MONACoin (MONA) Is Approved and Accepted by the Japanese Governments

By Maheen Hernandez February 22, 2020 Off
monacoin mona japanese cryptocurrency

MONAcoin (MONA) is the first Japanese Cryptocurrency.   Mona is a cat-like character familiar to Japanese usage.  The features of the MONA has an upside-down capital letter A as the quantifier symbol.

A common phrase is known as “omae mo nā’’ means “You too!” This character originated from a Troll Thread, which was posted on 2Channel sometime during the late 1990s through the early 2000s. 

Sydney Ifergan, the Crypto Expert, tweeted:  “MONAcoin was previously reported to be the cryptocurrency with the highest spot transaction volume by Japan’s Virtual Currency Exchange Association (JVCEA).”

Yet others have stated that this name has been used in another post on the 2channel during the late 1990s through the early 2000s.

Previously, the phrase “omae mo nā!” was used on other BBS (Bulletin board System) in communities like “yasii, the birthplace of Giko Neko, and Amezou;” however, these claims are not confirmed. Following a lot of evolutionary changes in its appearance, the coin is where it is now.

An important point to note is that the MONAcoin project does not have any current or previous members in the 2channel, now known as 5 channel management of their associated companies. It is, however, true that Mona was released in the internet forum of 2Channel to give it a thumbs up.

There are five online and physical stores, inclusive of an auction site, which began accepting MONACoin as a form of payment.

MONACoin (MONA) Hard Fork of Litecoin

MONAcoin makes use of the proof-of-work consensus mechanism, and it is powered by Lyra2RE(v2) algorithm.  Thus, facilitating the decentralization of MonaCoin distribution.

MONAcoin is the hard fork of Litecoin.  The payment system is fully distributed and preserved by its users.   The Japanese government has approved Monacoin. And, therefore, it is widely used in the online and physical stores in Japan.  The Zaif ATM permits payments in MONAcoin.  Some of them have purchased a piece of land with MONAcoin.

After the forking from Litecoin, the SegWit activation on the MONACoin provided the required support to the ecosystem.  The block size is limited and therefore facilitates improved scaling.

The ASIC resistant Proof-of-Work consensus algorithm of MONACoin provides the users with greater control in terms of implementation and distribution of change in the network. The condition for obtaining the coin is universally the same for everyone in the network, which should be confirmed by anyone who is inspecting the blockchain.

The Scrypt algorithm from Litecoin makes it easy to execute the mining of Monacoin in a comparatively easy way.