If you’re looking for some info about MonaCoin, you must be already familiar with the concept of cryptocurrencies. In 2017, cryptocurrency is known to pretty much everyone who is interested in topics such as finance and internet transactions. It is nothing but a decentralised peer-to-peer payment system that allows to easily transfer funds to another person, without needing the help of a third party like bank or traditional financial institution.
Cryptocurrency platforms are utilized by many entrepreneurs and investors to make money through such platforms. Additionally, there’s also cryptocurrency brokers who help investors make the right and most beneficial decision when investing in cryptocurrency.
Cryptocurrencies have been in limelight since Bitcoin price started skyrocketing, effectively reaching the market cap of 276.8 Billion at press time. Over the past few years, hundreds of new alternative coins emerged in the markets. Japanese market wasn’t an exception. The power of kawaii, fun and creativity has created a currency named MonaCoin. Thanks to the extremely active online community, it became one of the largest and most popular cryptocurrencies in Japan.
What is MonaCoin (MONA)?
MonaCoin is an open-source cryptocurrency platform, which has been released as subsidiary of another digital currency, LiteCoin. It is a fairly new platform that was launched in 2014 by MonaCoin Project in Japan. MonaCoin has found its niche in the Japanese cryptocurrency market, and currently millions of merchants, investors and regular users transfer funds through this platform.
The MonaCoin platform is capped at 105,120,000 coins, and it receives 0.4 hits per day. Adding a new block to the MonaCoin blockchain takes 1.5 minutes, whereas the LiteCoin blockchain requires 2.5 minutes for a new block to be processed. Each MonaCoin block contains of 50 coins. If you wish to access the MonaCoin platform, you must install either Windows, MacOS or Linux on your device.
How Does MonaCoin Work?
Transferring funds isn’t the only purpose of MonaCoin.The Kitty Crypto allows you to buy and sell digital tokens, as well as pay for goods and services online. Local video streaming services in Japan also allow the streamers to be tipped with MonaCoin.
Additionally, the coins can also be mined. The mining process can be quite difficult for those who’s never tried it before. If you are planning to trade or mine MonaCoins, make sure to do your research first, and to learn the basic cryptocurrency trading rules. You can request help from MonaCoin brokers who will give you tips on how to invest wisely.
While Japanese culture is heavily adopting Mona, it can also be considered a downside to investing in Monacoin. It is possible that MonaCoin will remain a locally appreciated cryptocurrency, while not being acknowledged worldwide. Mona is a cartoon cat-like character, which seems to be extremely popular in Japan, but isn’t recognized anywhere else. This one very much feels like it might only remain relevant to the local market.
On the bright side, MonaCoin is currently one of the few cryptocurrencies in the world that are used for purchasing online products and paying for goods and services offline. Even restaurants and large electronic stores in Japan have recently started accepting Mona. The number of merchants, websites, and service providers in Japan that accept MonaCoin keeps growing every day.
Monacoin is one of the few cryptocurrencies that implemented the Lightning Network, which enables faster transactions, instant payments, as well as cross blockchain transactions. With Segwit activated, one could say that MonaCoin now is like Ethereum, Dash, and XMR combined together!
Given the wide acceptance in Japan and technical advancement of MonaCoin, we rate this rather local cryptocurrency 7 out of 10.