Review on MonaCoin by Fabrizio Zampieri
Monacoin is a Japan-based cryptocurrency project launched in December 2013…
Monacoin is a Japan-based cryptocurrency project launched in December 2013. It was described as a project similar to Dogecoin because the coin used a cute pet as its logo. That cat logo was based off a Japanese text character named “Mona”, which was an ASII character commonly used on 2channel, the popular online Japanese forum.
Monacoin uses the Lyra2Rev2 algorithm, an algorithm it has used since the 450,000th block. It has also used the Dark Gravity Wave difficulty algorithm since that same block. SegWit was activated (on block 977,760).
The Monacoin blockchain has a block reward of 50 MONA, with a block time of 1.5 minutes. It re-targets every minute.
Currently there’s a total supply of 323 million Monacoins. There was no pre-mine. Today, as mentioned above, there are about 59 million MONA in circulation.
Monacoin project was initially introduced by an online figure calling himself Mr. Watanabe. That person has never revealed his or her real identity (similar to the bitcoin origin story). It’s generally accepted that Mr. Watanabe, however, is Japanese. In the original forum post introducing Monacoin, Mr. Watanabe described the coin as a game, with the mission of the game being to find hashes.
Pros
- Like all good cryptocurrencies, Monacoin has a wide range of lightweight clients, wallets, and core versions available for download. You can download all software from the Monacoin.org website. Monacoin tips are popular with manga fans and creators, and they play a crucial role in Japan’s online culture (including on 2channel) to this day.
Cons
- Even if Monacoin has an important market cap (rank 65), it remains largely unknown outside of Japan. Approximately 90% of users are Japanese, and most documentation and online communities are understandably written in Japanese, although English translations and an English-version website are available.
