Monacoin is a cryptocurrency which was born in January 2014 after the hard fork of Litecoin; therefore, its aim is to improve its service. Monacoin functions as a digital token like Bitcoin. Furthermore, it has the accolade of being the first Japanese cryptocurrency. As a result, Monacoin is quite popular in Japan, with people favouring it over Bitcoin and Litecoin.
How Monacoin Works
Monacoin isn’t much different than most other cryptocurrencies. Its main difference is the quality of service it provides and not the nature of the service itself. It is a basic cryptocurrency like Bitcoin and Litecoin aims at providing users with a better experience by learning from the mistakes of its predecessors.
The blockchain industry has a lot of projects offering different services. While Monacoin does not offer anything new, it offers the most basic blockchain service in an efficient manner. The team behind Monacoin is after efficiency and looks to solve the issues that Bitcoin and Litecoin users are facing.
Since it is a hard fork from Litecoin, it takes care of not repeating the mistakes that Litecoin made. The daily changing of difficulty is similar to Vertcoin, which is considered a more direct competitor of Monacoin. It has also implemented Lightning Network to solve the scalability issue.