Japan in December 2013, launched its first cryptocurrency known as Monacoin “MONO”. which was the outcome of Hard Fork. Me. Watanabe was considered to be its pseudonymous founder because he introduced Monacoin as a native asset for his hand-fishing game. In the start, monacoin was not acceptable to most people just like Dogecoin. It was like a “joke coin” in the crypto world.
But with time, Monacoin became famous among the Japanese and they were using this cryptocurrency for their routine payment of transactions. Just go to this trading platform if you are considering to invest in Bitcoin.
Significance of Monacoin’s cultural
What makes monacoin different from others is that it is deeply rooted in the culture of Japanese through different ways. First of all, its name indicates that it is an ASCII base which is famous for electronic conversation, cat and it is a popular character on the forum of Japanese named as 2Chain. The second important thing about Satoshi Nakamoto the founder of bitcoin was from Japan. He was like a ferryman’s guide linked to the media-level literature. Therefore, the most popular surname in japan is Watanabe which is the homepage of the Japanese bitcoin founder.
The third part of the story is about its technical part.
Monacoin is very famous among Japanese crypto users. Other than technical upsides, Monaco’s strong point is its cult which is famous among the Japanese. The role of technical team is very important for progress and further maintenance of the project. It adopts a fully community-driven approach, especially for marketing, monacoin is known to be a community-devoted project. The community invest their time and hard work to make the project successful and complete. The hindering factor of Mona’s rootedness is that it has language barriers. does not support all international languages.
Technical specifications along with it’s benefits
A survey declared that the Monacoin is able to supply 104,120,000 number of tokens after every 2 minutes so as to generate the new blocks.
The coins rewarded to the miners at the time of writing and validating the transaction for further creating blocks is 25 MONA. These awards were reduced to half of their after every 3 years due to an algorithm known as Dark Gravity Wave (v3), which makes the cryptocurrency scarcer and more valuable.
Other than Litecoin, Monacoinusese a different algorithm for its PoW mechanism. For this mechanism, Monacoin prefers to resist ASIC-based mining hardware and further contributes to the community run by the Japanese crypto community. This community provides a security layer to the monacoin network. Generally, ASIC-based hardware is more concerned about the fundamentals of cryptocurrency mining.
While the risk of centralization of power occurred, ASIC preclude any possibility fostered the risk during possibility for any miner and hobbyist. Therefore one computer one vote ideal of Santoshi’s original ideal. Segwit technology was first adopted by Monacoin globally. Nowadays Bitcoin and Litecoin are using SegWit technology among all other technologies.
The main advantages of MONA are:
Simplicity and security: a user has to do a few clicks to do payments. No other data is required except the transfer amount. In addition to this, chances of cyber attacks drop due to transaction mode as Monacoin.
Value of Monacoin: It has been declared that several Monacoin users in Japan more than 70% of it become the most famous technologies. The most acceptable mode of payment is Monacoin preferred by most of the service providers or stores.
Best performance: transactions through Monacoin are very quick. Only a few seconds are required to approve the transaction’s authenticity.
The SegWit protocol makes it possible. Further, the developers make efforts to integrate the network with the Monacoin blockchain.
MONA via exchange
The community is very dedicated to making priority Monacoin the mode of payment. Although with time, MONA-based applications and services are becoming more prominent to strengthen the overall market capitalisation.
Significance
Although Monacoin is the most popular, it is not possible to connect Monacoin with all languages available as Monacoin is possible only for selected global exchanges like Bitflyer. Bitflyer is the only protocol who have enlisted Monacoin as it’s the crypto exchange and brings the pride of Japan to Europe. Therefore, bitFlyer is currently an available platform to buy, sell or trade cryptocurrency globally.
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