Monacoin Activates SegWit

The Japan-based cryptocurrency Monacoin has recently reached the SegWit miner activation threshold, granting the necessary consensus to implement the update developed by Bitcoin Core.

Founded in December 2013, Monacoin was born in one of Japan’s most popular online text boards, called 2ch. A community driven project, Monacoin quickly became the backbone of Japan’s cryptocurrency community, wielding considerable visibility in the space.

Fast forward to 2016, Monacoin will now adopt the SegWit which will allow it to implement innovative features and tools, including off-chain solutions and second layer protocols which were previously not available due to technological limitations. The interest for these solutions is growing within Monacoin’s vibrant community.

Moreover, the perception of cryptocurrencies by the Japanese public is gradually improving, thanks to the involvement of big businesses and the Financial Services Agency. Now that there are proper venues for registration, cryptocurrencies can be officially recognized by the government, which helps to significantly reduce the barrier to entry to crypto for Japanese developers. With this combination of new and existing crypto developers, Monacoin hopes to see a significant increase in various crypto-related activity within the country.

Now, let’s take a look at what makes Monacoin stand out!

The Japanese internet culture is known for its unlimited creativity, which can be visible in the Japanese online communities that have already conceived MAD, BM98 and Hatsune Miku/MMD, to name a few, and their accessible nature has naturally led to the formation of many decentralized communities.

Of course, these communities have had their share of problems.The repository of assets born from their creativity was sometimes used in unacceptable ways or exploited for  wrongful personal gain and, to fight these sorts of issues, middlemen who lacked transparency and credibility were often needed to manage access to these assets.

As a result of prioritizing an explosive rate of creativity, time-consuming protective measures were hardly exercised. Even now, no single person has a clear picture as to how this repository of assets may have been used and who all may have not gainfully benefited from them.

Cryptocurrency technology could possibly generate new solutions for these issues. There are already some projects that target creative assets, such as DECENT and SingularDTV. A Japan-specific one might come along in the future as well.

Ultimately, we will attain trustless, frictionless and decentralized management technology for creative assets. When Japanese creatives adopt these sorts of technology and improve their liquidity, a new movement should naturally arise.

Store of Creativity – Currency for sustaining creativity

The Monacoin community has set out to create an environment that encourages and sustains criativity. 2ch, AskMona and Twitter have provided facilities for micropayments and small-scale crowdfunding campaigns which, in practice, have been used to support creators.

The main thing to keep in mind is that pairing creative activities with these new technologies will bring novel experiences. Crypto-tokens will be one of the components for those kinds of experiences in this space. Off-chain solutions will also open up a cornucopia of possibilities.

Continuing to explore solutions like the ones described is the only way we can work to preserve creativity.

I hope that as the Monacoin community matures, it’ll give birth to a new creative movement that will take the world by its reins.

Thanks to @Nxtima1 and @sleepingkyoto.