A BRIEF HISTORY OF MOONCOIN

INCEPTION

The inception of Mooncoin took place on December 30th, 2013, by founder and creator Deaconboogie. It is a Proof of Work (PoW) coin, much like Bitcoin and Litecoin, but with a faster reoccurring block speed. (BTC = 10 min; LTC = 2.5 min; MOON = 90 sec). Conceived as a Fair Coin created and mined by the people, for the people, Mooncoin never held an ICO (Initial Coin Offering) and never did any pre-mining, ensuring everyone had equal access to MOON, from the very beginning.

MOON was conceived primarily for frequent, global micro-transactions, hence its maximum supply of 384 billion coins. This number was derived from the calculation of one coin for every millimeter between Earth and the Moon.

PEER COMPARISONS

Comparisons have often been made between Mooncoin and Dogecoin, and there are some similarities. Both were created at roughly the same time period, and both are PoW digital currencies, meant for quick micro-transactions. Also, both are taken from a Litecoin concept, as all three use the Scrypt algorithm, which is faster and more complex than Bitcoin’s SHA-256 mining equipment protocol. A noteworthy distinction exists in basic coin supply structure: Dogecoin is an inflationary coin whilst Mooncoin is a deflationary coin. Simply put, DOGE has no maximum circulating coin supply (i.e., infinite supply), making it more like fiat currencies, in terms of inflation. Mooncoin has a maximum cap on the total possible number of coins, making it deflationary and attractive as a store of value.

EXCHANGES

The first exchange listing for MOON was on Coinex, on December 31st, the very next day after launch. MOON was soon after listed on Cryptsy on January 23rd, 2014, which subsequently led to a historically significant event.

In 2016, MOON was subjected to the Cryptsy exchange debacle, which has become infamous in Cryptocurrency lore, along with the hacking of Mt Gox in 2011. It was originally reported as a hack/phishing attack that dated back to 2014, but was hidden by Cryptsy until 2016, due to claimed fears of user panic. Official court records indicate, however, that the exchange had been failing since 2014 and that multiple different digital currencies were actually stolen by the Cryptsy CEO and associates. These included 62 billion Mooncoin, 1100 Bitcoin, and various amounts of 40+ other Alt coins, for an estimated value of 3.3 million U.S. dollars (at time of theft).

STAGNATION

In mid 2014, Deaconboogie began suffering from health issues, forcing him to become far less active in the project.   Due to his absence, and void of an immediate successor, the coin suffered from a lack of innovation and development, which resulted in a waning of community interest and enthusiasm. Despite the temporary period of inactivity, it always continued to quickly and reliably execute global transactions. Also notable, unlike many competitors, MOON never fell victim to the dreaded 51% (mining hash power) attack, despite multiple attempts.

REBIRTH

After a few attempts, from 2016-2017, at replacing the idle founder with a new developer provided less then adequate results, the Moon Community began an earnest reorganization project in early 2018, with the following details:

A vote was taken to burn the 62 billion stolen coins, which now reside in a former developer wallet, and are unspent. This resulted in an overwhelming 90%+ decision in favor of coin burn, which is being discussed and addressed.

On April 3rd, 2018, a newly formed team was launched, the direct result of a grass-roots campaign from within the community itself. The Mooncoin Reborn project created a team of developers, marketing specialists and social media experts. It was the result of community involvement and the realization that a permanent, dedicated group was necessary, rather than overwhelming a single developer with far too many tasks.

This team consists of (at time of writing) 15 career professionals from diverse encompassing fields in Finance, IT, Tech Development, Web Design, Business Marketing and Science, all working interactively to revitalize the Moon project and reach new and important milestones. In addition, a separate team of translators has been created for reporting and interacting with the global community at large, increasing Mooncoin’s outreach to previously underrepresented areas.

For a list of the team’s recent accomplishments and upcoming projects, consult the Roadmap and our complete rebuild of the Mooncoin website. More information is also available in any of our official media channels.