MonaCoin (MONA) Review – Crypto Coin Judge
Cryptocurrencies unlocked the complete potentials that a decentralized payment ecosystem brings. With such a system comes the capability to seamlessly transfer the funds to any other person without the assistance of a third-party portal such as a bank or any other financial institution for that matter.
The rise of digital currencies has brought up a fresh stream of cryptos. Among the new, evolving cryptocurrenices, there is MonaCoin — the first Japanese crypto coin. The success and popularity of MonaCoin are clear from the fact that this digital currency is being accepted in many Japanese shops. Only a few non-bitcoin cryptos have achieved such a stupendous popularity despite the geographic concentration of its existing users. Now it is time to analyze MonaCoin, which is represented by the MONA symbol.
Overviewing MonaCoin—the crypto of Japan is right here
Launched on January 1, 2014, MonaCoin was the crypto born in Japan. Being the first Japanese digital currency, its prices went up to USD 0.73 in August 2014 when it was still a new thing. This digital currency is forked from Litecoin—unlike its parent coin, MonaCoin’s total supply is four times higher than that of the Litecoin; MonaCoin’s supply is set to 105,120,000.
The consensus mechanism used by MonaCoin is none other than the always-trusted Proof-of-Work—the one that is implemented in the ever-popular bitcoin mining. To begin with, the proof-of-work—commonly known as PoW—gives a highly secured way of generating MonaCoin or any altcoin for that matter. The algorithm implemented by PoW, as its rock-solid foundation, provides the absolute decentralization of control and power over the implementation or distribution of mission-critical economic and technical changes across the network.
Another thing—or algorithm, to be precise—that contributes to MonaCoin’s security is Scrypt. This algorithm is intentionally designed to make executions computationally intensive. With Scrypt as the underlying algorithm, MonaCoin miners need to put a lot of memory for executing transactions. And the need for high computational energy is what makes hacking and other brute-force attacks of this coin very expensive to perform.
Getting interested in the Scrypt algorithm? Well, here is the real deal. The mining done through Scrypt can surely be performed using a personal computer’s CPU—but it can be more effectively performed on a GPU or a graphics processing unit. Because of this, much of the mining done using Scrypt back in the day was performed leveraging the graphics cards that were meant for gaming computers. Nowadays, however, the ASICs are present for executing Scrypt mining. Since 2011, there have been many altcoins that have adopted the power of the Scrypt algorithm in both Proof of Stake and Proof of Work systems.
Coming back to MonaCoin, now. The block time taken by MonaCoin is close to 1.5 minutes. Plus, when the miners create a block successfully on this blockchain using proof-of-work, they easily receive 25 MonaCoin coins.
MonaCoin’s spark of innovation lies in its ingenuity
The success of MonaCoin was driven by Japan’s desire to create its own version of nearly everything—even if it had to be a full-fledged, tradable cryptocurrency. This native digital currency needed to have all the information in its own language. Let us digress a bit, now.
For years, Japanese abstained from using Facebook; instead, they trusted a home-grown network known as Mixi to satisfy all their needs to socially network with others. Likewise, Apple products found very hard to gain a foothold in the Japanese smartphone market as the country’s people were content with using their own internet-connected handsets. And this “Galapagos effect” is not confined to entertainment and technology but is visible in the digital financial landscape as well.
When it came to understanding, using, and trading cryptocurrencies, the Japanese were overwhelmed by bitcoin developer materials, documentation, forums, and other critical sources of online information; each of these materials is written in English—a language that is not so widely spoken in Japan.
That is when and how Japan felt the need to develop its very own cryptocurrency—and that is exactly how MonaCoin was developed. A leading lobbyist and digital currency enthusiast, Keiichi Hida told a prominent blockchain news site that the Japanese needed a crypto with which they could relate easily and quickly. The lobbyist-cum-cryptocurrency aficionado further said, “A few early adopters of cryptocurrencies recognized it at an early time. But almost all MonaCoin information is on Japanese websites and in Japanese. So MonaCoin was more accepted by other Japanese.”
So it is safe to say that MonaCoin’s biggest innovation has been its ingenuity—its Japanese heritage that has made it not only acceptable but also popular in the island nation. Now, there has been one significant development that has pushed the popularity levels of MonaCoin to the next level.
That radical development took place when Japan legalized all the cryptocurrency payments. So, that is, accepting the digital currency today is completely legal; this means MonaCoin and other cryptos can be used as a medium of payment in businesses, stores, or restaurants. Because of its legality, MonaCoin and other cryptos have attracted the interest of businesses belonging to different industrial backdrops.
What does MonaCoin solve in the evolving financial landscape?
Breaking the barriers between virtual and physical worlds
Japan’s culture is adopting MonaCoin—and this adoption is accelerated with the implementation of Zaif’s ATM that is allowing the payments to be made in cryptocurrenies. Because of the wide implementation of these specialized ATMs, MonaCoin has been used for buying offline and online products across the country. Yes, that is absolutely true as more and more websites, stores, and service providers are accepting MonaCoin; that is, in turn, increasing the use of the MonaCoin currency with each passing day. There are more and more Japanese message boards, web wallets, and internet sites that streamline MonaCoin owners’ shopping experience. One of the leading Japanese electronics stores, Ark Akihabara, even accepts Monacoin along with bitcoins.
Faster transactions are made possible in real time
MonaCoin has even implemented the Lightning Network and leveraged its power to the fullest; this implementation even enables the currency to make instant payments, faster transactions, and cross-blockchain transactions—now, that is what an ideal digital coin should do. The MonaCoin development team is further fine-tuning this network so that it becomes more sophisticated and is able to carry out the most complex transactions in real time. That is not all as MonaCoin has even activated Segwit that is giving the currency the capabilities of three leading cryptocurrencies—XMR, Dash, and Ethereum.
MonaCoin mining: The details that you should know
MonaCoin began as a full-fledged scrypt-enabled P2P payment network along with the digital currency—MonaCoin. This Japanese crypto was built upon an open-source protocol, but, now, it has shifted to the Lyra2REv2 mining algorithm. Now, it is time to view the specifications of MonaCoin mining.
- Lyra2REv2 is originally a Scrypt-based algorithm that is used until block number 45, 0000.
- The premine value is set to none.
- The total block time taken is up to 1.5 minutes.
- The subsidy is halved in 1051k blocks up to three years.
- The retarget value is one single block that is achieved using a Dark Gravity Wave algorithm.
The mining software of MonaCoin is compatible with a range of leading operating systems that include Windows, Linux, and Mac OS X. If miners do not want to invest in a dedicated mining system because it will cost an arm and a leg, then they should mine MonaCoin coins in mining pools.
Here is everything you should know about MonaCoin wallets
Much before mining starts and way much before miners pick the GPUs and the operating systems of their choice, they should create a wallet. Although MonaCoin is a fresh digital asset, the miners still require a specific place for storing these crypto coins. And this storage is done inside a safe digital wallet. Now, there are different methods for obtaining these wallets; the selection, however, varies by the security and the ease of use a wallet will provide.
Overviewing the official wallets
There are official first-party wallets that a coin owner can pick; these wallets are released and maintained by the experienced team of MonaCoin. For more details in this regard, the investors should visit the MonaCoin website. Apart from the first-party wallets, there are different third-party solutions that are trustable and beneficial.
Registering with a specific exchange
There are a range of exchanges that deal in digital currencies where investors can successfully register. Registering with all the exchanges allows the investors to develop a complete wallet. So the real task is finding the best exchanges that support the trade of MonaCoin. So for all those investors who want to find the easiest way of getting a wallet, they should connect with a reliable exchange; unfortunately, the exchange-based wallet is not a secure one and is susceptible to getting hacked. All the popular exchanges that support MonaCoin include HitBTC, Bittrex, Kraken, and Poloniex.
The process of buying MonaCoin
Buying MonaCoin should never be complicated. And that is exactly why here are the top steps that will let investors buy MonaCoin without any hassles.
Step 1: Buying bitcoins will help in the long run
First things first, the investors need to exchange their fiat currencies for bitcoins at the top exchanges. The investors will need to find reliable platforms from where they can buy bitcoins. After signing up on the portal, bitcoins can be purchased by trading different fiat currencies such as GBP, EUR, and USD. The purchase can take place with the help of a credit/debit card or the online bank transfer.
Step 2: Opening a new account with exchanges that trade in MonaCoin
Now since the investors will have some bitcoins, they need to sign up on an exchange or a platform that is trading MonaCoin. The investors need to find a reliable exchange from where they can buy these digital coins. The exchange must be picked or finalized with regard to its trade volumes.
Step 3: Getting the bitcoin address
Once the account is created with one of the leading exchanges, it is time to get the BTC wallet address. The details for securing a wallet address may differ from one exchange to the other. However, the process is generally straightforward. Nevertheless, the investor needs to ensure that she/he gets the respective “receiver” or deposit” address. The address will be just a very long string of some random characters.
Step 4: Sending bitcoin to the new wallet
Now, it is about time to send the BTCs to other wallet or account that is funded with BTC. This will be the receiver address, which will be the secondary exchange account.
Step 5: Trade bitcoin for MonaCoin
Once the investors will receive the BTCs in their secondary exchange account, they will usually trade them with MonaCoin coins in the exchange. This process usually takes just a few minutes. However, the details for every trading currency will finally depend on the chosen exchange. In general, it is beneficial to look for a BTC/MONA trading pair for buying the MonaCoin coins by exchanging them with bitcoins.
MonaCoin versus bitcoin: It is all about region-specific reach
Covering the entire length and breadth of Japan
The bitcoin has shown a powerful rise in the recent past, but this popular crypto still falls short when it comes to gaining acceptance in Japan. Doubtlessly, bitcoins have entered the Japanese soil—but they cannot possibly have the same reach, in Japan, as enjoyed by the home-grown MonaCoin. Everything related to MonaCoin, ranging from its complete documentation to its mining procedures, is available in Japanese for the natives to understand. So that clearly gives this native cryptocurrency an upper hand.
When microtransactions matter the most
Bitcoins are never a great choice when it comes to executing microtransactions. In all those cases, MonaCoin is very helpful. This Japanese cryptocurrency and its respective wallets are integrated within a number of game-streaming sites for simplifying the entire transaction system.
MonaCoin news that makes the difference
MonaCoin price jump: Going from USD 0.50 to a whopping USD 17
The MonaCoin price jump that was chronicled in the last two months is pointing toward a positive future of the cryptocurrency. Find out the complete low-down about this jump https://nichehunt.com/monacoin-price-jumps-from-0-50-to-17-in-two-months
MonaCoin price and the road ahead
Talking about the current price of this dominant Japanese altcoin, it is valued—at the time of writing this—at USD 15.17. Again, at the time of writing this, the total market cap of the MonaCoin is at USD 851,183,575—which is robust.
The first and foremost reason is that Japan’s existing legal system is becoming more and more crypto friendly. Since April 2017, the use of cryptocurrencies has become completely legalized. Because of such a powerful Japanese legal framework, the growth of this digital currency is promising.
MonaCoin Stats: How things have shaped with time?
This is the list of different figures about MonaCoin pointing out where this crypto has climbed in the last six months.
As it is evident from the table, every single value — ranging from the opening price to the market cap — related to MonaCoin has shot up.
MonaCoin: The final verdict
So MonaCoin is one of the most promising cryptos that have what it takes to change the way the global financial landscape operates today. Because of its capabilities, this digital currency will possibly rise to new levels in the coming time. So if investors want to invest in an altcoin, then MonaCoin has the potential to deliver decent ROIs.