Monacoin was released by Japanese blockchain developers in early 2014 and is a Japanese cat meme. Most have already heard about Dogecoin, and so, Monacoin is the same cryptocurrency, only not with a dog, but with a cat.
Moreover, Monacoin is a Litecoin hard fork and 100% decentralized network for fast payments. We suggest looking at the main advantages of this comic cryptocurrency:
- Simple user interface. Payment is sent in two clicks. Enter the wallet address and the transfer amount, without any signatures.
- Unparalleled security. The Monacoin protocol is so well built that it is nearly impossible to crack. This is confirmed by the fact that in five years the network has been subject to only one hack. This happened against the background of the discovery of a vulnerability, which was resolved within a few hours, and the stolen funds were compensated by the developers themselves.
- The size of the commissions. Monacoin is the only network where users can independently choose the size of their commissions. Whether it’s $ 0.01 or $ 100.
- Excellent throughput. Payments on the Monacoin network are processed in just a few seconds. At the same time, cryptocurrency is not very popular in terms of payments, so it’s too early to talk about peak loads (note, as it was with Ethereum at the end of 2017).
- Support for Lightning Network technology, which allows the network to scale and be dozens of times faster.
- The use of cryptocurrency in real life. Currently, Monacoin is used as a means of payment in many retail outlets, restaurants, and online stores (mainly in Japan).
Mining cryptocurrency Monacoin
Since Monacoin runs on the Proof of Work consensus algorithm, it can be mined on both video cards and ASIC miners.
If there are no problems with the choice of video cards now, then the number of ASIC miners with Lyra2RE support is frankly in short supply. At the time of publication, Monacoin can be mined on the FusionSilicon X1 Miner and Dayun Zig Z1 Pro released in the first half of 2019.
The presence of a small number of ASIC miners is due to the desire of cryptocurrency developers to prevent centralization and prevent a monopoly on the part of ASIC manufacturers.
From 2014 to 2018, mining Monacoin was very profitable. However, against the backdrop of the rapidly growing complexity of mining and the growing number of X1 Miner / Zig Z1 Pro in the cryptocurrency network, mining on video cards has become unprofitable. Except for assembling a powerful mining farm of eight 1080 Ti.
Many miners argue that it is better to mine MONA on green video cards than on red ones due to better performance. However, green video cards are an order of magnitude more expensive than red ones, so building a farm can cost $ 5000 or more.
It is noteworthy that the Monacoin development team did not pre-mine or postpone any MONA for themselves.
Should you invest in Monacoin?
Despite the complete decentralization, low transaction fees, and the uniqueness of the project, Monacoin has many of the following disadvantages:
- The anonymity of developers;
- Lack of a roadmap;
- Small news background in the media;
- Mostly oriented towards the Japanese market;
- High volatility and dependence on Japanese sentiment;
Thus, Monacoin is an absolutely unpredictable and extremely risky cryptocurrency, for which no more than 1% of the crypto portfolio can be allocated. MONA holders are counting on a sharp jump in the rate and, at any opportunity, merging part of the assets, which is why excessive volatility appears.
Where to buy and store Monacoin?
Unfortunately, cryptocurrency is supported by a small number of trading platforms. The most liquid exchange for MONA is Bitbank (79% of the total trading volume), of the better known – Bittrex, in other cases – only niche platforms, the solvency of which we do not know.
With storage, the situation is practically the same. There is only one official wallet for Windows, Linux, or macOS operating systems that can be downloaded from monacoin.org. There is also an Android version of the wallet and a lightweight Electrum Mona client, which is very well built and works without lags.
If MONA was an ERC-20 token (Ethereum blockchain), then there would be no problems with choosing a wallet.
