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Just like Bitcoin and Litecoin, currency exists
serve as a peer-to-peer electronic money that is decentralized. He has a stock
of 105 million coins and uses the Pow consensus mechanism powered by Lyra2RE (v2)
algorithm.
It is based on Mona, a popular ASCII artistic character.
Features of Monacoin
Safety: Users of Monacoin can make secure transactions as the scrypt algorithm can also be used on a personal computer with a graphic processing unit.
Decentralization: Since the platform uses the work test algorithm to extract coins, it prevents the centralization of large miners. It also helps reduce price volatility. The ASIC resistance usually distributes coins fairly and does not allow users to extract coins based on increased processing power.
It's fast: Unlike Bitcoin, whose blocking time is 10 minutes, the time to confirm the Monacoin transaction is only 1.5 minutes. Costs are low and transactions can be sent almost instantaneously since the lighting network has been implemented.
The technology used by Monacoin
PoW consensus algorithm: Monacoin uses the ASIC-resistant PoW consensus algorithm that allows users to control the implementation and deployment of any changes in the network. It also helps users to verify transactions.
SegWit activation: After the hard forking of Litecoin, the activation of SegWit allowed an easy transfer of coins. Because the blockchain block size of the platform is limited, it helps to resize and increase transaction speed.
Scrypt algorithm: this algorithm is easier to perform and allows you to extract the coin using cheap PC hardware. It also provides more security for the blockchain of the platform.
Lightning network: Helps to accelerate transactions using a second level of protocols. So, whenever a block is created, the difficulty level changes to reduce the load on the nodes.
Interesting facts about Monacoin
The Monacoin was the first to introduce SegWit before Litecoin and Bitcoin
The currency can be used to buy things on Monappy
online market. It can also be used in Akihabara, one of the largest PCs
March in Japan.
The Japanese government has legally accepted the
cryptographic currency. He is also a Japanese who bought a piece of land using the
evaluates in 2014.
You can buy Monacoin using Yen directly
through Zaif ATM and also make payments.
The Monacoin was founded by Mr. Wantanabe, an anonymous
character and also the rest of the team is completely unknown.
Where to buy Monacoin
For users who may be interested in buying
Monacoin, the first place to look should be a Japanese exchange. On exchanges
as the investors of Bitbank and Zaif can directly purchase Monacoin using the
Japanese Yen or BTC. Both grants represent over 70 percent of the total
volume of exchanges of coins. In addition, offers such as Livecoin, Bittrex and Upbit
Couples of BTC / Monacoin trading.
Another popular exchange where you can buy
The Monacoin is CoinSwitch.
Where to store Monacoin
Currency storage is possible using various
portfolios. Some portfolios are supported by Windows, Linux, Android and Mac. From
it is not an ERC20 token, it can not be stored in the Ethereum portfolios.
Popular shopping spots in Monacoin include:
The official portfolio of Monacoin that can be found on his
Official site.
On Google Play Store, users can find Coinomi
Android wallet that can also be used.
Users can download Electrum Mona, which is a
light client.
The difference between Monacoin and others
Cryptocurrencies
Monacoin boasts many unique features compared to
other cryptocurrencies including:
Cryptocurrency miners receive 25 Mona coins
when they confirm a transaction using the PoW algorithm.
It was the first cryptocurrency to implement Lightning
Network. The protocol allows you to increase the number of transactions per second
the blockchain of Monaco.
Unlike many other cryptographic coins, the Monacoin is more than one
methods of payment of a speculative asset. It's easy to use online and its rates are
much lower.
The currency uses SegWit which also helps to facilitate the
more complex transactions.
In conclusion, Monacoin operates simply as a digital
currency. It shares many similarities with Bitcoin and Litecoin. However
has unique specific characteristics that differentiate it from one of the two.
Nicknamed the first Japanese cryptocurrency, it is so popular in the country
which is accepted by various retailers and restaurants.
