Monacoin — The first Japanese born cryptocurrency powered by the community
In the traditional financial landscape of the world, every country has its own currency, a set of regulations, a regulatory body and a central bank. Some currencies are more stronger than others like the U.S. Dollar, Euros or Pounds while some are pretty weak like the Indian Rupee, etc. The value and power of any currency depends on the regulatory climate, economic productivity and hundreds of other variables like the military might, strategic positioning, foreign policy, etc.
The world of cryptocurrency is a little different. Internet, as we know it, is a global medium to exchange information regardless of the region, age, race, demographics, etc. You can think of cryptocurrencies as the ‘economic layer’ of the internet where people can send and receive money just like they send each other pictures, messages or emails. The reason why this new economic layer took so long is because of the custom regulations of each and every country.
For a simple mobile app, there are no specific regulations and you can launch it in the region of your choice but when you talk about money or currency, you are presented with tough regulations and laws that limit small companies (FinTechs) to come and disrupt this space. As soon as Satoshi Nakamoto presented a model of separating the ‘money’ or ‘currency’ from the regulations, a new governance model was born called ‘decentralized governance model’. This new governance model used in many cryptocurrencies including bitcoin can operate without any central authority, not even a central bank. It solely relies on the internet and the open source community around it.
Monacoin — Whats different about it?
As of today, there are more than 3 thousand cryptocurrencies in the world and the space has become more congested than ever before. Just like the traditional finance space, some newly launched cryptocurrencies are cutting through the noise by attaching their ‘country’ with it and calling it a native cryptocurrency of that country. This will persuade users to think of it as a digital alternative to native local currency.
Monacoin is one of those cryptocurrencies which prides itself as a ‘Japanese based native cryptocurrency’ for the people of Japan. Practically, Monacoin can be used by anyone because its all digital but the main focus of Monacoin is the Japanese people. This strategy has helped Monacoin gain a ton of users and a lot of press in such a short period of time.
Technology behind Monacoin
The technology behind Monacoin isn’t very novel and it uses a combination of things which are already being used in other cryptocurrencies out there.
Below is the technology breakdown of the Monacoin project:
- Algorithm — Lyra2RE(v2)
- Block time — 1.5 minutes
- Block reward — 25 MONA per block
- Total coins — 105,120,000 MONA
- Halving — Subsidy halves every 1051k blocks (~3 years)
- Difficulty re-target — every block (Dark Gravity Wave v3)
- Lunch status — Not Pre-mined
As of mid September, Monacoin is being traded for $1.19 USD and has surpassed a total market cap of a whopping $78 Million USD with a daily 24h trading volume of $1.9 Million USD. Monacoin is regarded as the 68th largest cryptocurrency in the world by market cap according to CMC.
The only reason for such traction behind Monacoin is a lot of press and local media that it has been getting recently. A recent story that went viral was that somebody in Japan bought a property using Monacoin which gained a lot of press and got people interested. Monacoin is the best choice for day traders and short term investors who aren’t looking for a long term ROI but rather the short term gains backed by the media attention.