Banano - Coin of the Month
- The fourth Coin of the Month is Banano
Dear Txbit users,
Once per month, we pick a project to inform our customers about the projects we list on our exchange. We have spoken with Bantano, Ringleader of media operations, and introduce to you: Banano, a Nano-based coin with a great community.
Can you tell us how you came up with the idea to start Banano? How about the name Banano? What is the goal of the project?
BANANO was founded by ChocolateFudCake and renesq in 2018, just shortly after Nano distribution had ended and in the aftermath of the Bitgrail hack. BANANO started as a joke and resulted in a coin being the product of a considerable amount of effort (without taking itself too seriously). The idea of BANANO is to onboard normies and noobs and get them started with cryptocurrencies, without spending any of their own money and thereby without risking anything. BANANO is entirely distributed for free through lots of tips, gamified faucets, airdrops and events since then, aiming to make things fun and still educational. Since then BANANO has evolved as a social tipping currency through various integrations and tipbots, and the community has grown a lot over time.
Can you provide us with some details about the economics behind Banano? What is the current supply? Is there a form of inflation?
BANANO has started with a fixed max supply at around 10x the initial max supply of Nano. Since then there have been several burn events (the biggest ones on respective BANANO birthday events on April 1) and today we're at a total supply of 1.9 Billion BAN and ongoing distribution (so far approx 1.2 Billion BAN have been distributed). More details about tokenomics and lots more related content can be found in our Yellowpaper (no worries it has memes and is more fun than classic whitepapers): https://banano.cc/yellowpaper/
This means there is no inflation whatsoever, there will never be more coins in existance than today. BANANO is rather deflationary through burns and coins that might be lost over time.
On the Banano website, it says: “Literally grows on trees, no mining required.” Can you tell us a bit more about this? How does this work?
Haha, this is basically a pun/joke. The initial BANANO supply was created at genesis and is distributed since then. As for Nano, Banano doesn't require mining (even though we have a fun faucet called BananoMiner, which isn't related to cryptocurrency mining) and thereby is ecologically much more friendly than classic proof-of-work coins such as Bitcoin. More details about how BANANO uses 'Open Representative Voting' which is similar to 'Delegated Proof of Stake' are explained in our Yellowpaper: https://banano.cc/yellowpaper/
Banano has an adorable MonKey, for which Banano claims: “The better version than the CryptoKitties.” How do I get one? Can I earn Banano with a MonKey? Can I sell it?
The BANANO MonKey concept created by members of the BANANO team resembles visual BANANO account/wallet representatives. This means every BANANO account is represented by a unique MonKey with unique features, and anyone creating a BANANO wallet has a MonKey attached to it. These MonKeys can't be changed or sold (More at https://monkey.banano.cc).
More recently the BANANO community project cryptomonKeys was launched. Based on MonKey characters, cryptomonKeys creates original meme-rich artworks as NFTs (Non Fungible Tokens) on the WAX blockchain. Those NFTs are basically collectibles or trading cards and otherwise unrelated to the original BANANO MonKeys (Details at https://cryptomonKeys.cc)
Banano has some nice faucets. Can you tell us more about those? Which faucet is the most popular and why?
BANANO is distributed entirely for free, and we didn't like to simply have boring captchas or tasks to earn BANANO. This is why we created different games and faucetgames, and generally different ways to earn BANANO over time. To avoid exploits and keep things exciting BANANO faucets are varied and following different principles: Currently BananoMiner (Donate computing power to medical research with folding@home and get BANANO rewards; bananominer.com) and the newer Reddit faucet (bananofaucet.cc) are quite popular. We recommend to follow the BANANO blogs and social media to not miss new events and upcoming faucet rounds. Ways to earn BANANO through different faucets are summarized on banano.cc and banano.how.
We see that the community also does a few community projects. Can you tell us a bit more about these projects?
BANANO is and always has been community driven. Anyone can create something in the ecosphere and even get funding for events or projects. Over the last 3 years we had numerous events, and most of those were actually organized by engaged community members. Apart from events aiming for making distribution fun, it happens all the time that community members step up and create memes, content, faucets, implementations etc simply because they like the project and want to contribute. Just few days ago a community member overhauled the design of our webwallet (vault.banano.cc) which now looks much nicer and is more user friendly. Projects building on BANANO or with BANANO can be found at http://links.banano.how
Last month, in March, Banano celebrated her third birthday. How do you look back on the last three years? What are the new developments that we can expect for Banano in the coming time?
Well it's crazy to realize this is already going for three years. There basically has been a constant output of new things with and around BANANO all the time (see http://news.banano.how
for a complete history) and the priority always has been to have a fun, welcoming and laid-back community. Especially in recent months we have grown a lot and I think we're doing quite well in terms of keeping things laid-back while still doing much more than just memes and play around. Just now there are several new things in the pipeline, e.g. a new Banano Runner game, wrapped BANANO on Binance Smart Chain and lots of other things. BANANO has become an ecosystem and with recent massive growth in the community and very positive feedback from many new users in particular it feels like BANANO is on the right track towards a bright future.
This publication does not offer investment advice and nothing in here be construed as investment advice. Our publications provide information and education for investors who can make their investment decisions.