What is a MonaCoin?
MonaCoin (MONA) is an open source platform for cryptographic currencies that was first introduced in January 2014. It is also the first digital cryptographic currency in Japan.
The platform enables users to transfer funds to people around the world. According to Mona News, there are currently millions of investors, general users and business people using MonaCoin as a payment solution with the MonaCoin Wallet.
The platform has a total of 105,120,000 coins and is able to create a block in 1.5 seconds. This makes it much faster than other cryptographic currencies on the market.
If the block time is fast, this means that there will be many transactions that can be verified and completed in a very short period of time. MonaCoin works on Linux, Windows and Mac OS devices.
Cryptographers have analysed that one of the reasons why the MonaCoin currency has quickly gained popularity is the fact that its block time is extremely quick and 50 coins can be validated in each block.
How does MonaCoin work?
MonaCoin is more than just a platform that can be used with the MonaCoin Wallet for money transfers. Users can also use it to buy or sell MonaCoin.
The coins can be used to buy various services and goods from the internet. The coins can also be mined. If you are a crypto user just starting out, the mining process can be a difficult task.
You can also trade on the MonaCoin platform and buy, but you need to carry out a lot of research and understand the basics first. You can get help from so-called Mona brokers who can advise on how to invest wisely.
The Scrypt-based MonaCoin has a market capitalisation of approximately $837 million, putting it in 32nd place. However, it is estimated that around 90% of its users are based outside of Japan. Only a few Altcoins have achieved this interest with such a geographical concentration of users.
At least five online and physical stores, as well as auction sites, now accept MonaCoin for payment. The currency is also traded on five exchanges where you can buy Mona: three in Japan, China’s Ybex, along with AllCoin.com.
MonaCoin’s 90-day chart is beginning to look like a mini version of Bitcoin’s three-year chart. It has risen from a flatline value of about $0.50 from early October 2017, to a high of over $15 million in December.
It has since been listed in 32nd place with a market capitalisation of $837 million at the time of writing.
Japan wants something Japanese
The success of this currency could also be the result of Japan’s desire to produce its own native version with information in its own language. For years, Japanese people have avoided Facebook and used locally developed social platforms like Mixi instead.
The only disadvantage was that it was not open to anyone outside of Japan. Apple products and even smartphones, in general, have taken longer to introduce in Japan, as locals were already satisfied with devices connected to the internet.
The so-called “Galapagos effect” in technology and entertainment is almost inevitable if you are an island state with 125 million people and a language of your own. In addition, the documentation, developer material, forums and most of Bitcoin’s online information are in English.
It’s easy to understand why some people in Japan want to develop their own cryptographic currency. Keiichi Hida, a well-known digital currency fanatic and lobbyist at Rising Bitcoin Japan in Tokyo, says it’s important to have something people can relate to.
Hida uses this cryptocurrency and founded the MonaCoin Foundation together with friends. With seminars in Tokyo and Osaka, the foundation promoted cryptocurrency use in Japan.
Unlike Bitcoin, however, the leading developers at MonaCoin are not members of this foundation.
Who is behind the cryptocurrency?
MonaCoin is a decentralised, open source cryptographic currency that emerged from Litecoin and was pushed forward in Japan in January 2014. Contrary to its parent, the coin supply is set to four times that of Litecoins (105 million), while the mining problem focuses on each piece, with difficulty levels using the Dark Gravity Wave.
The coin has lead times of 1.5 minutes, making it faster than Litecoin’s 2.5 minutes. MonaCoin was released with a 0% pre-mine.
MonaCoin was launched in December 2013 on Japan’s 2channel Internet mega forum. The capital of Japanese online culture, 2channel has over 600 active forums that cover almost every topic imaginable.
Focusing on any topic of public interest, it is one of the most popular sites in the country. The developer of Altcoin was represented in the forums under the pseudonym ‘Mr. Watanabe’.
He has never revealed his true identity. It’s a well-known occurrence. Unlike Satoshi Nakamoto, who doesn’t advertise as much, MonaCoin users are almost certain that Watanabe is Japanese.
However, Mona is not intended to be a ‘national altcoin’ in the same style as the Icelandic Auroracoin.
In his original forum post, Mr. Watanbe with his introduction of MonaCoin, suggested that the coin should be a game with the goal to discover hashes. Just as the games of Final Fantasy XIV and DragonQuest had their own proprietary currencies, MonaCoin would do the same.
MonaCoin should be comparable to securities, he continued, but more like points issued only in the MonaCoin network. “I’m writing this clearly, so there won’t be any misunderstandings,” he wrote.
MONA is a basic micro-transaction cryptographic currency based on the rise of followers of the field in Japan. It’s not been globally recognised and therefore represents an exceptional development perspective for every portfolio.
Alexander Weipprecht is the managing partner of Provimedia GmbH. As a trained IT specialist for application development, he has been advising leading companies on the following topics for more than 10 years: online marketing, SEO and software. Cryptocurrency is becoming increasingly important to businesses and investors. Through Coin Report and Krypto Magazin Germany, Alexander wants to give all people easy access to the subject matter.