MonaCoin (MONA) — price, overview & secure storage

What is MonaCoin and who created it?

MonaCoin is an open source digital currency and a peer-to-peer (p2p) payment network. Dubbed by its creators as 'the first Japanese cryptocurrency,' the coin has become somewhat of Japan’s national alternative to Bitcoin or Litecoin. Like its predecessors, the coin was created purely to serve as P2P electronic cash, a decentralized digital currency aimed at Japanese citizens. Conceived in December of 2013, Monacoin was officially born on January 1st, 2014 with no premine.

Key features of MonaCoin blockchain

A Bitcoin Talk Forum on the same date details the coin’s launch and its specifications. A soft fork was executed at block 937440 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. Monacoin is actually a hard fork of Litecoin. The team does seem to stay on top of updates and upgrades, as the Segwit and Lyra2REv2 updates and Lightning Network implementation suggest.

How MonaCoin transactions work

It uses Lyra2REv2 and Dark Gravity Wave v3 algorithm to ensure fairer mining opportunities, success rate, and difficult levels of the mining process respectively. Monacoin is the first cryptocurrency from Japan. It has received wide support and success in the country and is now crossing the national boundary to try and become a global phenomenon. When Scrypt compliant ASIC miners appeared, they switched to Lyra2REv2 to ensure the mining MONA remains a fair battle between miners from around the world. The instance of a Japanese national using Monacoin to buy land made news in the country and beyond, spreading the popularity of the coin.