MonaCoin
Crypto Overview
Purpose and Utility
MonaCoin (MONA) is Japan's first cryptocurrency, created in 2013. It was designed as a peer-to-peer payment system specifically tailored for the Japanese market. The coin features a cat mascot based on a popular ASCII art character and has gained cultural significance in Japan.
Business Model and Current Usage
MonaCoin functions primarily as a medium of exchange and is accepted by various Japanese retailers and online merchants. The project maintains transparency through open-source development and does not involve any inherently prohibited activities like interest-bearing products or gambling.
Real-World Adoption
MonaCoin has achieved notable adoption within Japan, being accepted at numerous physical stores and online platforms. It is listed on major Japanese cryptocurrency exchanges and has been integrated into payment systems at some retail locations.
Platform Development
The project maintains active development, with regular updates to its core protocol. The cryptocurrency operates on its own blockchain, which is a fork of Litecoin, using a Proof-of-Work consensus mechanism.
Token Distribution
MonaCoin was launched fairly without any pre-mine or ICO, meaning there was no initial allocation to founders or early investors. All coins are obtained through mining, which aligns well with Islamic principles of fair distribution.
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.