Monacoin is a Japan-based cryptocurrency project launched in December 2013. Find out how it works today in our review.
What Is Monacoin?
Monacoin, found online at Monacoin.org, is a Japanese cryptocurrency that describes its community as “the most active cryptocurrency users community in Japan.”
The Monacoin project launched in December 2013, with the genesis block occurring in April 2014. In 2014, Coindesk described the project as “the cat meme cryptocurrency” because, similar to Dogecoin, the coin used a cute pet as its logo. That cat logo was based off a Japanese text character named “Mona”, which was an ASII character commonly used on 2channel, the popular online Japanese forum.
At the time, Monacoin was a top 10 cryptocurrency, with a market cap of $6.13 million in August 2014.
At the beginning of 2017, one Monacoin was worth about $0.02 USD. As of December 2017, one Monacoin is worth $12 USD. The coin, like many other cryptocurrencies, has skyrocketed in value over 2017. In early December, the coin reached an all time high above $17 USD.
Today, Monacoin has a market cap of $719 million, putting it in the top 40 cryptocurrencies in the world. There’s a total supply of 56 million MONA.
How Does Monacoin Work?
Monacoin uses the Lyra2Rev2 algorithm, an algorithm it has used since the 450,000th block. It has also used the Dark Gravity Wave difficulty algorithm since that same block.
SegWit was activated on block 977,760.
The Monacoin blockchain has a block reward of 50 MONA, with a block time of 1.5 minutes. It re-targets every minute.
There’s a total supply of 168 million Monacoins. There was no pre-mine. Today, as mentioned above, there are about 56 million MONA in circulation.
Like all good cryptocurrencies, Monacoin has a wide range of lightweight clients, wallets, and core versions available for download. You can download all software from the Monacoin.org website.
Who’s Behind Monacoin?
Monacoin’s marketing is led by the Monacoin Foundation, which promotes the currency in Japan and overseas. However, Monacoin’s core developers are not part of the Monacoin Foundation – unlike bitcoin.
The coin was first launched in late 2013 and early 2014 on Japan’s 2channel online forum, often described as the capital of Japanese online culture. It’s one of the most popular websites in the country.
The altcoin was initially introduced by an online figure calling himself (or herself) Mr. Watanabe. That person has never revealed his or her real identity – similar to the bitcoin origin story and the infamously shy Satoshi Nakamoto. It’s generally accepted that Mr. Watanabe, however, is Japanese.
In the original forum post introducing Monacoin, Mr. Watanabe described the coin as a game, with the mission of the game being to find hashes. Popular Japan-developed games like Final Fantasy XIV and DragonQuestion have their own proprietary currencies, and Monacoin envisioned itself in a similar way.
Mr. Watanabe added that Monacoin was specifically designed not to be similar to cryptocurrencies.
The name of the coin comes from Mona, a cat-like ASCII art character popular on 2channel.
Monacoin is a major cryptocurrency with a market cap close to $1 billion. However, it remains largely unknown outside of Japan. Approximately 90% of users are Japanese, and most documentation and online communities are understandably written in Japanese (although English translations and an English-version website are available).
Today, Monacoin is kind of like a Japanese version of Dogecoin, but with a lower total supply. Monacoin tips are popular with manga fans and creators, and they play a crucial role in Japan’s online culture (including on 2channel) to this day. Monacoin and Dogecoin are both meme-based cryptocurrencies that took off in a surprising way.
To learn more about Monacoin and the ongoing project, visit online today at Monacoin.org.