The idea of self-sufficient and completely self-contained financial platforms is not new. The first was bitcoins and their blockchain technology, and then followers began to appear. In 2014, the digital crypto market was replenished with a new project of Japanese origin – MonaCoin.
MonaCoin cryptocurrency was created as a fork of Litecoin. The main task of the coin was to create an alternative to payment systems and develop the cryptocurrency industry as a familiar instrument for mutual settlements.
General information about MonaCoin
It is more adapted as a means of payment for regular payments of Litecoin. In Japan, Mona means cat. The cryptocurrency has become the coin of seals, which are very popular in the land of the rising sun.
MonaCoin’s platform is based on peering technology that makes it secure and self-contained. The absence of an administrative center ensures the equality of all participants. The network complexity is increased according to the DGW algorithm. The e-wallet is available for installation with Mac, Windows, and Linux.
Thanks to the peer-to-peer architecture of the network, MonaCoin users are guaranteed privacy when making payments and storing assets. Any support provided to the project is paid in local currency. Also, active participants receive discounts and bonuses and enjoy advantages when paying for goods with Mona coins in partner stores.
Technical specifications of MonaCoin
The technical characteristics of Monacoin do not differ in anything special. In principle, the developers did not intend to surprise anyone. On the contrary, we set a course for standard indicators:
- The most standard encryption algorithm Script is the basis of many popular cryptocurrencies. Therefore, in this case, the developers decided not to take risks in coming up with something new, but to use a well-proven option;
- You can get cryptocurrency through blocks. At the moment, the price of the found block is 25 tokens, although until recently it was 50 units;
- To confirm the operation, or, more precisely, to define a new block, it will take about one and a half to two minutes;
- The total number of coins for mining is about 100 million.
As with all other cryptocurrencies, the coin platform is intangible. The asset price is not tied to any gold funds, cash, and other material resources. And information about the transactions carried out can be obtained in the public domain, although personal data is not used anywhere, thereby protecting the privacy of users. In general, a fairly standard set, although Monacoin was launched without a pre-mine.
For information processing, Proof-of-Work (which can be selected) is used. It provides more reliable protection against interference. The technical nuances are well thought out so that hacking the system is more a miracle than a common occurrence. In technical terms, the mining and storage of Monacoin cryptocurrency are safe. It is the main advantage of the Japanese coin.
Advantages of MonaCoin
If you highlight the main advantages of Monacoin, then you can create the following list:
- Peer-to-peer architecture as a guarantee of protection against any external interference;
- Complete confidentiality. You do not need to provide your data to use the network;
- Conditional commission. Each user decides for himself how much to pay for a transaction;
- Ease of use of the system. The site has a clear and convenient interface that even a beginner can easily understand;
- PoW technology. This algorithm serves as reliable protection against hacker attacks. The blocks in Mona’s chain have different complexity and are modified after confirmation of the next blocks;
- The process of their generation does not require the use of large capacities and almost does not load the equipment;
- Laconic design of the site. The visual design of the site is free of unnecessary details;
- High level of security. Due to the special structure of the platform, it is almost impossible to hack it;
- High speed and performance.
In general, Mona coins have an extensive list of advantages, thanks to which they began to pay attention not only in Japan but also in the world.
Disadvantages of MonaCoin
Despite the extensive list of advantages of the Mona cryptocurrency, it also has its drawbacks. It would not be entirely fair to ignore them, thereby misleading potential traders and miners. The main disadvantages of Monacoin include:
- The need for special equipment for mining. Only a very powerful technique can quickly decrypt a transaction code. Accordingly, those wishing to start mining Mona coins are forced to spend a lot of money on equipment and electricity. At the same time, no one can give guarantees of obtaining tangible profits or at least the return of invested funds;
- Unsecured coins. Unlike traditional money, Monacoins are not backed by physical assets and are independent of economic factors. In this regard, it is very difficult to predict their course;
- Irreversibility of transactions after their completion. A user who makes a mistake while filling out the transaction form will not be able to cancel it later. Even if he mistakenly specifies a non-existent beneficiary’s account, the system will automatically open it and transfer funds;
- The risk of hacker attacks. Despite the relative reliability of the system, the likelihood of hacker attacks remains. When an account is hacked, or a key is lost, the user permanently loses access to his funds;
- The unstable course of the cryptocurrency.
However, the complexity of the MonaCoin network means that these disadvantages can be overcome or never felt. Users only need to carefully study the properties and capabilities of the platform and the features of the coins.
