What is Mooncoin?
Mooncoin is a proof of work (PoW) based cryptocurrency and platform designed to help advance the blockchain technology.
The name Mooncoin was derived from the large number of coins in the network, 384,400,000,000 coins, which is equivalent to the distance from the earth to the moon.
Since 2009 when Satoshi Nakamoto started Bitcoin, the adoption of the blockchain technology has been very slow.
The design of Mooncoin as an ecosystem seeks to create space for more people to join and become part of the blockchain technology as it moves to the next level.
Is it possible to make blockchain technology applicable even at the local level? The answer is “yes” according to the Moonlight development team.
Mooncoin is a cryptocurrency with no pre-mined coins or ICOs. The target was to facilitate equitable distribution of the coins to keep the network more secure.
The platform was created by a person known as Deaconboogie who remains a mystery just like Satoshi Nakamoto.
However, he is reported to have fallen ill and left from the project. Despite this, the decentralized nature of Mooncoin has made it remain strong and even grow to newer levels.
A closer look at the Mooncoin value reveals it has grown significantly since inception. In early January 2014, the price was $0.000005 and a market capitalization of $66,157. By the close of January 2014, the price shot up with more than 2500% to reach a price of $0.000136 and a market capitalization of $794,248.
The price gain achieved by the close of January did not last long. By early April 2014, the price sank to $0.000001 and remained within that range for the subsequent three years until April 2017. By December 2017 and January 2018, the price grew to $0.000775 and a market capitalization of $173,040,426. This was the highest mark in the coin’s history. By the third quarter of 2018, the price of Mooncoin was $0.000032.
What is the problem that Mooncoin Solves?
When Mooncoin was created, the blockchain network had already started spreading, and weaknesses of the early platforms such as Bitcoin were evident. Here are some of these shortcomings and others that Mooncoin seeks to address.
- Poor adoption of blockchain technology in the community
In the early years of the blockchain technology, many people were unclear about the applications. Besides, the language of blockchain based developments was still very complex even to standard developers. Mooncoin wanted to simplify this so that both developers and general users could join and enjoy the blockchain niche.
- Centralized mining
The main consensus algorithm used in the early years of blockchain technology was proof of work (PoW). As the technology grew, companies specializing in cryptocurrency mining started generating specialized equipment referred to as Application-specific integrated circuit (ASIC) miners to optimize returns. But ASICs brought about a serious problem of centralization of mining. Because they are very expensive and generate a lot of hashing power, it implies that mining was becoming a rich man’s operation only. This problem could negate the entire goal of decentralization espoused by Satoshi Nakamoto.
- High cost and extended time of sending value across the globe
Sending funds across the globe especially through banks’ wire transfers was very expensive when Mooncoin was launched. Both the sender and receiver’s details had to be verified by centralized entities before the funds could be moved. The complex process takes long, it is expensive and can be very inconveniencing especially if the funds are required urgently on the other side of the globe.
- Lack of privacy in financial transactions
If you save funds in a bank account, the details are known by a lot of people. The bank management, cashiers and political administration can easily access personal details. These details can also be obtained and account frozen through a court order. However, many people want to make their financial information as private as possible and free from third-party seizures.
How does Mooncoin Solve the problem?
The approach used to address the above issues is improving on the already available blockchain technology to help take the niche to the next level. Here are some of these solutions.
- Simplified Mooncoin programming language
To make blockchain technology easily available and applicable, Mooncoin developers insisted that people needed to have more decentralized applications at the local level.
Therefore, they simplified the programming system with a language referred to as MoonWord.
The language ensures that more programmers can participate in the open-source development for coding and record keeping.
This simplification is what made Mooncoin remain strong and even continue growing after the departure of the founder. New developments have made the platform a better option with low transaction fee and faster block time. Now, people can easily join and build their projects.
- Decentralization of the network
The Mooncoin system uses proof of work (PoW) consensus algorithm that comprises of nodes spread across the globe. When a user initiates a transaction such as sending value on the platform, the nodes take it up and follow back the public address to confirm whether there are enough coins. When the nodes verify transactions and add new blocks to the Mooncoin blockchain, they are rewarded with Mooncoin.
- Scrypt proof of work algorithm
To address the problem of centralized mining, Mooncoin development team had to get a reliable method of blocking ASIC mining equipment. They opted for the Scrypt mining algorithm that had been tested and proven to work in Litecoin cryptocurrency network to address ASIC mining.
Unlike the SHA-256 function used in many proof of work networks such as Bitcoin, Scrypt is memory intensive and have a lower hash rate compared to SHA-256. Use of Scrypt mining algorithm ensures that even people with standard CPUs and GPUs can mine and own the MOON.
- Advanced encryption to enhance personal privacy
To make transactions on the Mooncoin private, the platform uses decentralization and advanced encryption.
When you join the Mooncoin network, the details are encrypted to make it difficult for third parties to access your details.
Indeed, even the miners who confirm the details can only follow to check the balance on the public address. The miner cannot know the personal details of the user account.
What makes Mooncoin better than it’s competitors?
The rising number of cryptocurrencies in the market implies that they are in direct competition against each other.
However, they also compete against other conventional service providers in the field of interest. Here is a demonstration of why Mooncoin is better than its competitors.
- The cryptocurrency market is considered stable because it has been in the market for longer
One of the growing concerns about blockchain networks is the danger of pump-and-dump schemes.
This is a method where a blockchain project is created and coins released with the sole purpose of defrauding clients. The only way to know this is checking for a project that has been in the market for longer and proven to be highly reliable.
Mooncoin is considered a highly stable network because it has been in the market for more than four years. Indeed, it is a demonstration of the strength of decentralization because the network has continued doing well even the founder left the network.
- The network has simplified the blockchain development language to make it easy for more users
Even as new blockchain networks join the blockchain niche, many people only use the network either through purchasing the native coins or sending value.
However, Mooncoin simplified the process so that users could join the platform and plug their projects. Using MoonWord language, you can now extend your business operations as a layer on the Mooncoin blockchain.
- Unlike the Mooncoin price, the community has continued to grow steadily
One way of assessing the strength of a blockchain platform is its community. Since inception, the Mooncoin community has been growing steadily. Even though the price of the native token is not as high as that of Bitcoin or other coins such as Bitcoin Cash, the community is optimistic that it will ultimately grow and even surpass the competitors.
- Mooncoin is a completely private network
Unlike banks and other financial services that easily make your details accessible to a wide array of parties, Mooncoin is completely private. Indeed, even some blockchain networks such as Bitcoin are no longer considered private. The enhanced privacy of Mooncoin implies that you can now buy its coins and send value without worrying about third-party seizures.
- Sending value on the Mooncoin network is cheaper and more reliable
As a completely decentralized blockchain network, Mooncoin platform allows users to send value on a peer2peer basis. This implies that the network bypasses profit-seeking organizations to make the transactions cheaper, faster and more convenient.
How can Mooncoin be categorized?
Mooncoin is a truly decentralized cryptocurrency and blockchain that are designed to help take the industry to the next level. The focus of the founder, Deaconboogie, was to help fix issues that were noted in other blockchains of the time especially Bitcoin. The approach has been very useful in attracting more developers and community to the blockchain sector.
What’s Mooncoin’s vision on Security?
The Mooncoin vision on security is to become the most secure network that everyone can join and enjoy decentralized services without worrying of attacks.
Deaconboogie was concerned that blockchain networks and related projects were increasingly becoming a target for hackers. For example, Mt. Gox was hacked in 2011, and more than 600,000 Bitcoins lost. To keep the Mooncoin network secure, Mooncoin development team adopted the following strategies.
- The development team works on progressive updates that help to seal gaps and address vulnerabilities.
- By adopting Scrypt mining algorithm, Mooncoin has managed to achieve even distribution of native coins. This is very important in preventing 51% attack.
- The Mooncoin system is open-source. This coupled with an easy to use MoonWord language has helped to strengthen the Mooncoin system and make it extra secure.
- The platform uses Digishield that adjusts the coin difficulty in protecting the network against multi-pools and over-inflation. The technology helps to prevent very many coins getting mined when mining pools target minting at a very low difficulty.
Examples of Mooncoin’s use cases/ applications.
Since inception, Mooncoin platform has grown to become a major blockchain ecosystem for all people interested in the industry. Its many use cases have helped to grow the community could help it outdo other top networks in the future. Here are some of the main Mooncoin use cases.
- Paying transaction fee on the Mooncoin network. When you send funds on the Mooncoin platform, a transaction fee is levied to help motivate miners. This fee is paid using MOON.
- Paying transaction fee when trading Moon in the markets. If you decide to trade MOON in the markets, a transaction fee can be paid using Mooncoin. Note that trading in these exchanges might include additional charges for making deposits and withdrawals from their accounts.
- Paying taxes in jurisdictions that accept cryptocurrencies. Unlike in the past when many countries cautioned their clients against cryptocurrencies, things are changing. Some countries are now allowing their citizens to pay taxes using cryptocurrencies. In the USA state of Arizona, citizens are allowed to pay taxes using cryptocurrencies such as Mooncoin coins. Other countries where Mooncoin can be used to pay taxes include Singapore and Switzerland.
- Paying for goods and services in online and conventional stores. As a cryptocurrency, Mooncoin can be used to pay for goods and services in the stores that accept them. Note that even when only a different coin is involved, it is still possible to pay with Mooncoin by converting using the exchanges.
- Use Mooncoin as an investment platform. Many people coming to the blockchain network are interested in making investments and expecting huge ROI (return on investment). Even though the price of the MOON has not performed very well, the community is optimistic it will ultimately become one of the best in the market. Therefore, you can buy, hold or even trade in the markets.
- Use Mooncoin to participate in the blockchain development. Using the simplified MoonWord language, you can opt to become one of the developers in the Mooncoin ecosystem. You could also create projects and plug them on the blockchain and become part of its ecosystem.
https://cryptomining-blog.com/tag/mooncoin-crypto/
http://mooncoin.com/
https://www.krypto-magazin.de/was-ist-mooncoin-coin/