Banano is a fork of Nano (a.k.a. the coin formerly known as RaiBlocks) and in their official website states, “Banano Coin is a 4th generation fungible & edible cryptocurrency with a cool yellow logo and particles.js background. Our team is top-notch and the project advisors are by a moonshot best in the business.“
In short, Banano is hoping to capitalize on the smallcap meme economy. Now if you didn’t know that this is a “thing” or that it isn’t a real economy, then you’ll need to do some research in terms of Three Wolf Moon and the bandwagon effects.
Subsequently, while there is plenty of information explaining about how great Nano is, there isn’t anything that truly explains Banano. So let’s sift past the meme and to get a better understanding of what Banano brings to the cryptocurrency tables.
First off, the bad. In order for Banano to be positioned differently from its more serious fork of Nano, plenty of memes was deployed in highlighting that this is fun and different coin. While there is nothing necessarily wrong in fun and games, it can create misunderstanding.
At best, it is devalued and its innovation sidestepped away from its unique place in the meme coin economy. At worst, it creates an elitist, centralized group of meme-lords, preventing mass adoption and widespread acceptance.
Think about it, if a market analyst couldn’t decipher the meme, what chances are that the average Joe can do the same? And let’s not dwell on controversial meme’s about bananas, monkeys, banana republics because it’s meant to be lighthearted and fun coin.
While the “yellow papers” are yet to be published, the clear difference so far is the distribution method. Nano’s original distribution was a website where visitors solved a captcha puzzle and while this “online faucet” methodology sounded fair, the problem is that somebody would use bots to solve these captcha puzzles to hoard.
Banano’s solution is originally being a fork of Nano, provide airdrops on various social medias as well as the creation of a game called Banano Runner. It’s a simple game of running and avoiding obstacles to reach a checkpoint for Banano. It’s great for kids or a way to kill time, but this game is not easy and would require an internet connection meaning those with poor networking or old devices may have a harder time.
Other difference is that Banano’s total supply is 10 times larger than Nano and that instead of dealing with thousand’s place from the decimal, Banano’s smallest value is only to the hundredth, much like real world currencies making it easier to read and use.
The good thing about Banano is just like Nano, it has fast and free transactions. Because of the fun and jovial nature, it’s also quickly developing a large and friendly online community. And while it’s relatively new to the table, it has already started supporting social causes such as donations to struggling Venezuelan families in the wake of a collapsing Bolivar.
So why have Banano if Nano are nearly the same? The difference is the price point and demographics. Nano is clearly aiming for the developed markets showing that this technology can increase in value and application. In its march to progress however, the undeveloped market was accidentally left behind. Banano is created to address this in a light hearted way and to broaden the daily use to everyone.
Even in the spaces of managing a cryptocurrency wallet addresses & public keys does Banano keep it lively and fun. These unique values are then used to generate a unique “MonKey” as a character to your account.
I hope you enjoy reading this piece and if you liked it, don’t forget to up-vote so that I can continue to create more great content like this.
Also, I’m looking for 21,000 banano’s for an upcoming project so if you can donate a few to the account below, it would be much appreciated. Thanks!
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