Monacoin: Blockchain Token – What is it?

2 min read

This episode of Blockchain Token – What is it? covers Monacoin! In this series, we cover the different types of blockchain platforms and cryptocurrencies on the market right now.  We’ll give you a quick description of each blockchain/token, its function, who is their competition and where you can learn more.

You might be familiar with Dogecoin, the Internet’s favorite Shiba Inu-backed cryptocurrency. If you’re not, it’s a meme basically was turned into a cryptocurrency, but it’s anything but a joke. The Internet loves doge, and you know what else the internet likes? Cats. Enter Monacoin, Japan’s cat meme-based cryptocurrency. As popular as doge is here, kittens are a cultural meme in Japan. This is reflected in its user base which is estimated to be 90% from Japan.

Monacoin was launched in December 2013 on 2channel, one of Japan’s most popular online forums. Its name and logo are based on ‘Mona,’ a cat emoji character popular on 2channel. As Bitcoin has its mysterious anonymous creator in Satoshi Nakamoto, a poster by the pseudonym Mr .Wantanabe introduced the currency to the forum. Mr. Wantanabe stated that Monacoin was not intended to act as a currency, but rather a credit system to be used within the ecosystem. However, this has not stopped trading activity.

Japan is the country that is closest to mainstream cryptocurrency, and that’s only helped Monacoin’s value. There are several online and brick and mortar stores, plus an Ebay like site that all now accept Monacoin. Tipping has turned out to be one of the most common uses for the currency.

This adoption has caught the attention of the mainstream Japanese media, making it one of the most popular cryptocurrencies in the country. Monacoin has certainly found a needed niche in Japan, as they are able to compete with the major cryptocurrencies there.

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