Unlike other cryptocurrencies that have a whitepaper and a team of experts behind it, MonaCoin does not. In fact, the actual creator is not known. Just like bitcoin was first proposed by Satoshi Nakamoto, a pseudonym, this cryptocurrency too was created by Mr. Watanabe, which is also a pseudonym in Japan. Furthermore, it was only initially used as a joke – a way to congratulate someone on 2channel forums.
Since then, it has acquired a lot of other uses, including acting as a currency in Japan where the practice is legal. Its use in cafes and restaurants has now become common in certain areas of Japan. Its original function among gamers too has remained and it is still often used for shopping electronics.