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What is Monacoin?

Launch of Monacoin

Monacoin was launched on the major internet bulletin board, 2channel (now renamed 5channel) by an anonymous person under the moniker of Mr. Watanabe.

The beta version of Monacoin was released in December 2013. Full-scale operation started after the launch of the official version in January 2014. The name of Monacoin is derived from a popular character on 2channel called Mona.

Nowadays it has gained huge popularity as a crypto asset used in subcultures in Tokyo and Akihabara.

Features of Monacoin

Speedy transactions and easy payment options for daily remittances are some of the special features of Monacoin. If the remittance speed of Bitcoin is 10 minutes, Monacoin takes only about 90 seconds.

In terms of currency issuance, the maximum volume of currency issued by Monacoin will be 105.12 million MONA which is comparatively more than the 21 million limit of BTC. This gives Monacoin a high level of liquidity for its users which is expected to invigorate its trading.

However, since the community supporting Monacoin is smaller compared to the other major crypto assets in the market such as Bitcoin, security vulnerabilities have been raised as a potential issue.

The safety of Monacoin is supported by the computing power supplied by its community. However, as the community is small, the computing power tends to be smaller making it difficult to maintain a stable amount, leading to uneven security profile.

In 2018, Monacoin was attacked through a vulnerability. While the Monacoin community is continuously strengthening security, these kinds of vulnerabilities are common across all crypto assets. Experts around the world developing new structures and technology every day to solve these issues.

Monacoin community

Initially, Monacoin was used as a method of payment for electronic bulletin boards, blogs, most liked posts, creative works as well as for encouraging transactions among users. Later, several online and physical stores in Japan started accepting Monacoin as a method of payment and consequently the value of Monacoin began to rise.

In addition, Monacoin enthusiasts continue to carry on promotional activities in support of it. These unique activities along with media coverage by these communities have shored up approval among the common people and celebrities across the country.

Changes in the market capitalization of Monacoin

As of July 2022, the market capitalization of Monacoin is about 4.5 billion JPY and is ranked 128th in the world.