What is Monacoin?
Monacoin is a blockchain-powered type of cryptocurrency which is also a hard fork launched by Litecoin. It is inspired by a popular internet meme, just like Dogecoin. The project was started in 2013 and was based on Mona. Mona is an ASCII cat which was created in the 1990s and was very much prevalent in Japan. Monacoin platform has built this currency, and it is a vanilla P2P cryptocurrency.
Monacoin is what Japanese crypto space has always wished for; it is ASIC-resistant, the coin supply is huge, and the block processing period is very less. It is hardly for 1.5 minutes. ASIC industry is making attempts to overtake Lyra2REv2.
Let us start with MONA:
As back as December 2018, the supply of Monacoin (circulating supply) is 64,370,225 units; and the overall, total supply of MONA is 105,120,000 unit. So far, the highest point Monaoin has reached in terms of its value is $19.75, which was on December 6, 2017.
MONA is mined on Lyra2REv2program and uses Dark Gravity Wave v3 to adjust the difficulties in the mining of blocks. It is making consistent efforts of resisting ASIC, however, in late it witnessed
The emergence of multiple ASIC mining rigs in Asia which claim to be able to mine Lyra2REv2 cryptos like MONA and VERT, among others. It would be an interesting ride to see how MONA deals with ASIC this year.
Many crypto exchanges accept MONA. The list includes names like Bitbank, Livecoin, Bittrex and a few more. All these exchanges (collectively) trade in over $350,000 worth of MONA every day. Trading pairs of MONA are BTC and fiat JPY.
Monacoin is a hardcore cryptocurrency, launched in 2014, which is developed to be used as digital cash only. A person with a pseudonym “Mr. Watanabe” is said to have created this currency. Monacoin integrated Segwit via a soft fork at block 937440 to be compatible with the Lightning Network. However, it seems that the process is still running. This is one of the around hundred cryptocurrencies which are actively running on the ASIC resistance.
However, MONA is ASIC resistant to the point where it’s not financially possible to develop an ASIC rig to mine it.