BANANO — the memecoin on steroids 🍌
“Don’t let your memes be dreams”
What’s BANANO?
BANANO started out as a joke among a devoted group of NANO contributors. However, it quickly developed into a coin that is a product of a considerable amount of effort, without taking itself too seriously.
BANANO offers instant, feeless and rich in potassium 🍌 transactions, thanks to the fact BANANO developers have kept big portions of the original node code in order to keep cross-chain compatibility between existing code libraries. However, they have fined-tuned some parameters, such as Proof of Work requirements and currency units.
The NANO developers tend to follow the mantra of:
“do one thing and do it well”
While BANANO on the other hand is more open to feature additions like on-chain messaging. As a result, the node code is likely to diverge more over time. However, the actual development does not aim for drastic modifications of the reference implementation of the node at this early stage. It is more about improving the ecosystem and ensuring we have the best developers to do so.
Kalium
The BANANO developers are always working on. For instance, just take a look at BANANO’s mobile wallet, Kalium. The tech was made available for NANO, too (c.f. natrium.io). The BANANO team finds a lot of bugs in the NANO code, we create documentations, add features, help other developers, make feasibility concepts, but mostly we work on the ecosystem and second layer solutions (like our new feature, called CAMO). For now, less with the direct protocol and the nodes.
Goals and philosophy
Even the community members get involved, they even implemented BANANO into Minecraft for example. In that regard, BANANO has similar objectives as the NanoCenter, but was founded much earlier.
BANANO has a supply of 3.1 billion newly-minted coins (300M of them have been burned recently), which allows them to actively run faucets to propagate DAG technology, fuel the tipping economy, and fund community projects without relying on the NANO Foundation. The group formed before ahead of NanoCenter and they have similar objectives.
You may already know that we follow a gamification approach, and they strive to expose people to cryptocurrency who previously never interacted with it. BANANO is also meant to be an educational cryptocurrency similar to Dogecoin: if you lose some meme coins, it’s not a big deal but you learn your lesson. And that’s because one of their main goals is to educate newbies to become familiar with essential concepts such as “wallet”, “seed”, “exchange”, “explorer”, ecc. by giving them some BANANO (through our games and faucets) and the opportunity to familiarise themselves with what they have just received.
Recently, the team also decided to introduce a deflationary program called “BANANO Buy-Back and Burn”: we will use earnings from our faucets to continuously buy back BANANO on exchanges. Bought-back BANANO will be burned monthly, and burned amount will be announced regularly. This won’t only antagonize BANANO price inflation during our distribution phase and stabilize markets, but also make a good use of earnings to reduce the BANANO supply, which in turn rewards all BANANO community members/holders!
Banano Miner
One of their latest products is the Banano Miner: this miner uses Folding@Home technology to distribute BANANO (which are ”pre-mined”) to the users who decide to give some of their CPU / GPU power to run protein fold simulations, which help researchers fight Parkinson’s, Huntington’s, Cancer, Alzheimer’s and many more genetic diseases, and infectious diseases. Then, they send you BANANO depending on the size of your computational contribution.
This miner represents one of the most profitable faucets in the Folding@Home ecosystem, and it’s constantly subsidised with the BANANO creators’ funds.
Also, if you followed the news headlines over the last few months, you’ll have seen lots of reports of China banning cryptocurrency mining. Indeed, the criticism towards mining is not new, however it’s rarely mentioned that some fresh cryptocurrencies like BANANO (and it’s father NANO) do not require mining and therefore are highly innovative examples of “green” cryptocurrencies.
BoomPoW
BoomPoW is a peel of the Distributed Proof of Work System (DPoW). The aim is to provide reliable, fast proof of work to not only BANANO apps and services, but also to NANO apps and services.
Think of BoomPoW as a “broker” of PoW. For example if Kalium needs to make a transaction it will request a PoW from BoomPoW — BoomPoW will then request it from the connected contributors and return the solution back to Kalium once it is complete. The contributor gets paid a small amount of BANANO for his service and the process repeats.
MonkeyTalks
So what is MonkeyTalks? In brief, it’s a proof-of-concept application showing how versatile BANANO can be, and how easy it can be used in new contexts. MonkeyTalks is a combination of a BANANO faucet and an on-chain messaging platform.
So, it’s a faucet because for sending a message you’ll need to pay a small fee in BANANO, which in turn refills the faucet, and it’s on-chain because any message sent through MonkeyTalks it’s engraved into the transaction’s RAW: this means that all of the messages will be publicly visible and they’re kind of immutable, because they would be written into the blockchain. MonkeyTalks is basically a proof-of-concept website that combines a faucet giving out free BANANO with an actual application BANANO can be used for.
There’s a clear incentive to visit the site to claim the faucet, which in turn incentivizes users to pay BANANO for a message many people will see. To make this more interesting, you can also choose to pay a little more to highlight your message in a different color.
Community
Since it wants to become the definitive meme coin with a fair and funny distribution, the team aim to reward the most creative people in the community, mainly through our Discord server, so everyone can earn some banano by making some funny memes (like this one) or by winning one of the multiple competitions we constantly host on our social channels: that’s basically like mining cryptocurrencies with creativity! 🧠 ⛏
Join the BANANO Republic!
Want to get in touch with them? Visit their Discord server and leave a message in the Jungle! 🐵
I’ll also leave some links here in case you want to take a more deeper look into it 👌
Official Website: banano.cc
Help getting started: banano.how
Join our social channels for updates & giveaways:
Discord | Reddit |Telegram
Medium | Steemit | Publish0x
Twitter | Instagram | Facebook
Youtube | Github
Overviews:
BANANO News | BANANO links | BANANO events
