Review on MonaCoin by Jesmin Akter

In addition to becoming Japan's first cryptocurrency, MonaCoin is also a hard fork of the LiteCoin cryptocurrency network. It is governed by its community, rather than by a central authority, as is the case with many other cryptocurrencies as well. User contributions ensure that the system's payment infrastructure remains completely dispersed. Additionally, MONA coins are accepted at Akihabara, which is home to the world's biggest computer mall. It has been legalized for usage in Japan by the government, and they are now commonly accepted at both online and offline shops. In fact, a Japanese national used MONA coins to purchase a property. A MONA coin may be used to make payments at Zaif's ATM.



When a block is created using the network's PoW algorithm, miners are rewarded in the form of cryptocurrency. Due to the introduction of the Lightning Network, the number of transactions per second for transactions on the MonaCoin blockchain and cross-blockchain has increased significantly. SegWit makes even the most complicated transactions easier to complete, and it combines the greatest characteristics of the two most popular cryptocurrencies, Bitcoin and Ethereum, in one package. MONA, in contrast to the majority of cryptocurrencies, functions more as a method of payment than as a source of speculation. It is simple to use on the internet and has a much cheaper processing charge when compared to other forms of payment.



MonaCoin has established a significant foothold on Chinese territory, with an increasing number of customers and businesses dealing with it. Because MonaCoin shares the majority of its characteristics with Bitcoin, LiteCoin, and Ethereum, this should encourage more Asian investors to participate in the cryptocurrency. Because cryptocurrencies have already been authorized in Japan, the adoption of MonaCoin will have a direct impact on its worldwide acceptability owing to the absence of uncertainty about the currency's future in the nation. Due to the fact that more peer-to-peer payments are being accepted in MONA coins with reduced transaction fees, the coin's supply seems to be greater than that of Bitcoins, and it has promising long-term investment potential. The widespread acceptance of MONA currency by the gaming community for tips through a third-party app may attract crypto fans from across the world, increasing the value of the coin. From the viewpoint of an investor, MONA may seem to be a more convenient and faster alternative to Bitcoin. But, on the other hand, there are many such currencies available, such as Ethereum. Many, however, would argue that none of them has garnered the kind of national support that MONA has.