What makes MonaCoin unique?
MonaCoin is the inaugural altcoin, the terminus for an alternative cryptocurrency to Bitcoin ( CRYPTO : BTC ), created in Japan. It ‘s designed as a peer-to-peer payment system and offers faster transactions than Bitcoin, with a block time of 1.5 minutes. As a requital coin, MonaCoin is chiefly used to transfer funds between users and as a payment method acting at a humble number of japanese businesses. It ‘s besides used for tipping people online.
Reading: What is MonaCoin (MONA)?
In terms of functionality, there ‘s nothing particularly particular or unique about MonaCoin. Although its transaction speeds were good by 2013 standards, there are now many faster cryptocurrencies. The closest comparison to MonaCoin is credibly Dogecoin ( CRYPTO : DOGE ), another cryptocurrency used for payments and tipping people online with no very competitive advantage .
Where MonaCoin came from
An anonymous collapse who went by the pseudonym Mr. Watanabe came up with the theme for MonaCoin in December 2013. Somewhat ironically, it was described as a video game currency and not intended to be a cryptocurrency.
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MonaCoin launched on Jan. 1, 2014. The MonaCoin Foundation was besides set up that year to promote the development of the cryptocurrency. There ‘s no other information available on the team behind MonaCoin or who ‘s presently in charge of it. Although a short circuit technical compendious describing the coin was published, MonaCoin has no official white paper or sport roadmap.
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How MonaCoin works
MonaCoin, which has a maximum supply of 105.12 million coins, is a hard branching of Litecoin ( CRYPTO : LTC ), an early altcoin that offers faster transactions than Bitcoin. Like Dogecoin, MonaCoin was created from fork code of the altcoin — which was primitively based on Bitcoin code but designed to be faster. besides like Bitcoin and Litecoin, MonaCoin relies on cryptocurrency mine to validate transactions and mint raw coins. Miners run programs that perform computations to satisfy MonaCoin ‘s proof-of-work protocol. The miner that accomplishes this first is chosen to validate a block of transactions and add it to the blockchain. In return, MonaCoin pays miners a freeze advantage for each freeze added. The pulley reinforce is paid in newly minted MONA coins, which is how coins are added to the circulating supply. The reward measure paid per block is halved every 1.051 million blocks .