Monacoin cryptocurrency: review, prospects, recommendations

A very original and interesting project from the land of the rising sun – Japan. The Monacoin cryptocurrency was created in 2014 as a fork of Litecoin. The main goal of the coin was to create an alternative to payment systems and develop the cryptocurrency industry as familiar tools for mutual settlements. Remarkable. That the most advanced country in the field of technology has become just a continuator of the idea, and its author. On the other hand, there is still no information about the identity of Satoshi Nakamoto.

What is Monacoin

In fact, it is Litecoin, which is more adapted to a means of payment for regular payments. In Japan, Mona means cat. The cryptocurrency has become a coin for cats, which are very popular in the land of the rising sun. Monacoin emission amounted to 105,000,000 MONA, block generation time was reduced compared to the prototype to 1.5 minutes.

The complexity of the network increases after each block found; the Dark Gravity Wave algorithm controls the complication. The Monacoin network provides complete confidentiality of all transactions, as it is based on a peer-to-peer architecture. It is noteworthy that the transaction fee is set by the participants in the transaction. No minimum amounts. Accordingly, the most expensive transactions are carried out first. Due to the relatively low popularity of the asset as a trading instrument, the system commission remains at a minimum level.

go

ICO

The process of launching the coin was different from the usual methods today. Since the developers had a specific goal in creating a decentralized, impersonal means of payment, implementation took place with a commercial approach.

Information about the release was distributed through the Japanese mega-forum - ni-channeleru. This conglomerate owns more than 600 message boards of all kinds. They were the first to introduce the offer to pay for purchases using Monacoin.

The representative of Monacoin at the thematic forum on cryptocurrencies was a certain Mr. Watanabe, who remains incognito, like the progenitor of the digital industry, Satoshi Nakamoto. To maintain the network, the PoW (active mining) protocol is used, and users who donate their computing power to maintain the network should regard the mining process as a game, for completing the levels of which (finding blocks) players receive a reward in the currency of the game itself.

For Japan, such approaches to various marketing issues are more than usual, which is why Monacoin has been actively developing and growing for some time. A large number of online stores accept it as a means of payment; moreover, quite a few ordinary retail outlets are equipped with terminals for crypto-payment.

go

Prospects

The prospects for monacoin are very bright. This coin has evolved into a mature token. With its help you can perform many operations:

• Monacoin can be used to pay in both real and virtual stores;
• The coin can be easily exchanged for real money;
• Pay for the work of large organizations;
• Conduct auctions and receive payment for the lot using this cryptocurrency.

Today Monacoin is trusted by ordinary users and large firms.
The overall outlook for the monaco cryptocurrency is not bad. In particular, the creators are actively improving the code and there are already good results. Thus, on March 8, 2022, the coin underwent a soft fork, which is required to support the cryptocurrency. And on April 15, they managed to take another important step - to cross the 75% line, which Samson Moe, director of Blockstream, immediately mentioned on his Twitter. True, there are also concerns regarding the prospects, because the currency is too focused on the Japanese market, which may prevent it from expressing itself on the world stage. But the network is stable and resistant to overloads. Perhaps its exoticism will play a role in popularizing the coin.

Features of Monacoin

The key feature was mentioned above - this is a unique system for creating demand for a crypto coin as a means of payment.

Another fact that separates Monacoin from other coins is the absence of a premine stage. There is no preliminary team of beta testers and everything that today precedes the presentation of a new cryptocurrency. The development of the network based on the Lyra2REv2 algorithm was carried out without the need for adjustments or forks, which indicates the clearly Japanese origin of the development team.

Proof of the viability of the idea of ​​​​creating an international means of payment in the form of the Monacoin coin is a remarkable transaction for the purchase of land in Nagano Prefecture already in 2014.

go

How and where to buy Monacoin cryptocurrency

The coin’s quick entry into the ranks of popular means of payment in Japan led to a guaranteed entry into key crypto exchanges in the Asian region. At the time of writing, Monacoin is traded on 10 trading platforms. The TOP by turnover includes:

• Bitbank - MONA/JPY;
• Zaif - MONA/JPY;
• Bittrex - MONA/BTC;
• QBTC - MONA/USDT;
• Livecoin - MONA/BTC;
• Bitbank - MONA/BTC;
• Upbit - MONA/BTC.

The main turnover on the upper two platforms occurs using the Japanese yen. By the way, exchanges trading this pair freely accept JPY as a means of payment. The total capitalization of the currency, at a price of $3.75 per 1 MONA, is $278,000,000. The peak price reached a little over $17 during the general growth of the cryptocurrency market since the beginning of autumn 2022.

US and European exchanges trade MonaCoin only against BTC and, in very rare cases, against USDT. This is due to the fact that for everyone except the Japanese, the coin remains a dark horse. Basic information and news on it are published only in Japanese and in most cases are not translated into English and beyond, so that a larger number of interested network participants can join in its use.

go

Forecast for 2022

Data from coinmarketcap.com.
From 2014 to 2022 the Monacoin exchange rate to the dollar was 0.1-0.5 USD, rarely rising above 0.7 USD. In September 2022, there was an increase to $3, and in January 2022 it exceeded $19. This rise was obviously associated with the pump of Asian investors, because there are simply no other reasons for a sharp rise in the price of the asset. By spring, the rate began to decline again, and now fluctuates around 3 USD.

The Monacoin exchange rate to the ruble remains above 150 RUB, volatility is 5-20% per day.

Considering all the pros and cons, the normal price for this asset is no more than 2 USD. The forecast for Monacoin as a whole is not the most favorable, and the only way to make money on this coin is through pumps. It is important to exit the trade before the pumps or at the same time as them. The asset is not recommended for long-term investment.

Monacoin Wallets

Due to the fact that the coin has limited circulation as a means of payment, not all multi-currency platforms and wallets support Monacoin. The best way to safely store and handle MONA is through the marketplaces where it is traded.

For investment retention or mutual settlements in coins, it is recommended to use the official Monacoin wallet, which the developers translated into English and adapted for major operating systems.

Downloading and installing the wallet occurs in the usual way. After this, you need to wait for the blockchain to load and the wallet to synchronize with the update. After the process is completed, all wallet functionality will become available.

It is noteworthy that for residents of Japan and those who have open accounts in Japanese banks, it is possible to issue a payment card with a Monacoin wallet account connected to it, which significantly simplifies mutual settlements.

For the target audience - residents of Japan and everyone who knows the language sufficiently to read and communicate, there is a service - monappy.jp. This site is both a wallet for Monacoin and a trading platform where you can purchase all available items for this cryptocurrency.

go

Description

Official website: https://monacoin.org/en/

CoinMarketCap: https://coinmarketcap.com/currencies/monacoin/

Reddit: https://www.reddit.com/r/monacoin/

MMGP: https://mmgp.ru/showthread.php?t=506778

Bitcointalk: https://bitcointalk.org/index.php?topic=392436.0

At the beginning of November 2017, according to data from the CoinMarketCap website, the cost of one MONA coin is about two and a half dollars. MonaCoin ranks 41st in terms of capitalization and 25th in terms of trading volume for the previous month. According to the specifications, which are available on the official website, the number of coins is limited to 105,120,000, of which more than half (55 million) have already been issued. In March 2017, the coin experienced a soft fork, which activated the SegWit protocol. MonaCoin pumps occasionally, some of these pumps increase its value several times.

One of these pumps occurred in mid-October, when the price increase exceeded 1000% and it reached a record $6.

Mining Monacoin

Due to the venerable age of an active cryptocurrency and the significant trading network in Japan that accepts Mona as a means of payment, the complexity of the network is high. In addition, at the end of 2016, the first division of the reward took place and now it is 25 MONA per block instead of 50.

Solo mining for Monacoin production has not made sense for a long time, but the coin has not yet reached the format where mining is carried out on an industrial scale and it can be obtained using a mining rig on video cards.

The software best suited for Monacoin mining is CCMiner 2.2, designed to work with the Lyra2REv2 algorithm. It shows an increase in hashrate of about 10% compared to other miners.

go

History of Monacoin

This is the first Japanese cryptocurrency, developed at the end of 2013 as a fork of the Litecoin cryptocurrency. A special feature of MonaCoin was the image of a cat's face on it. The cat as a symbol for MONA was often used in the Japanese online forum 2channel. The cat, which symbolizes one of the manga characters and is an alternative to the Dogecoin currency with a dog symbol, was liked by many. This is how the Mona cryptocurrency became popular among manga fans. And this is a fairly large segment of society that plays an important role in Japanese online culture. Even with its “cartoon” appearance, MonaCoin is a completely serious independent token that can be used to pay in various stores. At first it was planned to be used exclusively for purchases in online games. But the project turned out to be successful and reached a new level.

Monacoin mining pools

To mine the coin in question, it is better to join existing capacities than to try to compete with them. Surprisingly, there is a choice for MONA, but there are many Japanese pools on the market. If we do not take into account sites where even an avid miner and Google translator can “break their legs,” then at the time of writing the material, the services that support Monacoin mining are as follows:

• mona.suprnova;
• aikapool;
• pool.n-engine;
• monacoin.miningpoolhub;
• coinfoundry.org;
• l8nit3-miners;
• asicpool.info.

The sites have proven themselves to be competent and profitable in many key and exotic crypto areas, and every user minimally familiar with mining has at least heard of most of them - for example, supernova or ASICpool.

go

Advantages and disadvantages

The history of the coin is noticeably different from most of its kind, therefore the list of positive and negative points about it will be different from the usual picture.

Let's start with the advantages:

• Safety. A peer-to-peer basis with a cryptographic component, based on the PoW protocol, allows you to transfer information from participant to participant directly.
• Anonymity. For many users, this is the key factor when choosing cryptocurrencies as a means of payment. In Monacoin, anonymity is absolute, but network participants can disclose incognito at their discretion, for example, when constantly selling goods through trading platforms, in order to gain a reputation as a reliable partner.
• There is no minimum commission for transfers. This moment played in favor of the developers by increasing the number of small operations. The minimum queue for execution forces participants to indicate a large commission in order to complete the transaction faster.
• Low mining difficulty. Although the CPU level has already been overcome, quite a few users are mining the coin with GPU-powered gaming/work PCs. The coin has a future, and if the developers competently translate all key documents and services, at least into English, the cost and demand for MONA will increase significantly;
• The rigor and simplicity of the platform allows transactions to be carried out instantly, and the mining speed is increased compared to similar coins.

Now about the negative aspects:

• Mining is low profitable. This factor is relevant for many popular cryptocurrencies. Mining on one GPU brings frankly small profits and is used only as an auxiliary process. Farms that require investment bring more income.
• Lack of support. Many cryptocurrencies released in recent periods are derivatives of real assets, which provide liquidity and value. There is no such support for Monacoin, but the fact that the bulk of coins are mined and used by representatives of one country with similar values ​​supports the value of the currency on exchanges.
• There is no option to cancel the transaction. It is for this reason that some trading platforms require sellers to reveal the identity of the holders of wallets for which payment is accepted.
• There is no verification of the correctness of the recipient's address in the system. This problem is quite rare among cryptocurrencies, but due to the venerable age of Monacoin, it is relevant. It consists in the fact that when sending coins to an address with an error that did not previously exist, such an address will be generated and MONA will go to it. Refunds will not be possible.

go

Technical specifications

The technical characteristics of monacoin are not anything special. In principle, the developers did not set out to surprise anyone. On the contrary, we set a course for standard indicators:

• The most standard Script encryption algorithm, which is the basis of many popular cryptocurrencies, therefore in this case the developers decided not to take risks in coming up with something new, but to use a well-proven option;
• You can mine cryptocurrency through blocks, that is, again, we have a standard version of the system. At the moment, the price of the found block is 25 tokens, although until recently it was 50 units;
• In order to confirm the operation, or, more precisely, to determine a new block, it will take about one and a half to two minutes. So in this vein, the altcoin in question was also not surprising.
• The total number of coins for mining is about 100 million.

As with all other cryptocurrencies, the coin platform is immaterial.
The price of the asset is not tied to any cash, gold funds or other material resources. And information about ongoing transactions can be obtained in the public domain, although personal data is not used anywhere, thereby protecting user privacy. All in all, a pretty standard set, although Monacoin was launched without a premine. The Monacoin cryptocurrency was developed using paring technology, which ensures its self-sufficiency and reliability. It allows you to work even without a large number of users. And again, the DGW algorithm contributed to this freedom. As for the convenience of users, in technical terms this was also taken care of, since the monacoin (mona) cryptocurrency wallet is able to work on all known operating systems, including Windows and MAC.

Proof-of-Work (which can be selected) is used to process information, providing more reliable protection against interference. The technical nuances are well thought out, making hacking a system more of a miracle than an everyday occurrence. That is, in technical terms, the mining and storage of the cryptocurrency in question is absolutely safe, which is the main advantage of the Japanese coin. For now the technology is used in Japan, but it has all the conditions to become international. So you can start mining cryptocurrency.