What is MonaCoin (MONA)?
MONA is the native token of MonaCoin, which is a cryptocurrency platform designed for peer-to-peer transactions. The project is built on an algorithm called Lyra2REv2. It was created as a hard fork of Litecoin (LTC). Check out the current MONA price on the MonaCoin price chart above.
MonaCoin’s Proof-of-Work (PoW) consensus mechanism is designed to be ASIC-resistant. Originally, it ran Script, just like Litecoin, to protect itself from ASIC mining. However, miners figured out a way to build Scrypt-compliant ASICs. Thus, MonaCoin later migrated to the Lyra2REv2 hashing algorithm to allow regular GPUs and CPUs to mine the coin. The algorithm was created by the team behind Vertcoin (VTC). Monacoin also employs the Dark Gravity Wave v3 algorithm to readjust its difficulty after every 90-second block time.
Key features of MonaCoin include:
- Fast transaction processing. MONA was the first coin to implement Segregated Witness (SegWit). Therefore, it has a faster transaction time compared to Bitcoin and other PoW cryptocurrencies. MonaCoin crypto has a block time of 1.5 minutes. Additionally, the platform supports both public and private transactions.
- Widespread deployment. Describing itself as "the first Japanese cryptocurrency," MONA has been pursuing the goal of becoming a convenient and inexpensive cryptocurrency for the Japanese audience. Furthermore, it has existed for almost a decade and has gained popularity in Japan.
- Dedicated community. MonaCoin relies primarily on its supportive and loyal users. It does not rely on the support of the outside development team and third-party systems to operate.
Use Cases of MONA
MONA has three main use cases:
- Tipping. MonaCoin crypto assets are frequently used through third-party mobile applications to pay tips, such as in online games.
- Payment. Some merchants and stores in Japan accept MONA as payment. They include online and brick-and-mortar shops.
- Coupons. MONA holders can exchange the token for digital assets such as coupons, electronics, and other items.
The asset can also be traded on the supported exchanges. However, before buying or selling the token, investors should research MONA price since it could be volatile, just like other cryptocurrencies. You can find the data about MonaCoin price on the live chart above.
Who Founded MonaCoin?
Monacoin was created by anonymous community members who wanted to promote digital assets in Japan and throughout the world. Even though its creators are unknown, the project has continued to be developed by its community.
Tokenomics of MONA
MonaCoin crypto was launched with a fixed supply of 105,120,000 MONA. The project launched without any pre-mining. The maximum supply mechanism protects the MOAN price from the undesirable effects of inflation.
Besides, note that MonaCoin employs halving to regulate the number of minted tokens. The minted tokens are halved every 1.051 million blocks. Halving is designed to ensure the long-term sustainability of the project while protecting the MonaCoin price.
