The driving force of the crypto market is, of course, cryptocurrencies of various kinds. The tendency has spread worldwide, and now, almost every nation has its ‘own’ coin currency. For example, the Japanese online culture has presented its followers with a new project named Monacoin (MONA). The currency involves the methods of decentralization and represents the result of Litecoin’s released fork.
In this article, we will cover the functionality of the new project, as well as the advantages and the drawbacks of the currency, its history, and its prospective. If you would like to get more information about such a new Japanese invention, then make sure to read the whole Monacoin review.
Monacoin at a Glance
MONA is a decentralized coin. As is already mentioned, this altcoin is the product of the fork of Litecoin. The project was established in the late December of 2014. The currency also operates on peer-to-peer technology. This technology permits the platform to be autonomous of other resources and completely coincide with user demands. Another point to mention is that the Monacoin operates on the collective network in which the user of the ecosystem can engage. That is the mechanism of work of Monacoin.
The users of the ecosystem are also in control of the release of the new crypto tokens of Monacoin and are also in control of all transactions and money transfers within the network. On average, only one and a half minutes is demanded the block creation. But then, the complicatedness of each following step is increasing due to a special algorithm.
Monacoin (MONA) Features: Analysis
Speaking about the technical features of the Monacoin, they are as per the following:
- One block is built within 1,5 minutes;
- The reward for each mined block is 25 MONA tokens;
- The mining difficulty is the following: the total amount of tokens included in the extraction process is just over 105 million Monacoins.
Despite the intangibility of the coin and its platform, mining of the MONA tokens involves operations with a set of numbers and conditions. The worth of Monacoins does not depend on other cryptocurrency rates and values.
The working technology is complex as it involves blockchain technologies, and the code is placed in an open-source. This permits one to conduct audits and make recommendations for the platform optimization. Moreover, the personal information of the network’s users is private, and the users themselves can create a lot of Monacoin addresses.
Monacoin Price Rates
In mid Spring of 2018, one unit of Monacoin was worth 3.37 United States dollar, which equals 0.00046271 BTC. It would be great to calculate the worth of Monacoin to Japanese yen as well, but as of now, I do not have enough statistics.
As of now, the market cap of MonaCoin is exceeding the number of 192 million US dollars, which in Bitcoin equivalent is just over twenty-six thousand MTC. These numbers indicate that Monacoin is indeed popular in the virtual money community.
Speaking about the value of one Monacoin, one will have to, first of all, acknowledge how the prices for cryptocurrencies are formed overall. The experts forecast that Monacoin is an up-and-coming project, just like Dogecoin, famous all across Europe and the US. The thing is that Monacoin is popular only on Japanese websites and Japan’s Crypto Community. So, not many people trade it outside of Japan.
Although the company started working very recently, compared to the Western crypto community, the pace of the development of the Monacoin is rapid. For example, throughout its history, the project managed to bring more than four and a half million US dollars. The coin rating has begun growing very quickly, and the capitalization of the Monacoin brought it into the top cryptocurrencies list on the worldwide arena. Nonetheless, the company did not last long there but took a major position apart from other 1600 cryptocurrencies on the market.
After the company has reached its peak at rates, the dynamics were showing a downward going trend, and Monacoin lost seven points in the rating. And the following stage of the debasement of the crypt was the assignment of the status of a national currency. It happened because most of the Monacoin Network users’ were from Japan. This is a very unusual case, as it rarely happens that the absolute holder of crypto coins is from one nation — Japan.
But why did Monacoin Become Popular at all?
One of the most evident answers is that the media hype presented the Monacoin to the masses and increased attention over it. Once, the newsmakers released a clip on TV that showed a man who bought some real estate property in Nagano Prefecture and paid for it with crypto assets of MONA. Actually, this broadcast was a part of the reputable schema!
Another additional reason for the popularity of the Monacoin in Japan is a sense of duty and loyalty to the country. The Japanese people are very patriotic, which is rare across the world nowadays.
As of now, the Monacoin is very popular in Japan and shows good ratings. The coin is used by both individual entrepreneurs and big corporations. One can pay for certain goods in shops and restaurants utilizing the Monacoin. In case one wants to exchange or trade Monacoins, one can do it through the services of exchanges.
How to get MONA?
There is no difficulty in buying MONA. Any crypto exchange will suit. And for the purchase of coins, one will require an e-wallet. There is an official Monacoin website in which one can get a MonaWallet.
The app that anyone can download is applicable for Linux, macOS, Android, and Windows. Not to mention, the system presents one with the special software that enables top-quality work on any kind of device. So, one will simply have to create a wallet, get an e-wallet address, and then one is ready to work!
Where can one buy MONA?
The list below contains several exchanges that support Monacoin tokens:
In case you do not want to use any of the exchanges to get Moncaoin, you can start mining. But for this action, one will require professional technical equipment.
Benefits and Drawbacks of MONA Cryptocurrency
Such cryptocurrency as Monacoin has a list of advantages:
- The peer-to-peer system ensures privacy. This means that no third parties can observe and influence the system of Monacoin;
- Complete anonymity of transactions, and at the same time the transparency of operations;
- Friendly user interface. Many can relate to a problem when the website of a particular cryptocurrency is terrible: there is no such issue with Monacoin, as everything is simple and clear. The design is pretty laconic.;
- Proof-of-Work algorithm permits one to have top-level security and protection from scammers and hackers;
- The MONA system is valid and reliable; an e-wallet with an address and private seed ensure the security of one’s assets;
Despite a huge set of benefits, there are some drawbacks:
- The mining is costly, as one needs to gather professional technical equipment. The machines also get overheated very quickly, so, subsequently, the costs for electricity would be ‘hot’ as well;
- Exchange rate fluctuations, which might be very drastic, as MONA is considered to be a very tiny cryptocurrency in the world of such giants as Bitcoin.
Such cryptocurrency as Monacoin is certainly not comparable with huge cryptocurrency leaders as Bitcoin, Ethereum, and other altcoins. Nonetheless, as the research suggests, Monacoin still is on top of the list of small cryptocurrency leaders. This is all because the coin is local and is very much appreciated by the local Japanese people. The MONA tokens have gained the reputation of solid and stable money, and the system behind them is clear, valid, and reliable.
In case you have had any experience with Monacoin, make sure to write about your personal impression in the comments.
Why is MonaCoin Worth it?
Monacoin is a very stable cryptocurrency, and that is exactly why one should pay attention to it. It is very stable on a local level and is very valued by Japanese people themselves, so, in case you live in some Asian regions, Monacoin is a great investment. But before making any actions, one should read a full analysis of the currency, so make sure to read the article above.
What are the main differences between altcoins and tokens?
Let us put it simply:
- Altcoins are the coins that are alternative to Bitcoin. It is any cryptocurrency that works utilizing blockchain technologies;
- Tokens are assets created on an existing blockchain.
How to know if an altcoin is worth paying attention to?
The first thing to do is to conduct an analysis on a particular altcoin. It would be great to read reviews about the particular altcoin, to gather whether it is stable or not, to review its price rates, and read customer reviews.
One should gather data about the team that created the project to get to know whether the developers are well-known or not. It is great to find out whether the access to their code is open-sourced or not: you need clear investment. But, of course, the main factor to look at is the price of the altcoin.
What is the best way of purchasing altcoins?
The most popular way to purchase altcoins is by buying them via various exchanges, for example, Coinbase, Binance, Bitstamp, and so on. The prices for altcoins across platforms do not differ much.