Cryptocurrency or digital currency is designed as a decentralized digital payment medium using blockchain technology. The popularity of the first digital currency, Bitcoin, has attracted many people to get to know and be involved in the world of digital currency trading. This of course makes developers, whether individuals or companies, create other digital currencies with different purposes and types.
One of the interesting things in 2021 is that more and more people are interested in investing and buying “Meme Coins” after the Dogecoin phenomenon which became popular some time ago. The popularity and rising price of the DOGE coin has made developers vying to create new meme coins in hopes of following in the footsteps of the DOGE coin.
Please note that before the popularity of meme coins from Dogecoin, it turns out that there are meme coins that were created and popular in their country, even the government of that country has approved it as an official commodity to be traded. The coin is none other than MonaCoin (MONA).
What is MonaCoin?
MonaCoin cryptocurrency is a digital currency payment network with an open source peer-to-peer system. MonaCoin is the first digital currency in Japan. MonaCoin was created in 2013 and is already used in Japan as a means of payment by several online and physical stores and is also officially traded on several digital currency exchanges.
MonaCoin was launched in 2013 stemming from the idea of an anonymous person with the nickname “Mr Watanabe” and became part of the development of the MonaCoin Project. The name “Mona” itself comes from the cat figure which was used as a meme created using ASCII characters and popularized by an online community 2Channel (or 2chan). 2Channel is a community for fans of the world of technology and information.
MonaCoin Project as the creator and developer of MonaCoin is not involved in the issuance, distribution and management of coins. All these activities are carried out by the MonaCoin Network which is made as a program for clients.
MonaCoin’s Relationship with Japan
MonaCoin is arguably a cryptocurrency or digital currency that was created in line with the thinking of the Japanese state which tends to create a product that is national in nature. This is reflected in the desire of the Japanese people who want products and services in accordance with the nature and culture inherent in the country. All documentation and other content related to MonaCoin itself, is written in Japanese. Despite its strong ties to Japan, MonaCoin was not entirely designed to be a national cryptocurrency, like Iceland’s AuroraCoin (AOD).
For the adoption and use of cryptocurrencies in daily activities, it is much easier to apply in Japan. This is because from the point of view and regulations in force in Japan, cryptocurrency is considered a legal payment method. Japan itself already has a relatively high number of “smart” automated teller machines (ATMs) capable of handling and supporting cryptocurrency trading.
How MonaCoin Works
MonaCoin cryptocurrency is supported by an algorithm called yra2RE(v2). MonaCoin is a fork currency from Litecoin (LTC). Almost the same as the Bitcoin mining system, MONA which is the original coin from the MonaCoin platform is obtained from every mining activity carried out by its miners as a gift or reward. Rewards in the form of MONA coins will be recorded into the MonaCoin blockchain.
MonaCoin has an average block creation time of 1.5 minutes, which is much faster than the block creation time on the Bitcoin blockchain which takes about 10 minutes for each block. Each processing of a block of transactions will result in a reward or reward in the form of MONA coins, with the number of coins awarded for mining activity set to halve to approximately 1 million blocks (with an estimated time of three years).
What is the MONA Coin?
The MONA Coin is the native token that is used as the main currency in the MonaCoin ecosystem. This coin is a token of ownership of a crypto asset on the MonaCoin platform and can be traded between its users as a means of payment. MONA coins are also used as a reward for miners, where miners will get 25 MONA coins for every block solved. MonaCoin Network limits its coin supply, i.e. the maximum supply is limited to 105.120,000 MONA coins.
Where Can I Buy MONA Coins?
If you are interested in buying MonaCoin (MONA), you can buy it directly on several well-known and most popular crypto exchanges such as: Binance, Bittrex, Bitbank, Zaif, Finexbox, Bitfly, CoinEx and other crypto exchanges.
MonaCoin (COIN) is arguably a digital currency that has been successfully implemented as an alternative official payment method in a country, especially since the country is one of the developed countries. Japan itself is quite open to new things that facilitate or simplify their daily activities, for example in terms of transaction tools and payment methods without compromising their identity and culture. Of course, the adoption of cryptocurrencies by this country can be a concrete example of what other countries can do in advancing technology and information, especially in digital payments and finance.
Thus our review of “MonaCoin (MONA) Cryptocurrency”. All content or articles on this website are created with the aim of sharing information about the world of digital currency or cryptocurrency and do not constitute financial or investment advice. Investing in crypto assets is an investment that has a high risk of losing or losing the assets that you invest in crypto instruments. Any form of loss or gain from the investment you make is the full responsibility of yourself and no one else. Thanks for reading!.