Monacoin is a pure cryptocurrency meant to be used strictly as digital cash. It launched January 1, 2014, alongside a Bitcoin Forum post that’s a great place to keep up with updates throughout the project’s lifetime. Let’s start our research into this project with a look at MONA, the proprietary cryptocurrency coin of the Monacoin project. There’s a large coin supply , and block processing times are a lean 1.5 minutes (versus 2.5 minutes for Litecoin). Monacoin, conceived in the December of 2013, is the first alternative cryptocurrency developed in Japan. Considering Monacoin functions solely as a currency, you can go ahead and queue up Bitcoin, Litecoin, Vertcoin, and Groestlcoin, and plenty of others for competition in the cryptocurrency arena. Vertcoin and Groestlcoin are more direct competitors than the rest, as both of these focus on ASIC resistance.
- It launched January 1, 2014, alongside a Bitcoin Forum post that’s a great place to keep up with updates throughout the project’s lifetime.
- Monacoin then moved to Lyra2REv2 in order to remain true to its GPU/CPU mining mission.
- Dogecoin is a peer-to-peer, open-source cryptocurrency that is categorized as an altcoin.
- Monacoincommunity, it is evident this problem needs to be resolved.
- Gold likely moved up “due to market noise and some haven flows, with tech stocks being down,” said Fawad Razaqzada, market analyst at ThinkMarkets.
Mona, an ASCII cat created in the late 1990s and popular in Japan. MONA is the native cryptocurrency of the Monacoin platform and serves as a vanilla peer-to-peer digital currency.
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Development of the currency was also announced over 2han. MonaCoin’s proof-of-work mining algorithm is designed to be ASIC resistant. It originally ran Scrypt to fortify itself against ASIC mining but miners figured out a way to build Scrypt-compliant ASICs. Committed to allowing regular GPUs and CPUs to mine the coin, MonaCoin was moved to the Lyra2REv2 hashing algorithm created by the team behind Vertcoin . Monacoin also employs the Dark Gravity Wave v3 algorithm which readjusts its difficulty after each new block . MonaCoin is the #322 largest cryptocurrency by market cap as of March 20, 2021, with a market cap of $124,170,497 USD. This is a blog for crypto currency miners and crypto coin users of Bitcoin , Litecoin , Ethereum , DogeCoin and many other altcoins out there.
XMR Stak is a commonly-used mining tool that works for CPU mining and GPU mining with both Nvidia and AMD graphics cards. CCMiner is another popular mining tool for computers with NVIDIA graphics cards. In addition to having mining software, you will need a MonaCoin and access to a mining pool that pools your effort with other miners and a wallet to store the MonaCoin that you earn from mining. Most cryptocurrencies have multiple publicly-available mining pools that can be found with a simple Google search. It is reportedly one of the top five cryptocurrencies in Japan. Even the cryptocurrency-themed Japanese idol group, Virtual Currency Girls, have a Monacoin member. Mr. Watanabe in his original forum post introducing Monacoin, described the currency as a kind of game currency, much like the ones used in the hugely popularFinal Fantasy video game.
In addition, the project has no visible roadmap on its site or anywhere else online. The team does seem to stay on top of updates and upgrades, however, as the Segwit and Lyra2REv2 updates and Lightning Network implementation suggest. It has a circulating supply of 81 Million MONA coins and a max supply of 105 Million. The adoption and use of cryptocurrencies have been much easier in Japan from a regulatory standpoint and cryptocurrencies are considered a legal method of payment. Japan has a relatively high number of “smart” automatic teller machines capable of handling cryptocurrency trading. Processing a block of transactions results in an award of MONA, with the amount of coin awarded for mining activities set to halve approximately 1 million blocks .
A Bitcoin Talk Forum on the same date details the coin’s launch and its specifications. A soft fork was executed at block to implement Segwit, a move made to keep it in line with Bitcoin, Litecoin, Vertcoin, and other payment-focused cryptocurrencies. In addition, the Monacoin team has reportedly implemented the Lightning Network for their coin. Speaking of soft forks, Monacoin is actually a hard fork of Litecoin, something we’ll take into account further as we look into its specs below. Monacoin was originally founded by the pseudonymous Mr. Wantanabe, no doubt in homage to Bitcoin’s Satoshi Nakamoto. Besides this pen name, the rest of the coin’s team is completely anonymous, so there’s nothing to report on here.
What Is Monacoin?
April gold rose $5.40, or 0.3%, to settle at $1,732.50 an ounce after tapping an intraday low at $1,716.60. Even though MonaCoin is rather limited to a Japanese audience, the coin still ranks just outside the top 100 cryptocurrencies according to coinmarketcap.com, with a market cap of just over $40 million. With a daily volume averaging in the hundreds of thousands, there are clearly people who are using the cryptocurrency. Premining is the mining or creation of a number of cryptocurrency coins before the cryptocurrency is launched to the public. MonaCoin has smaller trading volumes than Bitcoin and Ethereum. This partially due to its novelty, as well as its concentration in Japan.
MonaCoin has a maximum supply of ∞ MONA and a circulating supply of 65.7M MONA. It is currently being traded for $1.89 on 12 markets over 6 exchanges. MONA is up by +0.84% in the last 24 hours with a volume of $3.8M. For more information about MonaCoin, check out their websites monacoin.org, twitter or explorer mona.chainsight.info and forum reddit.com. There are now at least four major currency exchanges in Japan where monacoin is traded, including ZAIF, and at least five online stores and physical stores that accept Monacoin.
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Improving risk appetite has encouraged investors to buy riskier assets such as stocks rather than bonds. Weaker demand for debt was evident in last month’s disappointing auction of seven-year U.S. Whilst the meme-like cryptocurrency might not break into the mainstream, it has already achieved its goal of becoming a popular cryptocurrency in Japan. However, the coin prides itself on not being a speculative asset. One look at the chart though shows MonaCoin behaving precisely as most other cryptocurrencies. MonaCoin shares similarities to Dogecoin in that it doesn’t take itself too seriously and allows the community to have fun with the cryptocurrency.
In May 2018, the MonaCoin blockchain was hacked with a selfish mining attack. The attacker successfully established a longer chain and caused $90,000 in damages. The MonaCoin Foundation was created in July 2014 by community members who wanted to promote the digital asset in Japan and throughout the world. Unlike other projects, none of MonaCoin’s developers are members of the foundation.
MonaCoin is very popular within its home nation of Japan, but it has struggled to find wider relevance outside of the nation. With the cryptocurrency being very specific to Japanese culture and by not providing a unique selling point, this is unsurprising. The community surrounding MonaCoin does not view the project as a speculative investment. Rather, users believe MonaCoin is a viable payment solution.
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Like we said above, MONA is mined using a Lyra2REv2 hashing algorithm. It also adjusts the mining difficulty every block using the Dark Gravity Wave v3 algorithm. Get daily crypto briefings and weekly Bitcoin market reports delivered right to your inbox. The spot price of Gold per Troy Ounce and the date and time of the price is shown below the calculator.
MonaCoin is a Japan-based cryptocurrency that came to life in 2014. The cryptocurrency is based on a Japanese ASCII art character that looks like a cat. MonaCoin describes itself as a cryptocurrency that “continues to be nurtured and built upon not by a core development team, but by its enthusiastic user base”. Get the latest crypto news, updates, and reports by subscribing to our free newsletter.
Both Bitbank and Zaif exchanges, for example, allow investors to trade MONA for Japanese Yen or BTC, and these exchanges account for almost 70% of the coin’s entire trading volume. Alternatively, Livecoin, Upbit, and Bittrex all have BTC/MONA trading pairs too. A pair of wildly speculative options trades on cryptocurrency trading network Paradigm has analysts’ tongues wagging.
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At its absolute peak, Monacoin used to have a market cap of just over $1bln. At the time of this writing, it’s settled down a bit with a $318bln market cap and a #63 rank on CoinMarketCap. When it comes to Japan’s de facto national cryptocurrency, though, no competition here–Monacoin’s got ‘em all beat. We could keep going through the similarities/differences Monacoin has with crypto’s gold, silver, and bronze starter-pack currencies, but we decided to throw this chart together instead. In fact, a key feature of the coin is its ASIC resistance. Like Vertcoin, it originally ran Scrypt to fortify itself against ASIC mining until miners built a Scrypt-compliant ASIC and broke the barrier posed by this algorithm. Monacoin then moved to Lyra2REv2 in order to remain true to its GPU/CPU mining mission.
“Since December, we’ve seen clients whose credit lines have been reduced or restricted by lending giants transfer to our services,” 360 DigiTech Chief Financial Officer Alex Xu told Reuters. Wall Street closed out a choppy week of trading Friday with major stock indexes mostly lower and all finishing in the red for the week. The S&P 500 ended 0.1% lower after reversing a small gain.
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The boy has since been caught and referred to the Japanese prosecutors office – the first time a cryptocurrency hack has been pursued in Japan. MonaCoin has been relatively stable between $0.04 and $0.10 during most of its lifetime. Like most other cryptocurrencies though, MonaCoin saw a huge spike in price during January 2018, shooting up as high as $14. Unfortunately, like the rest of the market, MonaCoin could not avoid the speculative nature of cryptocurrencies. The coin has a block time of 1.5 minutes – 1 minute less than Litecoin – and there is a total supply of 105 million coins with around 65 million currently in circulation.
Although the creator of Monacoin is unknown, the project continues to be developed by its community. MonaCoin was one of the first coins to implement Segwit and has also implemented the Lightning Network on top of the MonaCoin blockchain. As Monacoin is mined, it expands the available market cap for the coin due to the fact that new coins are rewarded to miners. This, along with the value of the coin and difficulty in mining factor into the profitability of mining Monacoin. Monacoin is mined using a proof-of-work model, where miners download a mining client and begin mining. Recently, Monacoin has boasted a high profitability in mining. Mining Monacoin is done in pools, with the Dark Gravity Wave algorithm.
Ultimately hardware is hardware, and there’s no algorithm that an ASIC rig can’t ultimately be set up to crack better than a desktop PC. Segwit was implemented in Monacoin via a soft fork at block , and it’ll be compatible with the Lightning Network, although this appears to still be under development. This puts it easily on par of other vanilla cryptos like DOGE, BTC, and LTC. And in true bushi fashion, the Monacoin team is mostly silent (you can keep up with updates on the project’s Github), but it serves the crypto community with great competency. Monacoin Core wallets are also available for a variety of platforms.
This notion was given a significant boost when the Japanese government allowed for MonaCoin to be accepted by vendors, with many stores – both online and physical – now accepting the cryptocurrency. To secure the blockchain, it uses a Proof-of-Work hashing algorithm, and its website states that there was never any pre-mine of the cryptocurrency to ensure decentralisation. MonaCoin is similar to Vertcoin in that its hashing algorithm is ASIC resistant. All of the programs linked with the Ethereum network require computing power; Ether is the token that is used to pay for this power. In the fall of 2018, a hacker stole $134,500 worth of MonaCoin from Monappy, a social media network and web-based wallet. In March 2019, the hacker was caught by the Tokyo police and was the first person in Japan to be charged with crypto theft.