Monaco (MONA) was launched in December 2013 as “Japan’s first cryptocurrency” and the product of the hard fork of Litecoin. Considering its pseudonymous founder (Mr.). Watanabe founded MONA as the native asset of its hash search game. This cryptocurrency started off quite “fun” and is usually regarded as a “joke coin” similar to DogeCoin.
However, with the passage of time, Monaco coins have become more and more popular among Japanese users, to the extent that they have been used in daily payments and transactions.
The cultural significance of Monaco
An obvious sign of Monaco is that it is Deep-rooted inside Japanese culture In several ways. First, the name and logo of the project comes from “Mona” ASCII basedCat (a standard for encrypting electronic communications), a popular character on online forums in Japan, named 2 likes.
Second, its creator takes the name “Watanabe”, It’s not just Satoshi Nakamoto (The founder of Bitcoin), but also associated with the medieval literature of the ferry guild. In addition, it is one of the most common surnames in Japan.
Third, in addition to its technological advantages, Monaco’s strongest driving force is its fanatical followers among Japanese cryptocurrency users. The formal team plays a minimal role in the development and maintenance of the project. Community-driven approach These aspects.Especially in terms of marketing, Monaco is actually Community-managed projects.
Therefore, the dedicated community behind the project is one of its basic characteristics.However, despite its pride and loyalty, MONA’s rooting has always been an obstacle to its growth International adoption, Especially due to language barriers.
Technical specifications and advantages
Monaco’s total supply 105,120,000 tokens, A new block is generated every 1.5 minutes.At the time of writing, the reward for miners (professional users who verify transactions and create blocks) is 25 MONA.Use called Dark gravity wave (V3), these rewards are halved every 3 years, making cryptocurrency a Scarce with More valuable.
Unlike Litecoin, Monaco uses Lyra2REv2 Its algorithm Proof of work (PoW) consensus mechanism instead of encryption Used by Litecoin.In doing so, Monaco intends to resist ASIC-based mining hardware, Thus contributing to the continuous development of the Japanese encryption community.This one Provide higher security To the Monacoin network, but in general, the ASIC resistance driver has caused a more fundamental concern-the monopoly of cryptocurrency mining.
In short, ASICs are essentially Exclude any possibility of competition For individual miners and amateurs, while promoting The risk of centralization of power. In turn, this runs counter to Satoshi Nakamoto’s ideal of “one machine, one ticket”.
Through the soft fork in the 937440 block, Monaco has achieved segregated witness or Segregated witness, Becoming one of the first blockchains in the world to use this technology. Currently, Bitcoin and Litecoin also use SegWit and so on.
Despite complex technical enhancements, SegWit still allows each block to accommodate more transactions, so increase Network Overall transaction speed.In addition, Monaco is compatible with the Lightning Network and ensures Faster transaction settlement.
In 2018, Monaco also joined the dream-for-crypto group, which has successfully completed Atomic swap-A mechanism for P2P conversion between encrypted assets mainly through the use of smart contracts.This broadens the horizon of Japan’s native “national” cryptocurrency, enabling it to achieve a comprehensive Decentralized financial functions.
Monaco (MONA) on the exchange
become a payment method This is the main purpose of Monaco, and the community has given great dedication.Over time, some MONA-based Application field with service It is being deployed to enhance the overall market value of the token.
Although it is popular among Japanese, MONA can still be used Only on some global exchanges, Such as bitFlyer. In Europe, which Japan is proud of, bitFlyer is the only cryptocurrency exchange in the EU to recruit Monaco. To buy, sell and trade Monaco (MONA), please register bitFlyer now.
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