What is MonaCoin (MONA)?
Future of MONA Cryptocurrency and know how to buy MONA

#1 - MonaCoin: The Basics

MonaCoin is one of the older class of cryptocurrencies that is attracting enthusiasts especially in Japan, where many prefer MonaCoin over Bitcoin and Ethereum. The coin seems to be leading on the technology front irrespective of its market capitalisation trends, which is why it's also being anticipated to be Ethereum’s competitor.

What is MonaCoin

  1. MonaCoin is a decentralized open-source platform and peer-to-peer payment network. Its cryptocurrency is denoted by the symbol Mona & has a total supply of 105 million coins.
  2. Its ICO started trading on 20th March 2014. MonaCoin was first released in the Japanese internet forum, 2Channel to give thumbs up.
  3. MonaCoin uses Proof-of-Work consensus mechanism & is powered by the Lyra2RE(v2) algorithm. This helps decentralise MONA coin distribution.

 

#2 - What are the Benefits of MonaCoin?

MonaCoin Development

  1. The pseudonymous founder, Watanabe developed MonaCoin to primarily find hashes & serve as proprietary currency for this game.
  2. MonaCoin is Japan’s first cryptocurrency and a hard fork of LiteCoin. Like many other cryptos, it is controlled by its community & not by any entity. It has a fully distributed payment system which is preserved by its users. MONA coins are also used in Akihabara, the largest PC Marts.
  3. Japan’s government haslegally accepted MONA coins and they are being widely used in online and physical stores. A Japanese even bought a piece of land with MONA coins. Zaif ATM allows payments in MONA coins.

MonaCoin Technology

  1. SegWit activation on the MonaCoin networkstarted signalling support to jts ecosystem. This enabled easy transfer of coins after its fork from LiteCoin. The block size of MonaCoin’s blockchain is limited, which helps with scaling and increasing the transaction speeds.
  2. MonaCoin uses an ASIC resistant Proof-of-Work consensus algorithm, giving its users control over the implementation and distribution of any change in the network. Users can also verify transactions.
  3. The Scrypt algorithm from Litecoin is easier to execute nad helps MonaCoin be mineable using relatively inexpensive PC hardware. It also provides more security to the MonaCoin blockchain.
  4. The transaction are sped up using Lightning Network which forms the second layer of protocols. Every time a block is created, its difficulty level is changed to reduce the load on nodes.

Features:

  1. Decentralisation: Proof-of-Work algorithm lets all users mine the MONA coin. This prevents the centralization of large miners and reduces price volatility. ASIC resistance distributes coins fairly & does not let users mine coins on the basis of higher processing power.
  2. Secure: All MonaCoin users can make secure transactions as the Scrypt algorithm can be used even on a personal computer with a graphics processing unit.
  3. Faster: MonaCoin has a block time of just 1.5 minutes as compared to 10 minutes in Bitcoin. The currency can be sent almost instantly because of Lightning Network implemented, and costs far less.

 

#3 - How to Buy and Store MonaCoin?

How to buy MonaCoin

MonaCoin could be directly bought for the Japanese Yen. It is listed on many exchange platforms like Zaif, Bitbank, Bittrex, Upbit, Livecoin, CryptoBridge, etc.

With the MONA cryptocurrency being available over many exchanges, it can get difficult to get the best price for your transactions. Which is where CoinSwitch steps in.

  1. While cryptocurrency exchanges provide you with a platform to buy or sell the MonaCoin cryptocurrency, CoinSwitch, the largest cryptocurrency exchange platform, comes in to help you make the right decision by providing the prices for MONA. It makes it possible for investors to invest in MonaCoin and also store it securely using a the MonaCoin wallet. This way you can choose the best deal for you!
  2. You can also buy, sell and trade over 300 cryptocurrencies for MonaCoin. It offers interchangeability and unified experience for all cryptocurrencies with a wide offering from all major exchanges.

MonaCoin Storage

MonaCoin is an altcoin token, which can be stored in various wallets that are supported by Windows, Android, Linux and Mac. It isn’t an ERC20 token so you cannot store in Ethereum wallets however. But feel free to pick up any of the following wallets for MONA storage:

  • The official MonaCoin wallet from its website.
  • The Coinomi Android wallet for MonaCoin on Google Play Store
  • Electrum Mona: Lightweight client

 

#4 - What is the future of MonaCoin?

  1. As of June 2018, its market capitalisation stands at $131.7 million. The total supply of the MonaCoin cryptocurrency (MONA) is about 117.29 million MCN,
  2. With daily changing of the network difficulty and scalability, MonaCoin makes itself a compelling alternative to resource hungry cryptocurrencies like Bitcoin, which are losing out due to their larger transaction times and expensive costs.
  3. Priced at around $0.76 in July ’17, it rose with rapid pace to touch over $10.18 in January’18 - giving its investors an impressive 1200% returns just within 6 months.

Many analysts suggest it will eventually grow to $8.74 by 2020 due to its increasing adoption and use cases being recognised by a wide range of sources.

Also Read: Complete Analysis of MonaCoin | Live MonaCoin (MONA) Price Charts And Predictions

Date

Open*

High

Low

Close**

Volume

Market Cap

Jun 01, 2018

3.34

3.36

3.28

3.32

664,553

199,750,000

May 01, 2018

5.25

5.25

4.90

5.06

3,531,840

310,296,000

Feb 01, 2018

4.87

5.00

3.35

3.47

6,550,980

278,089,000

Jan 01, 2018

10.18

10.21

9.52

9.99

7,236,100

574,099,000

 

#5 - How is MonaCoin different from other cryptocurrencies?

As discussed earlier in this post, MonaCoin has multiple standout features making it unique from most other cryptocurrencies.

  1. MonaCoin miners are awarded 25 MONA coins when they create a block using the network’s PoW algorithm.
  2. The implementation of Lightning Network increases the number of transactions per second for transactions on MonaCoin blockchain & cross-blockchain.
  3. SegWit facilitates even the most complex transactions and gives MonaCoin the best features of the two leading cryptocurrencies viz - Bitcoin, and Ethereum.
  4. Unlike most cryptocurrencies, MONA is more like a means of payment than a source of speculation. It is easy to use online and has a much lower handling fee as compared to other means of payment.

 

#6 - Should you invest in MonaCoin?

  1. MonaCoin has a very strong presence in the Japanese soil with more consumers and merchants transacting with MONA. This should attract more Asian investors to MonaCoin as it shares most features with Bitcoin, LiteCoin & Ethereum.
  2. With Japan already having legalised cryptocurrencies, an acceptance for MonaCoin directly assists it in global acceptance due to the lack of ambiguity over its future in the country.
  3. The supply of MONA coin is higher than Bitcoins, & it has seemingly good long-term investment potential as more peer-to-peer payments are being accepted in MONA coins with lower transaction costs.
  4. The mass adoption by the gaming community for tips via a third party app may lure crypto enthusiasts globally & increase MONA coin’s value.
  5. From an investor perspective, MONA can seem like an easier, quicker Bitcoin. But then again, there are plenty of such coins - Ethereum, for example. Many may however argue, that none have the country-wide support MONA has begun to enjoy.
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