In this article, you will learn what is Japan's cat meme cryptocurrency. Monacoin is a virtual currency designed for peer-to-peer digital transactions. Dubbed by its creators as “the first Japanese cryptocurrency,” the coin has become somewhat of Japan's national alternative to Bitcoin or Litecoin. People in Japan Internet are falling for a new meme-based cryptocurrency – the locally invented and cat-logoed 'monacoin'.
What is Japan's Cat Meme Cryptocurrency?
Like its predecessors, the coin was created purely to serve as P2P electronic cash, a decentralized digital currency aimed at Japanese citizens. There are a few key differences that set it apart from the coins that came before it, and this guide is dedicated to drawing out these differences.
While it has only about a third the market cap of dogecoin, the scrypt-based monacoin held a 12th place ranking for the past week on Coinmarketcap and was in the top 10 on Cryptocoinrank with a market cap of $6.13m – despite estimates that 90% of its user base is located in Japan.
Few other, if any, non-bitcoin cryptocurrencies have achieved this level of interest with such a geographic concentration of users.
At least five online and physical stores, plus an auction site, now accept monacoin for payments and the currency is traded on five exchanges: three in Japan, China's ybex and the BVI's AllCoin.com. A monacoin tipping system, developed by a 17- year-old high school student, is also active.
Why is Japan Falling in Love with the Cat Meme Cryptocurrency?
- Japan wants something Japanese
The success of the altcoin may also be the result of Japan's desire to produce its own native version of everything, with information in its own language. For years, Japanese shunned Facebook to use the locally-developed social network Mixi. The only downside was it wasn't open to anyone outside Japan.
-Mystery 'Mr Watanabe'
Monacoin was launched in December 2013 on Japan's Internet mega-forum 2channel ('ni-channel'). The capital of Japanese online culture, 2channel has over 600 active message boards covering nearly every topic of interest and is one of the more popular sites in the country.
Introducing altcoin on the forums was the pseudonymous 'Mr Watanabe', who has never revealed his real identity. That may sound familiar. Unlike the equally publicity-shy Satoshi Nakamoto, however, monacoin users are almost certain that Mr. Watanabe is Japanese.
Monacoin is not intended to be a 'national altcoin' in the spirit of Iceland's Auroracoin and its many followers, and there is no 'airdrop' or handout planned so far.
-Becoming its own meme
Monacoin, Hida said, is a good match for Japan's geek/gamer 'otaku' culture. Its name and logo are based on 'Mona', a cat-like ASCII art character used on 2channel. Monacoin tips are popular with manga fans and creators .
A Google image search for 'monacoin' uncovers a plethora of different monacoin memes, 'monacoin-chan' characters and mascots (as well as pictures of Monaco, which has probably missed a trick with the name should it ever decide to launch its own altcoin ).
Bottom Line
This summer will see the launch of MonaComi, a manga comic based on monacoin which has so far collected 18.000 MONA in donations. This article is about what is Japan's cat meme cryptocurrency.
