What is MONA? Definition of MonaCoin

Jan 03,2023
 What is MONA? Definition of MonaCoin

Japan's first cryptocurrency, MonaCoin, was named after an internet meme - an ASCII cat-shaped graphic created from characters.

This cryptocurrency is anonymous "Mr. Watanabe" whose identity has never been confirmed. The total supply of MonaCoin is 1.0512 million pieces.


Key points

·1. MonaCoin cryptocurrency is mainly used in Japan.

·2. Like Bitcoin, MonaCoin uses the workload proof operation protocol.

·3. The MonaCoin blockchain can generally process transactions faster than Bitcoin.


Learn about Monacoin (MONA)

MonaCoin It is a cryptocurrency developed in Japan by an anonymous inventor. It was forked from Litecoin but does not use the same algorithm. MonaCoin was one of the first coins to implement SegWit in its blockchain; thus, transactions using the coin are much faster than Bitcoin.

MonaCoin can be purchased with Japanese Yen or Bitcoin at Japanese cryptocurrency exchanges or "smart ATMs." Coins are mainly used for tipping in online games. Some stores in Japan can also use MonaCoin for purchases.

While the Monappy platform is the unofficial hub of the MonaCoin community, MONA is also traded on several digital currency exchanges in Japan. MonaCoin is approved by Japan's Financial Services Agency, which considers cryptocurrencies a legitimate form of payment.


MonaCoin Halved

MonaCoin miners receive MONA rewards for processing new MonaCoin transaction blocks. According to the design, the payment of MONA as a block reward is halved every 1.051 million blocks. The reward for each block in 2022 is 12.5MONA. Block rewards change every three years or so as MONA halves every 1,000,000 blocks. The most recent halving in early summer 2021.


MonaCoin Price History

Most of the time, MonaCoin price has been below $2.00. For the first four years after its inception in 2013, the token did not rise in price until $1.00. MONA briefly traded at $16.61 in December 2017. MONA is hovering around $1.00 as prices in the global cryptocurrency market fall. Monacoin price dropped to around $0.48.

Monacoin adjusts the mining difficulty every block, so Bitcoin, over time, becomes more difficult.


Mona hack

Hackers hacked into the exchange and used it to store MonaCoin, Monappy, to break into a hole in the middle, causing MonaCoin to escape. The first hack occurred in 2018 when $60 million worth of cryptocurrency was stolen from Japanese virtual exchange Zaif. In a second hack a year later, 7,700 18-year-old hacked Monappy users stole 15 million yen worth of MonaCoin.


How do you get MonaCoin?

If you are interested in buying MonaCoin, the process is as follows:

1. Initiate a transaction and submit MonaCoin listed on the blockchain: Using a MonaCoin cryptocurrency exchange, such as Bittrex or Zaif, you can initiate a transaction to buy MonaCoin. You need Yen or cryptocurrency to buy MONA.

2. MonaCoin blockchain processing transactions: Your MonaCoin processing transaction workload proof operation protocol requires miners to verify transactions. Miners process MonaCoin transactions concurrently, and new MonaCoins are minted and paid to miners as rewards.

3. MonaCoin blockchain update: Starting your MonaCoin transaction is completed within 1.5 minutes on average, and the MonaCoin blockchain becomes longer.

4. MonaCoin is stored in your digital wallet: Your newly purchased MonaCoin is accessible through your digital wallet. You can buy this wallet. MONA exchange custody, or non-custodial wallets, such as hardware devices that support offline storage.


How to use MonaCoin

MonaCoin Segregated Witness was one of the first (SegWit) coins to be implemented. Hence, it has faster transaction times for Bitcoin and other cryptocurrencies. When MonaCoin was introduced on Japanese online forum 2channel (now 5channel), Mr Watanabe said the cryptocurrency was not a security.

It's worth noting that the coin is part of the game, and the goal is for MonaCoin to find a hash in the network. MonaCoin is similar to Monacoin in purpose of spending points on the network. MonaCoin is commonly used for several different purposes:

Tips: In MonaCoin online games, third-party mobile applications are usually used to pay tips.

Payment: MonaCoin is accepted as a payment method in some Japanese stores, including online stores and brick-and-mortar stores. Monappy is an online platform where MonaCoin holders can use MONA to redeem coupons, digital assets, and items such as electronics.


Is MonaCoin a good investment?

MonaCoin, which is mainly used for rewards in online games, is somewhat isolated in Japan. You can decide to buy and use it MONA, especially in the Japanese economy, but before buying anything, you should know the limitations of MonaCoin.


What can I buy with MonaCoin?

You can tip gamers with MonaCoin. You can also purchase items such as digital assets using the Monappy section of the online auction site. MonaCoin holders can use MONA to purchase some goods and services in Japan.

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