Presentation and definition of the crypto-currency MonaCoin (MONA)

Presentation and definition of the crypto-currency MonaCoin (MONA)

  • Name of the crypto-currency : Monacoin
  • Acronym : MONA
  • Where to buy Monacoin ? Binance
  • Creation Date : January 2014
  • No white paper
  • Web Site of Monacoin

Monacoin : what is that ?

MonaCoin is the first crypto currency to be launched in Japan in December 2013. The story of its creator, Mr Watanabe, who has signed the creation of MonaCoin under an assumed name is not reminiscent of that of Bitcoin and Satoshi Nakamoto. The logo of MonaCoin is a cat, which evokes the world of manga.

A fork of Litecoin

MonaCoin is a fork of the crypto-currency Litecoin. It is used to transfer money and make payments for goods and services on the blockchain, via a wallet called the Monappy. We also find MONA on several gaming platforms.

The operation of MonaCoin

MonaCoin uses the algorithm Lyra2RE(v2) for the validation of blocks. A block is created every 90 seconds and its a minor, in exchange, receives a reward of 25 chips MONA. The emission limit of tokens MONA has been set to 105 million units, which is 4 times more than Litecoin. MonaCoin uses the consensus of Proof of Work (Proof of work) for the validation of blocks.

The price of MonaCoin

By the end of 2017, the current MonaCoin has seen a significant increase. This sudden increase is explained by a decision of the AJSF (Japanese Agency of financial Services) which has allowed virtual currencies as means of payment. Because of this, the MONA went from $ 2 in early November to $ 5 at the end of November and has exceeded 19 million in December.