What is MonaCoin?
MonaCoin is an alternative cryptocurrency that started as a meme coin in Japan in 2013 and was officially launched in January 2014. However, Monacoin has snowballed into a serious commodity over the years. Based on the Litecoin technology, MonaCoin uses the Lyra2Rev2 algorithm. A large number of developers and users have worked on the currency to improve its speed and security level.
History of MonaCoin
MonaCoin was created by an unknown individual called “Mr. Watanabe,” through a post on Japan’s 2channel also known as 2chan. The name “Mona,” is based on a popular character from ASCII that looks similar to a cat emoji. Monacoin is claimed to be the first Japanese cryptocurrency. It was initially meant to be used as gaming currency that is seen on gaming platforms. However, owing to an increase in its popularity, it became a serious cryptocurrency with a decent market capitalisation.
Features of MonaCoin
MonaCoin focuses on decentralization and P2P payments. It enables quicker transaction speed and a higher amount of currency in circulation. MonaCoin is exclusive to Japan at present. It features the Lightning Network and Segwit. Users can transfer funds on the MonaCoin platform and also buy and sell tokens. Furthermore, the platform also enables trading of coins. Thanks to the implementation of the Lightning Network, MonaCoin conducts faster transactions and instant payments.
Where to buy MonaCoin?
MonaCoin is listed on popular exchanges like Upbit, Bitbank, Livecoin, Bittrex, and Zaif. The market capitalisation of MonaCoin as of May was $262,012,415.
MonaCoin tokens can be mined as it uses an ASIC-resistant proof-of-work algorithm. The mining difficulty level changes every time a new block is created.
MonaCoin tokens can be stored in wallets for Android, Linux, Mac, and Windows. The price of 1 MonaCoin token at the time of writing this article was $4.42 USD.
MonaCoin Price Trends
Risks involved with MonaCoin
Similar to Dogecoin, MonaCoin started as a mean following which it became an actual cryptocurrency. Just like several other cryptocurrencies, MonaCoin is risky and volatile in nature. It is therefore advised to invest in mutual funds instead as they are more reliable.
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