MonaCoin (MONA), the first Japanese currency, is doing better in terms of comparative performance. It is based on the ASCII character, Mona. A single entity does not control the Monacoin payment system, rather it is sustained by everyone who makes use of it through the client apps running on their computers.
Most of the cryptocurrencies are considered to be meant for the speculative purpose; however, Monacoin is famous because it is nurtured by the community base and not by a core development team. The users of Monacoin have purchased several types of Mona based web applications and services.
The technical details read thus: “Technical Details, Algorithm: Lyra2RE(v2), Block time: 1.5 minutes, Block reward: 25 MONA, 105,120,000 total coins, Subsidy halves every 1051k blocks (~3 years), Difficulty re-target: every block (Dark Gravity Wave v3), not pre-mined.”
Ayobami Abiola, Writer at The Currency Analytics & Crypto enthusiast, tweeted: “Irrespective of the market capitalization trends, Monacoin (MONA) enjoys a better user base in Japan, probably because it is native to Japan.”
The decentralization of the coin is based on the “proof-of-work” algorithm, and therefore all the users can mine the Monacoin. This negates the centralization of large miners and thus reduces the price volatility. Due to ASIC resistance, the coins are distributed fairly, and it does not allow users to mine coins based on their higher processing power.
MonaCoin (MONA) Wallets
Monacoin is a great alternative to resource-hungry tokens like Bitcoin and Ethereum. The use cases and adoption are recognized by wide ranges of sources. Several merchants in Japan transact using the MONA.
The supply of Mona coin is higher when compared to Bitcoin. Further, it facilitates long-term investment potential. More of peer-to-peer payments are accepted using MONA coins, with the transaction costs being low.
The gaming community tips in MONA for several games. Thus, the mass adoption from the gaming community will increase the value of the MONA coin. No other cryptocurrency has country-wide support that MONA enjoys.
There are Mona Wallets, which are open source, software, hardware, paper, Multisig, and cold storage used to store the Mona coins. There is an official wallet, but those who feel like they do not want to download the entire official stuff should look out for another wallet.à
Mona-based applications provide advantages like fast transaction processing, widespread adoption, and a dedicated community. It credible considering the fairness of its launch.
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