MonetaVerde

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Review[edit]

MonetaVerde (MCN) is an open-source cryptocurrency that forked from FantomCoin and was launched in June 17, 2014. MonetaVerde is a Proof-of-Work cryptocurrency based on CryptoNight algorithm. The idea behind MonetaVerde was to establish a so-called Green Coin - a cryptocurrency that is mined without adding new demand on existing mining expenses of miners. In concept, it would reduce the environmental damage related to cryptocurrency mining. For the purpose of developing Proof-of-Work mining without actual computing process, the MonetaVerde team implemented merged mining technology. Merged mining is a process of using computing power for mining two cryptocurrencies simultaneously. As a result, mining of two cryptocurrencies demands electricity volume that is required only for one coin. As a FantomCoin fork, MonetaVerde implements CryptoNight hashing algorithm and allows usage of other CryptoNight-based coins (Bytecoin, Monero, QuazarCoin and others) for merged mining. MonetaVerde’s features share many of those inherent to CryptoNight coins:

  • Its difficulty retargets every block
  • Block time is 1 minute
  • Blockchain analysis resistance
  • Egalitarian Proof-of-Work
  • Untraceable and anonymous transactions

However, MCN has its own features. Besides Merged Mining, MonetaVerde features block reward that increases along with difficulty by the following formula: Block reward = log2(difficulty) * 2^40 The block reward increases much slower than difficulty: for a coin to be added to block reward a difficulty must be increased two times. Such approach to block reward was developed to decrease inflation and make MCN more profitable to save. However, growing block reward does not produce deficit of the coin and, therefore, does not cause the rise of the prices. It may be one of the reason of the MonetaVerde’s price being lower than $0.0006 at the time of writing this article according to CoinMarketCap.com. The total amount of MCN to be produced in not restricted. Those features made MCN a promising coin but it never gained major success. Highest USD capitalization of MonetaVerde was reached on 9.05.2016 and amounted to 47.916USD. MonetaVerde’s website - http://monetaverde.org/, that is stated as official in MonetaVerde’s announce is currently inactive.

Mining[edit]

MonetaVerde is a minable coin. MonetaVerde mining is available for every OS, however, its code was not updated since June 17, 2014 and it looks like developers abandoned the coin. There was also no significant attempt to revive the coin by the community. Because of that, MonetaVerde’s mining may cause losses of time and electricity money and should be treated with caution.

Wallets[edit]

MonetaVerde wallet can be made with SimpleWallet application and does not have its own GUI solution. There are third-party solutions for the storage of MonetaVerde like those of Atomic Wallet, Ledger, Mixin Messenger. According to CoinMarketCap.com, HitBTC - one of the largest bitcoin exchanges is still performing operations with MCN.

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See Also on BitcoinWiki[edit]