MonaCoin (MONA) – What You Really Need To Know

Written by Adolph Obasogie - Reviewed by Coin Review Team

Published: Jun 20, 2018 | Last Updated: Mar 14, 2019

2024-10-15T06:13:29+00:00

What is MonaCoin?

MonaCoin is a cryptocurrency that was designed for P2P value transactions. The coin started as a fork of Litecoin where several components were changed. MonaCoin has a higher maximum supply than its ancestor Litecoin and runs with a different hashing algorithm.

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At first, it used the same algorithm as Litecoin (Scrypt) which was ASIC-resistant at that time. But with the arrival of Scrypt-ASICs MonaCoin changed its mining algorithm to Lyra2REv2. Another big difference is that MonaCoin adjusts the difficulty after each block, in stark contrast to Litecoins difficulty adjustment every 2016 blocks.

The similarities between MonaCoin and Litecoin are that both have activated SegWit and are supporting the Alpha version of the Lightning Network. The ticker of the coin is MONA and the block time is 1.5 minutes.

History

It was officially launched at 1. January 2014. There was no Premine or ICO. The team is completely anonymous, only the pseudonym of the founder is known. He calls himself “Mr. Watanabe.” MonaCoin was the first alternative cryptocurrency developed in Japan.

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Can it be mined?

Yes, MonaCoin is based on Proof-of-Work. The mining algorithm is Lyra2REv2, and the block reward is currently 25 MONA.

What differs it from other Cryptocurrencies?

MonaCoin is an ASIC-resistant cryptocurrency that was developed in Japan. It is very important for the team behind MonaCoin to prevent ASIC-mining.

How much is MonaCoin worth today?

What is the total and the circulating supply?

The total supply of MONA is 105,120,000 and the circulating supply at the time of writing is 59.645.475 MONA.

Where can you buy MONA?

You can buy MONA on several cryptocurrency exchanges, most notably Bittrex and Zaif.

Can MONA be sold for cash?

You can sell MONA for cash on several cryptocurrency exchanges that have fiat-pairings, most notably Zaif.

Future Development

It hasn’t published a roadmap or any information on future development. But we know that they support the Lightning Network and that the development is still active.

Verdict and Rating

2.5/10 I don’t see the point of investing in or using a cryptocurrency that was born through a hard fork and hasn’t changed anything fundamentally. There is no unique selling point of MonaCoin, everything that it can do can also be done by bigger and therefore more secure blockchains.

Every small PoW-chain has a big risk of falling prey to a 51%-attack these days. Between 13. And 15. May 2018 an unknown hacker attacked the MonaCoin network with a so-called “selfish mining attack.”

The attacker first provided computational power to the network until he or she had a majority of the hashrate in the entire system. With 57% hashrate under the attackers control he/she started mining blocks without broadcasting them to the network nodes, creating a second “hidden chain.”

In PoW-based systems, the longest chain is always the only valid chain, so the attacker builds a longer chain secretly with not broadcasting blocks to the network and then broadcasted them all at once. This made very blocks and transactions that were validated by miners during the time of the attack invalid.

The hacker made transactions on the eventually-to-be orphaned and invalidated chain while it was still being processed with the aim that this transaction will be rendered invalid later.

He tried to send MonaCoin to exchanges. This highlights the problem of small Proof-of-Work blockchains where it is not expensive to capture a majority of the hashrate.

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2.5 / 10.0

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Disclaimer

The writer’s views are expressed as a personal opinion and are for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.