[Crypto projects](https://revain.org/projects/) › Monacoin

# Monacoin (MONA): how it works, supply and reviews

## In short

- **Consensus**: Proof of work, Lyra2REv2 hashing algorithm
- **Maximum supply**: 105,120,000 MONA
- **Risks and caveats**: Monacoin's proof-of-work network is small; the project itself distributes checkpoints that users may refuse, a central element in an otherwise decentralised network.
- **Checked**: 1 November 2026

## Key facts

- **Ticker**: MONA
- **Official site**: [monacoin.org](https://monacoin.org/)

Key facts checked on 1 November 2026 against official sources.

## What is Monacoin

Monacoin (MONA) is a proof-of-work cryptocurrency launched in December 2013 as Japan's first cryptocurrency, named after the 'Mona' ASCII-art cat. The Monacoin Project develops the software but does not issue or operate the coin.

## Network and consensus

| Parameter | Details |
|---|---|
| Consensus | Proof of work, Lyra2REv2 hashing algorithm |
| Block time | 1.5 minutes |
| Difficulty adjustment | Every block, Dark Gravity Wave v3 |
| Type | Decentralised payment network run by users' nodes, with no central operator |
| SegWit | Segregated Witness active on mainnet from block 977,760 |
| Software | Monacoin Core, open-source node and wallet software |
| Platforms | Monacoin Core is tested on Linux, macOS 10.12+ and Windows 7 and newer |

## Supply and issuance

| Parameter | Details |
|---|---|
| Maximum supply | 105,120,000 MONA |
| Issuance | Block subsidy started at 50 MONA and halves on a fixed schedule |
| Halving | Every 1,051,200 blocks (about 3 years at 1.5-minute blocks) |
| Initial distribution | No premine; coins are issued only through mining |
| Developer allocation | The Monacoin Project held no coins at launch; developers obtain coins on the same terms as users |

## What MONA is used for

- MONA is used as a payment currency on its own blockchain, including community tipping and services built by users.
- New MONA is issued to miners as block rewards.

## Who develops and governs Monacoin

- **Developer**: Monacoin Project develops the software but does not issue or operate the coin
- **Company**: The Monacoin Project says it has no relation to the operators of the 5channel / 2channel forums or their affiliates
- **Open source**: MIT licence; code on GitHub (monacoinproject/monacoin)
- **Code base**: Built on Bitcoin Core and Litecoin Core code (copyright lines in the licence file)

## History

| Date | Event |
|---|---|
| December 2013 | Monacoin is launched, described by its project as Japan's first cryptocurrency. |
| 12 September 2018 | Monacoin Core 0.16.2 is released; from this version the project distributes checkpoints, which users can refuse. |
| 19 September 2018 | Monacoin Core 0.16.3 fixes the CVE-2018-17144 denial-of-service bug inherited from Bitcoin Core. |
| 14 November 2021 | Monacoin Core 0.20.2, a new major version, is released. |
| 26 October 2024 | Monacoin Core 0.20.4 is released with a patch against CVE-2024-35202. |

## Security and audits

- From version 0.16.2 the project distributes checkpoints; users can refuse them.
- Release 0.16.3 fixed the CVE-2018-17144 denial-of-service vulnerability inherited from Bitcoin Core.
- Release 0.20.4 (October 2024) carries a patch against CVE-2024-35202, and the project strongly recommends upgrading.

## Security incidents

Incidents are reported by third parties (press, incident databases) but are not confirmed in the company’s own channels, so none is listed here.

## Risks and caveats

- Monacoin's proof-of-work network is small; the project itself distributes checkpoints that users may refuse, a central element in an otherwise decentralised network.
- Software updates are infrequent: the latest release is v0.20.4 from October 2024.
- The README calls Monacoin an experimental digital currency.

## Official links

- Website: [monacoin.org](https://monacoin.org/)
- Source code: [github.com/monacoinproject/monacoin](https://github.com/monacoinproject/monacoin)
- Blog: [github.com/monacoinproject/monacoin/releases](https://github.com/monacoinproject/monacoin/releases)

## Questions and answers

**What is Monacoin?**

Monacoin (MONA) is a proof-of-work cryptocurrency launched in December 2013 and described by its project as Japan's first cryptocurrency.

**What is the maximum supply of Monacoin?**

105,120,000 MONA. The block subsidy started at 50 MONA and halves every 1,051,200 blocks.

**How does Monacoin work?**

Miners secure the network with proof of work using the Lyra2REv2 algorithm; blocks come every 1.5 minutes and difficulty adjusts every block (Dark Gravity Wave v3).

**Who develops Monacoin?**

The Monacoin Project develops the open-source Monacoin Core software (MIT licence) but does not issue or operate the coin.

## Sources

- [Monacoin Project - Home](https://monacoin.org/)
- [Monacoin Core - GitHub repository (README)](https://github.com/monacoinproject/monacoin)
- [Monacoin Core - COPYING](https://github.com/monacoinproject/monacoin/blob/master-0.20.4/COPYING)
- [Monacoin Core - src/amount.h](https://github.com/monacoinproject/monacoin/blob/master-0.20.4/src/amount.h)
- [Monacoin Core - src/chainparams.cpp](https://github.com/monacoinproject/monacoin/blob/master-0.20.4/src/chainparams.cpp)
- [Monacoin Core - src/validation.cpp](https://github.com/monacoinproject/monacoin/blob/master-0.20.4/src/validation.cpp)
- [Monacoin Core - release notes 0.20](https://github.com/monacoinproject/monacoin/blob/master-0.20.4/doc/release-notes-monacoin.md)
- [Monacoin Core - release notes 0.16](https://github.com/monacoinproject/monacoin/blob/master-0.16/doc/release-notes-monacoin.md)
- [Monacoin Core - releases](https://github.com/monacoinproject/monacoin/releases)
- [Monacoin Core v0.20.4 release](https://github.com/monacoinproject/monacoin/releases/tag/v0.20.4)

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Page updated: 2026-11-01

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Source: https://revain.org/projects/monacoin/