MonaCoin (MONA) is a Japanese cryptocurrency, based on the principles of decentralization and representing the result of the Litecoin’s released fork. Peer-to-peer technologies, DGW-algorithm and full functionality.
The Monacoin cryptocurrency basic information
The MonaCoin is a cryptocurrency product that operates on the principles of decentralized management. The MONA altcoin is the result of the release of the fork of Litecoin – the developers of MonaCoin launched the project in February 2014. And now we’ll figure it out in more detail, what kind of coin is MonaCoin.
MONA cryptocurrency functions using peer-to-peer technology – this allows the platform to be independent of other resources and fully meet user requirements. Speaking of what MonaCoin is, it is worth saying that the system for the operation of this cryptocurrency is based on the principles of collective network management by the users of the ecosystem. They also control the release of the next lot of MONA tokens, all transactions and other operations on the network. While it takes only about 1.5 minutes to create blocks, an increase in complexity occurs at each subsequent stage by using a special algorithm.
The main features of the MonaCoin project (MONA)
If we consider the MonaCoin project from the technical point of view, then its provides following features:
- The MONA algorithm used by the coins is Lyra2RE in the second version;
- Time of creation of blocks – 1,5 minutes;
- The amount of compensation for each extracted block is 25 MONA coins;
- The total number of tokens that are involved in the mining is more than 105 million MONA.
For all the immateriality of the coin and its platform, the MonaCoin’s cryptocurrency mining implies operations with a set of numbers and conditions. In this case, the value of MONA is not dependent on other assets and values. Along with the complexity of the MonaCoin network due to the use of the Blockchain technologies, the source code is publicly available for all users by the link https://github.com/monacoinproject/monacoin. This allows auditing and making suggestions for optimizing the platform.
In this case, the personal data of the users of the network are confidential, and users are not limited to creating multiple MonaCoin addresses.
The MONA cryptocurrency actual rates
As of April 4, 2018, the price of MONA is 3.37 US dollars, which in Bitcoin equivalent is 0.00046271 BTC.
Talking about what is 1 MONA-token, you need to inspect the process of forming a course of the crypt. The prospects for MonaCoin have become more promising in parallel with the popularization of Dogecoin in Europe and the United States. The use of MONA can be found only in Japan and especially rarely outside its borders. The described period refers to a powerful wave of capitalization of the cryptocurrency. Despite a later start compared with the western crypt, MONA development did not stand still – for some time the project was able to attract more than 4.5 million US dollars. After a rapid rise in the ratings, MonaCoin’s growth led the crypt to the top ten coins on the world stage – tokens, albeit briefly, but took the leading position among more than 1,6 thousand existing cryptocurrencies in the market.
A week later the dynamics of MonaCoin dramatically changed its performance, losing 7 points in the rating, and the next stage of the degradation of the crypt was the appropriation of the status of a regional currency. This was argued by the fact that most investors were representatives of Japan. This is a unique case when practically the absolute holder of coins is one nation.
One of the reasons for such prospects for the development of MonaCoin is the increased attention of the mass media, as on television there was an issue about the owner of MONA tokens, which acquired real estate by paying for the purchase of the crypt. The broadcast of the issue was part of an authoritative project. Auxiliary reasons for the popularity of the crypt in Japan are feelings of duty and devotion to the country – the patriotism of the Japanese is often surprising.
To date, the yield of MonaCoin shows the norm and relatively good ratings within Japan. Token is in circulation both for ordinary users and for large companies. Coins can pay for goods and services both in real shops and institutions and within the cryptocurrency community. To exchange MONA coins you can use the services of exchanges.
If you want to know how much MonaCoin costs now, you can inspect the current course by clicking on the link – https://coinmarketcap.com/currencies/monacoin/#charts.
The MONA cryptocurrency capitalization
The capitalization of MonaCoin today is more than 192 million US dollars, which in Bitcoin-equivalent is more than 26 thousand MTC. These figures indicate that this cryptocurrency is not the last in the field of digital assets.
How to buy MONA cryptocurrency
There are not many options here – crypto-exchanges will help you. To buy MonaCoin, you will need a MONA wallet. It is available to users on the official MonaCoin website – https://monacoin.org.
The client is presented as applications running on Linux, MacOS, Android and Windows platforms. Also, the system provides a separate software for high-quality work on various devices.
You just need to create your wallet, get the MONA address and then you’ll be able to perform any operations with the cryptocurrency.
Where to buy MONA cryptocurrency?
If you want to know, how to get MonaCoin – here a list the exchanges that support MONA tokens:
Another option for cryptocurrency earning is mining, which needs the availability of high-tech equipment and large expenditures on the process itself.
Advantages of the MonaCoin cryptocurrency
The advantages of MONA are the following:
- Use of peering architecture to ensure maximum protection of MONA cryptocurrency from external impact;
- Full confidentiality of transactions when there is no need to specify personal data. At the same time, there is always access to the general information of the operation, and the conditionality of the commission allows you to optimize costs;
- Simplicity – an intuitive and logical interface and the absence of unnecessary options allows even beginners to cope with the management;
- PoW – using the Proof-of-Work algorithm allows you to provide high-quality protection against hacker attacks in the system. At the same time, the level of complexity is constantly changing, which does not allow you to pick up a “key” for hacking. The algorithm does not burden the MonaCoin system and allows users to test network resources even on standard hardware;
- Laconism – there are no unnecessary elements in the design;
- Reliability – the specifics of the structure makes it a very difficult task to break into and steal MONA;
- High performance – due to low MONA token ratios relative to popularity, transaction execution occurs very quickly.
The MONA cryptocurrency disadvantages
The problems of MonaCoin, basically, are limited to a user’s audience. At the same time, the following disadvantages of MONA can also be identified in the system:
- Costly mining, which involves the purchase of modern equipment and the organization of optimal conditions for production. The list of costs includes not only the cost of equipment but also energy resources, an additional air conditioning system and sometimes unjustified investments;
- The insecurity of MONA tokens indicates that MonaCoin forecasts cannot be made for 2018 or another period. Here it is impossible to predict how the situation will turn out;
- The impossibility of canceling an operation on the fact of its confirmation, which does not exclude various mechanical errors with the introduction of incorrect data;
- Risks of loss of assets in case of loss of wallet access codes in the absence of the opportunity to restore access;
- Risks of loss of income due to fluctuations in exchange rates.
Forecasts for the MonaCoin cryptocurrency
Unfortunately, we cannot talk about the rapid development of the MonaCoin project since the tokens have not been included in the number of the most popular cryptocurrencies, and have remained regional digital assets.
Conclusions about the MonaCoin project
Against the background of such powerful projects as Bitcoin, Ethereum and other altcoins, the MonaCoin system is a midget among the giants. The reasons for this were excessive confidence in success and focus on the local market. The MONA tokens are stable, and the system is simple, comfortable and reliable.