Can Japan’s Native Monacoin (MONA) Change The Game?

The alleged creator of the world’s most popular cryptocurrency is called Satoshi Nakamoto. But since no one has been able to track down the alleged Bitcoin (BTC) creator, the world is still not truly in possession of coin that is created by someone who is really Japanese. That is of course if you discount Monacoin (MONA), which you can’t. This is because Monacoin (MONA) is Japan’s first alternative digital currency developed exclusively in Japan.

monacoin (mona)The token was originally dreamed up in December 2013 and was based on the popular ASCII art character dubbed Mona. The token has all the hallmarks of what can be called traditional digital tokens. Ownership and control is fully distributed across user computers, allowing payments to flow without interference from any one dominant or connected party.

So far MONA has kept to its roots, preferring to build its popularity on the back of a vibrant user community. This community is not passive in the least, preferring to get stuck in as it were and produce actual useable applications on services. From the perspective of democratic deployment of platform features, Mona ticks the box very well. Users of the popular token in Japan have actually erected shrines to commemorate the creation of the token as a symbol of Japanese pride and ingenuity.

A strong gaming community has sprung up around Monacoin too. Users from time to time play word games and when they do, tipping is a big monacoin (mona)feature. Tips are distributed via what is called Monage. This is truly a creative and dynamic way to deploy the coin and shows in some small way why Japanese attitude towards crypto could actually make a difference. If deployment continues in such a dynamic manner, could Mona become a template for future coins? The answer to that can be found in the underlying makeup of the token.

The technical makeup of Monacoin is based on the Lyra2RE(v2) algorithm. This is then translated into a block time of 1.5 minutes. Users are able to work or mine for MONA based on a block reward of 25 MONA. There are 105,120,000 total coins and developers have deployed the coin with subsidy halves every 1051K blocks or approximately every three years. There is a built-in difficulty protocols based on a system where every block (Dark Gravity Wave v3) is not permitted.

Something else helps to set Monacoin apart from most digital currencies. Most digital coins arte developed and many of those developers have a way of creating a certain block of coins to act as a long term investment strategy. This is known as pre-mining. The developers of Monacoin have avoided this practice of pre-mining, opting instead to start from scratch like every other would-be miner that comes to the platform. This has helped to raise the profile of the coin as a fair and fully democratic and decentralized platform for miners.

The manner in which Monacoin has presented itself to the digital currency market has paid off somewhat for developers. Based on current stats, MONA is one of the more popular digital tokens out there. It trades currently for about $2.07 and has a market cap of around $124M. More than 60M MONA are in circulation, representing around 58% of total supply. The current 24-hour trade volume is $540K. The 30-day performance is also pretty strong. The high for that period, set on June 3, 2018, is $3.43. The drop to its low of $2.04 only came on June 24 and although the 30-day performance has seen MONA decline 38%, there is still a decent amount of interest that seems to be flowing towards the coin.

 

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