MONAcoin, a popular virtual currency in Japan, was launched on a major internet bulletin board, 2ch, by an anonymous person called Mr. Watanabe.The name of the currency is derived from the popular ASCII art character, Mona.
Distribution of MONAcoin started in Japan from January 1, 2014. The currency unit is Mona and the total volume of currency issued will be 105,120,000 MONA.
The MONAcoin Project, which developed the programs for MONAcoin, is not involved in the issuance or the management of coins. MONAcoin is maintained by the MONAcoin Network, formed by the client program.
Features of MONAcoin
Speedy transactions and easy payments are some of the special features of using MONAcoin.
Utilizing these special features, the MONAcoin is used as an immediate payment option in some small shops as well as internet shops and it is also used for tipping, forming a unique community for itself.
Structure of MONAcoin
MONAcoin was originally based on Litecoin's technology, but has become unique over time through many version updates.
The average time required by MONAcoin for generating a new block on a blockchain is 90 seconds. The mining reward (coinbase) per block is 25 MONA .
For its consensus algorithm (agreement system), MONAcoin uses the Proof of Work (PoW) system; the same system used by Bitcoin.
Furthermore, MONAcoin has implemented the atomic swap trading mechanism for exchanging virtual currencies between two parties without the need for a third party to prevent the risk of getting the currencies swapped/lost.
The World's First Implementation of SegWit
MONAcoin is the first to introduce the Segwit technology in the world.
SegWit, an abbreviation of Segregated Witness, eliminates the signatures (referred to as witnesses) from the transaction ID thereby helping to increase the number of transactions per block.
SegWit also helps in eliminating the transaction malleability and scalability problems.
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