MonaCoin
Crypto Overview
Overview and Intended Utility
MonaCoin (MONA) is Japan's first cryptocurrency, launched in December 2013. It was created as a fork of Litecoin and features the mascot Mona, a cat-like figure. The cryptocurrency was designed to serve as a digital payment system specifically for the Japanese market.
Business Model and Current Usage
MonaCoin was created to function as a peer-to-peer payment system, enabling Japanese users to conduct online transactions. It has gained notable adoption in Japan, where it is used for digital payments in online marketplaces and some physical stores. The project operates on a Proof-of-Work consensus mechanism similar to Bitcoin and Litecoin.
Real World Adoption
MonaCoin has achieved significant adoption within Japan, being listed on major Japanese cryptocurrency exchanges and accepted by various merchants. It has been integrated into payment systems and has an active community, particularly on Japanese social media platforms. The cryptocurrency has maintained consistent development activity since its launch.
Token Distribution and Founder Analysis
MonaCoin was launched fairly without any pre-mine or ICO, following a similar distribution model to Bitcoin. The creator, known by the pseudonym Mr. Watanabe, has remained anonymous and did not reserve any tokens for themselves. This approach suggests a genuine intention to create a useful payment system rather than a scheme for personal enrichment.
Technical Infrastructure
The cryptocurrency maintains active development, with regular updates and improvements to its protocol. It uses the Lyra2REv2 mining algorithm and has implemented various technical improvements over time to enhance security and efficiency.
Crypto Impact
To assign a comfort level investing in MonaCoin from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to MonaCoin.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.