Nowadays, the price of cryptocurrencies is all rising. In this article, we will explain the first cryptocurrency in Japan, Monacoin (MONA). Please refer to the following article for the recommended cryptocurrency exchange.
The Birth of Monacoin
Monacoin was developed by Watanabe, who used to run 2chpool, a Litecoin mining pool. 2ch announced the development, a huge anonymous message board in Japan. Its name comes from the noticeboard “Mona”. Its presence differs from other cryptocurrencies. it is a cryptocurrency that stems from a Japanese subculture.
December 23, 2013: Beta version released, but reset shortly afterward
December 30, 2013: Official announcement of the new Monacoin
January 1, 2014: Official release of Monacoin
Implementation of Atomic Swap
Monacoin successfully implemented an atomic swap in 2018. An atomic swap, a technology, allows for the secure exchange of different currencies between individuals without the intermediary of a cryptocurrency exchange.
When exchanging cryptocurrencies via an atomic swap, there is no risk of someone running away with the money, as is the case when exchanging directly, and no fees are charged when using an exchange.
Atomic swaps are one of the hottest technologies in virtual currencies: in 2019, the VIP STAR COIN virtual currency became the second in the country to successfully implement an atomic swap, following the Monaco coin.
In the future, as the development of the Monaco coin progresses and it will be able to successfully take advantage of its strength in implementing an atomic swap, its value as an investment may increase.
Fully diversified
Currencies issued by different countries, such as the Japanese yen and the US dollar, are issued and managed by the central bank of each country. This type of system, in which there is an operator or representative who issues and manages the currency, is called a “centralized system”.
On the other hand, the system which does not have such a representative, and is managed by all the users of the currency in a decentralized manner, is called “fully decentralized”.
Advantages of holding Monacoin
One of the main features of Monacoin is its fast transaction speed. This speed is made possible by the use of “Segwit”.
Segwit is a technology that compresses the processing of information in the blockchain, such as the signature information of the trader, by processing it in a separate area, thus dramatically increasing the processing speed. Monacoin was the first virtual currency to implement Segwit.
Another advantage is that the number of exchanges has increased over the last few years. Although the number of exchanges is increasing, it is still only Japanese exchanges. And if the global exchanges start to handle it in the future, the amount of circulation will increase, and the number of users may increase at once.
Disadvantages of owning Monacoin
The disadvantage of owning Monacoin is that it is not very well known. Despite being a popular virtual currency globally, it is still a very small currency in Japan, especially on the internet.
Compared to the world’s most famous virtual currencies, it is very small and not as easy to use as it should be. If you are holding it for speculative purposes, or for throwing money around, there may be some merit in holding it, but in terms of practicality, there are still some disadvantages.
Price chart
The price reached its highest point of 2000 yen in December 2017.
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