Just like Bitcoin and Litecoin, the coin exists to serve as peer-to-peer electronic cash which is decentralized. It has a supply of 105 million coins and uses the Pow consensus mechanism powered by the Lyra2RE(v2) algorithm.
Its based on Mona, a popular ASCII art character.
Features of Monacoin
Security: It’s possible for Monacoin users to make secure transactions since the scrypt algorithm can be used even on a personal computer that has a graphics processing unit.
Decentralization: Since the platform uses the proof-of-work algorithm to mine coins, it prevents the centralization of large miners. It also helps reduce the price volatility. The ASIC resistance usually distributes coins fairly and doesn’t let users mine coins on the basis of higher processing power.
Its Fast: Unlike Bitcoin whose block time is 10 minutes, Monacoin transaction confirmation time is only 1.5 minutes. The costs involved are low, and transactions can be sent almost instantly since the lighting network has been implemented.
The Technology Used By Monacoin
PoW consensus algorithm: Monacoin uses ASIC resistant PoW consensus algorithm which gives users control over the implementation and distribution of any change in the network. It also helps users in verifying transactions.
SegWit activation: After hard forking from Litecoin, SegWit activation enabled easy transfer of coins. Since the block size of the platform’s blockchain is limited, it helps with scaling and increasing transaction speeds.
Scrypt algorithm: this algorithm is easier to execute and helps the coin to be mined using inexpensive PC hardware. It also provides more security to the platform’s blockchain.
Lightning Network: It helps speed up transactions using a second layer of protocols. So, whenever a block is created, the difficulty level changes to reduce the load on the nodes.
Interesting Facts About Monacoin
Monacoin was the first to introduce SegWit before Litecoin and Bitcoin
The currency can be used to buy stuff on Monappy online marketplace. It can also be used in Akihabara one of the largest PC marts in Japan.
The Japanese government has legally accepted the crypto coin. There is even a Japanese who bought a piece of land using the currency in 2014.
Its possible to buy Monacoin using Yen directly through Zaif ATM and also make payments.
Monacoin was founded by Mr. Wantanabe, an anonymous character and also the rest of the team is entirely unknown.
Where To Buy Monacoin
For the users that may be interested in purchasing Monacoin, the first place to look should be a Japanese exchange. On exchanges like Bitbank and Zaif investors can directly purchase Monacoin using the Japanese Yen or BTC. Both exchanges account for more than 70 percent of all the coin’s trading volume. Also, exchanges like Livecoin, Bittrex, and Upbit offer BTC/Monacoin trading pairs.
Another popular exchange where one can purchase Monacoin is CoinSwitch.
Where To Store Monacoin
Storage of the currency is possible using various wallets. Some wallets are supported by Windows, Linux, Android, and Mac. Since it’s not an ERC20 token, it cannot be stored in Ethereum wallets.
Popular places to store Monacoin include:
The official Monacoin wallet that can be found on its official website.
On Google Play Store, users can find the Coinomi Android wallet which can also be used.
Users can download the Electrum Mona which is a lightweight client.
The Difference Between Monacoin And Other Cryptocurrencies
Monacoin boasts many unique features when compared to other cryptocurrencies including:
Miners of the cryptocurrency are awarded 25 Mona coins when they confirm a transaction using the PoW algorithm.
It was the first cryptocurrency to implement Lightning Network. The protocol helps increase the number of transactions per second on the Monacoin blockchain.
Unlike many other crypto coins, Monacoin is more of a payment mode than a speculative asset. It’s easy to use online and its fees are much lower.
The coin uses SegWit which helps facilitate even the most complex transactions.
In conclusion, Monacoin operates simply as a digital currency. It shares many similarities with Bitcoin and Litecoin. However, it has specific unique features that differentiate it from either of the two. Dubbed the first Japanese cryptocurrency, it’s so popular in the country such that its accepted by various retailers and restaurants.