MonaCoin is a cryptocurrency and p2p payment system established in Japan on January 1, 2014. It is formed as a result of Litecoin network fork, claiming to become a national cryptocurrency payment system and means of payment. The MonaCoin system is the need for autonomy in technology or another manifestation of the Galapagos syndrome of the Japanese.
Like the Bitcoin project, the creators of MonaCoin (MONA) do not disclose information about themselves, and the community is represented by a collective image — Mr. Watanabe. The only generally recognized fact about him is that by origin he is Japanese. Initially, he described his project as a game whose mission was to find hashes, by analogy with other popular games in Japan Dragon Quest and Final Fantasy 14, which have their own patented currency.
In 2014 at Coindesk, MonaCoin received the name "cat meme cryptocurrency" for using as a logo the image of the cat. MonaCoin Foundation, a group of enthusiasts not related to developers, is responsible for the marketing component of the project.
MonaCoin is a decentralized distributed payment system supported by a client program running on each user's computer. Technical information:
- Hash algorithm-Lyra2RE(v2);
- block generation time-1.5 minutes;
- reward for found block-25 MONA;
- a total of 105 000 120 MONA;
- reduction of the reward for the found block-1 051 000 blocks or ~3 years;
- calculation of the complexity of the network — each block, the algorithm DarkGravityWave v3.
At the time of the launch of the network, the developers were on an equal footing with the users — the issue of coins was not carried out, the only way to obtain Mona cryptocurrency was mining.
MONA is the coin with the story. It was in the top 20 cryptocurrencies in the world, and its market capitalization rose to $1 billion. But the creators of the project did not support the general market trend to development, so the popularity of MONA went down. Back in the early 2018 Monacoin rate reached $11 for 1 coin, and then began to decline.
MonaCoin today, June 05, 2018, ranks 74th in the Coinmarketcap ranking.
- The price of 1 MONA is 3.32 USD or 0.00043522 BTC;
- market capitalization is 198,810,247 USD;
- the total trading volume on the exchanges for the day is 891,381 USD.
- There are 60 million coins in circulation.
Monacoin mining is carried out by the Lyra2RE(v2) algorithm — this eliminates the possibility of using ASIC, leaving space for the GPU and CPU. This algorithm NVidia graphics cards, compared to AMD, allow users to get more benefits. Programs on settings:
- AMD — sgminer;
- NVidia — ccminer;
- CPU — cpuminer.
Before mining MonaCoin, users must choose a pool:
Choosing MonaCoin pools, users need to get acquainted with the conditions of distribution of the award, the frequency of payments and the size of commissions.
Where to buy
MONA can be bought on several cryptocurrency exchanges:
- bitbank.cc — main exchange of MonaCoin with interface in Japanese and the largest trading volume MONA paired with JPY and BTC;
- zaif.jp — works like a stock exchange, and as a heat exchanger for the cryptocurrency and the Japanese yen, the trade commission in a pair of MONA/BTC is 0% for the maker, and 0.1% for the taker;
- bittrex.com — the exchange has temporarily suspended new user registrations, trade commission — 0.25%;
- livecoin.net — despite the small volume of trading on the Mona/BTC pair, this is the most convenient exchange for traders of the ru sector, users can deposit their account with cryptocurrency or fiat money through payment systems, the commission is 0.18%;
- crypto-bridge.org — decentralized multi-currency exchange, working without trading commissions, with small trading volumes with Monacoin.
The greatest interest of traders in buying coins and the best rate of MonaCoin are seen on Japanese trading platforms. This is due to the constant demand of the market for cryptocurrency — many online stores in Japan have long been accepting payment for goods and services in Mona cryptocurrency.
There are several types of wallets to store MONA coins:
- Thick wallet for Windows 32bit and 64bit;
- thick wallet for Linux 32bit and 64bit;
- thick wallet for MacOS;
- easy Electrum Mona client;
- third-party Coinomi wallet for Android and iOS.
Before using the official thick wallet, users will need to fully download the MONA blockchain, which will take at least 2 hours depending on the connection speed and the Internet.