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Welcome to another post in the series, ‘Coin of The Day’ where we delve in those untouchable digital coins that could prove to disrupt our current financial system.
Lets get straight into it.
As seen in the video above, the coin that was chosen is no other than Monkey Project.
This might be the one for saving endangered species of primates (not excluding ourselves) from the issue of deforestation, climate change, stupidity and bad diet. At least, I think half of that last sentence is close to right.
Ahem!
Monkey Project (MONK) is no wildlife conservation effort on the blockchain, but a cryptocurrency that makes staking affordable for everyone who uses its wallet. It attracts investors with high rewards depending solely on block number and how many of these coins are in the wallet. So basically, it is a Proof-Of-Stake cryptocurrency with high staking rewards and a Monkey head for a logo.
Currently, there are 5 developers on MONK’s team who despite their appearance and aliases, know their stuff. The Monkey Project was envisioned and created by a top-tier cryptography expert known (not kidding) as POS Monkey. In addition, Monkey Project has a worldwide strong team base who often shows up on social media to guide new people into their venture.
Monk used to be solely a mineable coin using the X11 algorithm which is also used by Dash, Quebecoin (this one we did), PacCoin, HyperStake and Paypeer (also one we did). As mentioned in earlier ‘Coin Of The Day’ posts, X11 algorithm are based on eleven different hashing functions from Blake algorithm and Keccak algorithm just to add a layer of protection and security to the coin’s network. At the moment, this cryptocurrency is purely Proof-Of-Stake.
Monkey Project was added to CoinMarketCap on November 25, 2017. You know what, let’s call all coins that are added to exchanges from November 22 to November 28, Thanksgiving Cryptos (or the time it takes for the food to leave your ass if you are ever severely constipated) from now on.
There isn't any introductory video out there on the web so I'll just put some chimps doing the river dance.
All joking aside, lets go down on them specs like… okay, not going to say it:
Often updated wallets for Windows, Mac OSX and Linux.
Block time is 2 minutes.
Staking Block Rewards are divided into four (counting the recent Masternode addition) types and these are as follow:
Ø Super Block: Every block ending with 6 or 9 will usually get a reward of 13.6 MONKs. By the way, this mean that every wallet will be rewarded 13.6 of these coins.
Ø Ultra Block: Every block which ends with 2 typically gets a reward of 16 MONKs.
Ø Every other blocks which are not those stated above will get a reward of 10.8 MONKs in staking.
Ø The Masternode (starting on test net as of May 24, 2018) will be able to stake up to 60 percent of whatever amount coin is in this wallet. As stated in the earlier Proof-of-Stake post, Masternodes are not cheap. In order to acquired this, one must have at least 1500 MONKs in their wallet (which about US$5,000 as of this writing).0.5% of their original coin supply, that is 100 million in total, is pre-mined which comes out to 500, 000 MONKs.
It takes anywhere between 8 hours and 10 days to receive these staking rewards if one has some coins in their wallet.
Low difficulty rate.
For every 100,000th block, rewards are expected to be reduced by a fifth up to a total of three-fifths.
Circulating supply is 1,142,912 and growing.
The total supply now stands at 1,492,862 with the maximum supply going to as much as 21 million coins.
All Time High (ATH): US$44.83 (0.00298900 BTC) on January 9, 2018 probably cause by five giveaways of 10 MONKs to selected participants on Twitter or the mass hysteria of the Christmas Bull Run still in effect. No one knows.
At the time of this post, its all-time-high of 298,900 satoshis is equivalent to $22.50.
MY CRITIQUE
WEBSITE AND SOURCE CODE:
To be honest, I do not find much thing wrong with its website. With that off my chest, lets go into this review:
The logo is ‘pixel’ Monkey head. It looks similar to that of Minecraft. And man, those monkey eyes are piercing and deeply focused!
Apparently, the website designer love boxes (who doesn’t?), making the mundane gray one on the left, the regular one while the others are brightly contrasting colors. There is also the web-like triangle patterns and animations across a dark background that is often seen on cryptocurrency websites that wants to give the image of connectivity.
The road-map is on a different page which is good. Their milestones are reachable, time-bound and specific. Most of these are achieved and/or in progress.
As for the T.L.D, it is very befitting since the users of this cryptocurrency are a part of a worldwide community.
The only problems, I found are that Monkey Project does not have an end goal or what real problem they are solving (they do not have a whitepaper), and the domain is not secure.
Lastly, according to their source code, 77 regular commits from two contributors were done in its six months of existence on CoinMarketCap. The last one was over two weeks ago. Now, that’s what I call activity!
SOCIAL AND POPULARITY:
Twitter- 1926 followers and growing. Very regular tweets and retweets on giveaways, promotions, announcements and even tutorials. There is a fair amount of engagement from the followers on this page.
Facebook- No Official Page.
Bitcointalk- 55 pages and counting. Beware of people edging you into using their referral links to join a mining pool. If there is less than 300 MONKs in your wallet then go ahead and join a pool because it can be at times very profitable. Otherwise, go solo.
-Telegram- No official group.
Reddit- None.
Discord- 2710 members and growing. It is one of the first place to see an announcement before it hits the other social media. In this chat group, people do have a say on how the Monkey Project should progress.
YouTube: Monkey Project has an official channel created just over two weeks ago. The only video on there is a 10-second teaser or preview for the audiences. It has seven subscribers as of the time of this post.
There isn’t much content on Monkey Project on other channels. In all, I found a dozen YouTube channels which mention this cryptocurrency in one way or another including an guy with an Australian accent, Crypto Doji.
EXCHANGE:
MONK can be traded on the following exchanges:
Cryptopia
CryptoBridge
CONCLUSION:
In conclusion, Monkey Project is a P.O.S cryptocurrency with high staking rewards that uses the X-11 algorithm and was created by POS Monkey (and not something for wildlife, disappointingly).
Investment or not?
I do not see Monkey Project as a sustainable cryptocurrency because there is one problem with giving every wallet a token for staking. This problem is scalability.
Imagine that ten million people download the wallet tomorrow and start to stake. For the next 9 days, nothing might not happen but on the tenth day, staking took place. With that limited supply, how will Monkey Project network survive this? Even at the regular staking reward of 10.8 MONKs on the regular block and being reduced by a fifth every 100,000 blocks, that will still clog up the network causing it to fail.
Secondly, it does not get much publicity as Tron and EOS. Cryptopia, not bashing this exchange, is not so popular among crypto investors.
Despite these, Monkey Project is still okay for like a few million users and if they do address the issue of scalability before cryptocurrency becomes mainstream money, it will have a fighting chance. I like that they include the voice of their community in whatever they do. So for now, sitting back and waiting for it to accomplish more fixes before jumping in is what I will do. But seriously, I am hoping to see what the product-in-progress, the Monkey Tracking app can do first. At least that.
Until next time, remember to subscribe for content such as this and much more. Don't go bananas, be fantastical and secure that ticket for the Moon Express.
Later.
Source:
➥ CoinMarketCap
➥ Sat Bit's Video
➥ River Dancing Chimps from sparrowman
➥ Crypto Doji's Review on MONK
➥ Picture Courtesy of Pixabay.
