What Is Monacoin (MONA)?
Monacoin (MONA) is a Litecoin fork that uses the Japanese internet meme cat as a mascot, similar to Dogecoin. Like Dogecoin, it’s mostly used for tipping in online forums. A variety of bots exist to make this easier, and development is steady. It’s never going to be the next Bitcoin, but Monacoin has a cult following that will sustain its usage for decades to come.
Who Is Monacoin?
Monacoin’s development team is pseudonymous, much like Bitcoin’s Sathosi Nakamoto. They’re known collectively as Mr. Watanabe, and they’re completely separate from the Monacoin Foundation. The Monacoin Foundation is responsible for marketing and business operations on the project. They’re responsible for attaching the Mona mascot to make it more recognizable.
Use Cases of Monacoin
Monacoin is mostly used ironically, but online tipping is becoming more popular every day. MONA, DOGE, and REDD are just a handful of the tipping currencies you can earn these days outside of on-platform currencies used by Twitch, Reddit, etc.
As a content creator, I’m all for micropayments for social posts. It’s what major celebrities like the Kardashians and even smaller influencers do.
How to Mine MONA
MONA is mined using a lyra2REv2 Proof-of-Work (PoW) mining algorithm.
The total token supply is uncapped, and it reached an all-time high value of $20.23 on December 6, 2017, according to CoinMarketCap.
Learn More About Monacoin
If you want to learn more about the Monacoin, check out this comprehensive intro guide at BItcoinWiki. Or check out this comprehensive analysis report on the Golem blockchain project on Thought for Your Penny.