DISCLAIMER: This is an opinion piece about why I personally believe that the meme-coin BANANO has huge potential both as a tool for educating newcomers to the Cryptocurrency space, as well as for real development and a subsequent growth in value. I am by no means suggesting you buy a bag immediately after reading this for any reason other than your own volition. In-fact, I strongly recommend that before you even consider spending a cent you should create a wallet and earn some BAN for free by [email protected] (The official free and fair distribution method) or through one of the many community faucets available at the BANANO-HUB link repo which I maintain as a service to the community. Join the network, make transactions by sending tips, join giveaways, play games or queue & watch videos at JungleTV. Experience the Network first hand and see for yourself why I think this may just be the most undervalued meme-coin in the cryptocurrency space today!
The Bullish Case for BANANO
by MKZI 🕹️
Meme-coins are an interesting phenomena. An amalgamation of social psychology with the technological innovation that is cryptocurrency. Through experience I've come to realise that the meme component of the coin is surprisingly important - as it acts as the medium to allow the easy transmission of the cultural ideals, symbols and practices that the community around the network prescribe to; from one mind to another with ease. You wont find any significant marketing material around the BANANO network, because it is a community driven project - built from the ground up by the community for the community, with memes at the epicentre as the means for distributing information and relaying community sentiment.
For a meme-coin the underlying technology is no joke 🙊
When you peel back the meme fun (🍌 pun intended) you will discover that unlike majority of the new generation meme-coins, BANANO actually has its own network! As it originally began as a fork from the NANO project - the ace in the hole is that BANANO has real utility and functionality. Some of the key characteristics of the BANANO network are:
- It is ultrafast - The DAG Block Lattice structure of BANANO allows for ultrafast, near instant payments. Ideal for high volume transactions.
- Transactions are feeless - That's right, there are zero fees! This is because BANANO's network structure means individual transactions provide validation for one another, so fees are not required to validate payments. This means that BANANO not only is capable of high volumes of transactions but can be used in micro sized economies!
- A secure network at a fraction of the energy cost - BANANO's transactions are secured using Open Representative Voting (ORV) as the consensus mechanism. Through a complex combination of mathematics and with a small amount of energy expenditure, users provide the voting weight behind their BAN holdings to validator (representative) nodes, which vote to keep the network in consensus!
Microtransaction capabilities a BIG value proposition 📈
Whilst many cryptocurrency projects today are attempting to become the next big "Bitcoin/Ethereum killer". BANANO is quietly whittling out a niche of it's own; the micro-transaction economy. Being ultrafast and feeless makes BANANO an ideal candidate for filling this void currently neglected by the Crypto-market.
When you consider that there are 2 billion people worldwide who are unbanked, with no access to tradition financial services such as a savings account, the ability to make payments or send and receive remittances, and the fact that nearly half of the world lives on only $5.50 a day. BANANO being a free and open network, feeless at the consumer level poses great potential to provide financial freedom for a large part of the global population which is currently being "priced out" of both the legacy system and the mainstream crypto-currency networks in existence today. When you also consider that there are approximately 5.2 billion unique mobile phone users globally, with an average of 1.5 connections per user. The potential for the masses to be able to simply open a mobile BANANO wallet and instantly begin saving or transacting as part of the global market could be a real game changer - both for those who are in need as well as for the value proposition for the cryptocurrency network which could enable such, for BANANO.
Let's not forget the plethora of micro-transaction economies that could also benefit from the ability to send dust sized payments with 0 cost to the consumer. In-game currency or cross-game economies, challenging conventional subscription service models with the ability to offer pay-per-use services, adding tipping functionality to services, the potential to revitalise community-centric platforms by adding a layer of value to participation such as with JungleTV, and other micro-payment business strategies - Such as what Publish0x is trying to offer (albeit through less functional means). The ability to send miniscule quantities of real-value across space and time could create waves in what is predominantly an untapped market.
Leveraging FUN to teach the real power behind Cryptocurrency 🎉
As a meme-coin, BANANO leverages fun & memes as a means to lay a foundational understanding about Cryptocurrency to its users. From its Yellowpaper, filled with tongue-in-cheek tidbits of information and flying rocket ships, making reading though the fundamental mechanics behind the BANANO network's inner workings more engaging, to the use of MonKeys as a unique graphical representation of BANANO addresses.
MonKey's are BANANO's spin on pseudonymous (pseudo-anonymous) alias' for interacting within the BANANO community. In short, an algorithm takes your unique BANANO address, applies some mathematics and science to it, and it turns into a MonKey. MonKey's are a fun way to provide an alias for your BANANO address, so payments and services can be used without the need to link your true identity, if you so choose. A critical offering for a network whose entire ledger of transaction history can be viewed and verified.
The BANANO Wallets themselves (Vault for PC, Kalium for Mobile) also play a pivotal role in teaching users how to safely store and custody their own keys, as well as how to transact natively on a Cryptocurrency network. This is probably the most understated educational benefit of joining the BANANO community. In my experience of the Cryptocurrency space. Many users buy & sell Cryptocurrency via exchanges but very few actually custody their own keys by completing an on chain transaction to move their assets to a native wallet, let alone utilise the currency for its intended purposes. Things like how to manage a 64 Character Seed/24 word mnemonic phrase back-up, how to generate new addresses, how to send and receive transactions and how to track transaction history using network tools such as a network explorer. Although BANANO forms only a portion of my crypto portfolio, it makes up the large majority of my daily cryptocurrency transactions which is truly impressive.
The best part? You can join the network for FREE! (For a limited time only)
As BANANO is still in its distribution phase. Right now, you don't even need to spend a cent to join and experience the network. Simply open a wallet and earn some free BAN by either [email protected] (BANANO's method of distribution; Using CPU/GPU power akin to PoW mining to fold proteins for medical research - earning BAN in the process for your efforts), from one of the many community run faucets over at BANANO-HUB, via giveaways or through tips by contributing to the community who predominantly reside on Reddit or Discord.
Interested in joining the BANANO community? Here are some links to get you started:
- The OFFICIAL Banano website - https://banano.cc/
- Kalium Mobile Wallet - https://kalium.banano.cc/
- Vault Browser Wallet - https://vault.banano.cc/
- [email protected] Banano Miner - https://bananominer.com/
- BANANO-HUB Link Repo to find community faucets, games, network tools and MORE! - https://hellomokuzai.github.io/banano-hub/
- Reddit Community - https://www.reddit.com/r/banano
- Discord Community - https://chat.banano.cc/
- JungleTV (Try it out!) - https://jungletv.live/
- Exchange to BUY/SELL Banano - https://www.coinex.com/