Review on MonaCoin by francis fernandez
Monacoin: a Japanese digital currency for the exchange of assets and services through its use as a means of payment
Monacoin is a digital asset that is the driving force behind the blockchain to enable the exchange of assets, goods and services; serving as a payment mechanism for its acquisition and commercialization through a decentralized platform that links business owners with investors and users in general.
Token:
MONA is the token of the Japanese platform Monacoin that dates back to 2014. It is the executing arm of operations executed on the network and the resource to monetize the interactions between the parties involved.
Mining:
In the process of mining its digital currency Monacoin uses the Lyra2REv2 algorithm to ensure the decentralization of mining and to deal with ASICs.
Regarding consensus, the chain uses the proof-of-work hash protocol.
The Dark Gravity Wave v3 algorithm is also used, which is responsible for maintaining control of the generation of each block, increasing the difficulty in each cycle and allowing a blocking period of approximately 1.5 minutes.
The Segwit protocol was also included in Monacoin's mining activity to further optimize the process and allow private and public operations.
Acquisition and storage:
The cryptocurrency can be purchased on Japanese exchanges and you can pay for them with Bitcoin or the FIAT Japanese yen currency, at exchanges such as Bittrex, Upbit and Livecoin through BTC conversion. You can also buy digital currency at Japanese points of sale.
Regarding storage, the cryptocurrency can be stored in the native wallet of the platform compatible with all operating systems (Windows, Linux, MAC) or in downloadable wallets for Android devices such as Coinomi and Electrum.
Pros
- It serves as a means of payment in shopping centers, to give tips and to participate in games mainly in Japanese locations.
- Allows you to manage exchanges in Bitcoin and Japanese Fiat currency.
- It is a platform with anti ASIC technology for greater security of the network
Cons
- Their digital currency is of low value in the market.
- It is mostly accepted in Japan.
