, no details about the number of participants as well. The names, photos or social media pages of the MonaCoin team are not available.
What Makes MonaCoin Unique?
MonaCoin (MONA) is a cryptocurrency developed in Japan that has earned a reputation and has gathered a community of fans mainly in its homeland. Due to the formidable fanbase, MonaCoin users managed to create several MONA-based web applications and services, which significantly increased the utility of the project.
Distinctive features of MonaCoin include:
Fast transaction processing. The blocking time for MONA is 1.5 minutes. Plus-- MonaCoin supports both public and private transactions.
Widespread deployment. The cryptocurrency has existed since 2013. Therefore, over the years, MONA has pursued the goal of becoming a convenient and inexpensive cryptocurrency for the Japanese audience.
Dedicated community. MonaCoin is supported by its community, relying primarily on its supportive and loyal users, in contrast to projects that rely on the support of an outside development team and third-party system.
MonaCoin is a hard fork of Litecoin, and Litecoin is a hard fork of Bitcoin, however, MonaCoin has a much larger circulating and maximum supply than Bitcoin and Litecoin. Moreover, MonaCoin operates on its own hashing algorithm.
MonaCoin (MONA) uses Dark Gravity Wave (v3) and Lyra2RE (v2) algorithms to ensure transparency, fairness, and safety.
How Many MonaCoin (MONA) Coins Are There in Circulation?
MonaCoin (MONA) is a meme coin with real-world use. The project combines decentralization and a convenient payment system with instant transactions.
The maximum supply that will ever be released to the market is 105,120,000 $MONA (physical and digital). MonaCoin doesn’t have a pre-mining process, so developers and users are on equal terms to receive MONA. Tokens can be mined via special mining software; coins can be purchased from major cryptocurrency exchanges.
MonaCoin uses Lyra2RE (v2) and Dark Gravity Wave (v3) algorithms to provide fair mining opportunities, success rates and increasing difficulty levels with every new block. Every 1.5 minutes, 25 MONA is mined and miners earn 25 MONA for every 90 blocks processed.
MonaCoin has been approved by Japan's Financial Services Agency.
How Is the MonaCoin Network Secured?
Monacoin uses the Lyra2RE (v2) Proof-of-Work algorithm for block approval, and PoW is the same system on which Bitcoin (BTC) is based. On top of that, Monacoin (MONA) can be safely stored in the following Hardware wallets: Ledger Nano X and Nano S.
The company has been in the cryptosphere since 2014 and has already secured the support of a huge fan base centered in Japan. The users are aware that the team is anonymous, but are confident in its security. MonaCoin was launched without pre-mining, so there are no hidden coins that the team can use in the future and dump on the market. Furthermore, over the years, MonaCoin has established itself as a reliable project that has never suffered from a hacking incident.
Where Can You Buy MonaCoin (MONA)?
Ways to get $MONA:
You can buy Monacoin on the crypto exchange where the coin is listed; MonaCoin works on the Lyra2REv2 algorithm, therefore, it can be mined using video cards (GPU).