Monacoin (MONA), inspired by Litecoin (LTC), is a peer-to-peer (P2P) internet cryptocurrency and an open-source software project licensed under MIT/X11. It enables users to make instant payments to anyone in the world. Monacoin was launched on January 1, 2014, and has grown into a well-established cryptocurrency in Japan, being the first native cryptocurrency of the country with a large supporting community. Monacoin is currently listed on major cryptocurrency exchanges in Japan, the United States, South Korea, and elsewhere.
1. Project Overview
Monacoin is a relatively old coin that was released on New Years Day in 2014. Using the Scrypt algorithm, it employs the Digishield difficulty adjustment mechanism to prevent gun pools. The block time is 1.5 minutes, each block contains 50 coins, and the output halves after 1,051,000 blocks or 3 years. The total supply is capped at 105,120,000 coins, and it officially launched on January 1, 2014.
With a block time of 1.5 minutes and halving every three years, each current block contains 25 coins. The Monacoin network processes a block every 1.5 minutes, providing faster transaction confirmations. It uses the Digishield difficulty adjustment algorithm to prevent gun pools. Monacoin has activated Segregated Witness (SegWit) and implemented Lightning Network functionality, making it better suited for instant payments and cross-chain transactions. Mining is done using the Lyra2REv2 algorithm, effectively blocking ASIC mining machines, allowing more people to participate in mining, achieving greater decentralization, and preventing 51% attacks.
Thanks to the Japanese governments open stance on cryptocurrencies and its large supportive community, Monacoin is one of the few cryptocurrencies worldwide that supports both online and offline shopping. The number of restaurants, retail stores, and websites accepting Monacoin payments is growing. Notably, the main electronics store in Akihabara, Ark Akihabara, accepts Monacoin alongside Bitcoin.
2. Commentary
Monacoin, also known as Mona, with the market symbol MONA, was born in December 2013 (officially launched on January 1, 2014). It is the first digital currency in Japan, and the Mona community is the most active cryptocurrency community in the country.
Inspired by Litecoin, Monacoin is a P2P internet cryptocurrency and an open-source software project licensed under MIT/X11. It enables users to make instant payments to anyone in the world.
From a cryptocurrency perspective, MONA is a Litecoin fork with minor changes to BTC code but without significant technological breakthroughs. Its technical capabilities are not particularly strong, but it leverages the relatively relaxed environment for digital currencies in Japan and the otaku culture represented by MONA. Therefore, its cultural value outweighs its technical value.
Related Links:
https://monacoin.org/
http://www.qukuaiwang.com.cn/szhb/2432.html#jj
http://www.weilaicaijing.com/dynamicArticle/43101
