Over recent months you may have seen a variety of post either directly from or in relation to the activities of BANANO. You may too have been thinking you yourself "what is BANANO? Is this a Joke?" and in some respects it is. However, sometimes something that starts off as a joke or an idea can quickly take on a life of its own. This, in my opinion, is where the BANANO project finds itself. Over the next article we'll explore a little bit about the BANANO project along with my experiences so far, watch where you step....there are peels (and terrible puns) everywhere.
In the Beginning:
As with all good memes this project started of as an in-joke between a bunch of NANO project contributors that got out of hand. A joke became an idea and that idea then became a a fully fledged crypto-concept. Peeling away from the NANO project back in 2018 BANANO offered a platform to build on the foundation of NANO but explore a more experimental approach to development. Fast forward to 2020 and we see BANANO at the ripe (not too ripe mind you, just a little green around the edges, ain't no banana bread fodder here) old age of 2 implementing a latest innovation BANANO CAMO. This in my mind is one of the hallmarks of the project, you can see from just the surface these kind of technological innovation require a fair amount of development work and real thought, but it is all done with a tongue in cheek attitude. This in turn glosses nicely over the mind bending "but how does it work?" questions that the average users really don't find a-peeling. The point is this cryptocurrency isn't trying to focus on all those tech savvy individuals out there, who already bought into the concept of magic digital money (though there is a place for them). Instead the focus instead on casting the net as wide as possible. Making something anyone can use and anyone can take part in.....it is all about community!
Whenever I think about the BANANO project I think of three core principals:
- FAST - This is the age of technology no time to wait (transactions should be to be instant).....memes don't create themselves....or do they?
- FAIR - There is enough to go around, distribution shouldn't have any barriers
- FUN - Don't take life too seriously, sit back and enjoy the ride.
So as mentioned what drives the meme powered BANANO train is the people. The community is built around a relatively simple and positive I idea where anyone can earn BANANO and all you need to do is get involved. From my experience so far there are a few main ways to get involved in the project and collect your slice of the BAN-offee Pie.
The first and most important way to get involved on a community level:
- Join their social channels (i.e discord, reddit, telegram) and get to know your fellow meme dreamers. There are regular giveaways in the discord and as an active participant you get a front row seat to all the meme-madness in real-time.
- There is also community engagement, which is actually what this article is. Often the team runs fun competitions (in this case writing), but in the past Easter Egg painting and what looks like (from the images on Reddit) Banana sculpting...who knew it was a thing?
Next level there is the gamification of distribution:
- A few weeks back there was an Easter Egg hunt on the various social channels this year that I massively failed on but still had fun trying to follow.
- Also the infamous spot the difference game Black Monkey, this is ridiculously addictive and I'm chuffed to say I managed a solid 498 correct answers in a row before slipping on a rogue peel. Watch out for this one in the Publish0x news as it comes around quicker than you think.
First person to tell me the odd ones outs between the monkeys for each of the rows above and paste your BAN address in the comments gets some high in potassium treats.
If you're like me and enjoy some more tetchy methods of earning crypto (a bit like mining) then this is the right place for you:
- BananoMiner is a team who collectively run the folding@home project to help medical research perform complex protein folding simulations. By adding your computing power to the mix the team earns points and you, in turn, earn BAN for your contribution. If you want to have a go at this check out my guide here: CPU/GPU 'Mining' - BAN (Beginners' How-To Guide) - Doing Your Part
- Every day there are 8000 BAN distributed among folks who choose to run the BoomPoW software, which along with other apps and services requiring PoW (proof-of-work). I've also created a guide for this here: CPU/GPU 'Mining' - BAN (Beginners' How-To Guide) - BoomPoW Edition
BANANOMICS and Development:
Normally, as with most cryptocurrencies it is the incentivization of mining/staking rewards that drive the maintenance or the chain and decision making. Instead, the BANANO project has a different take on these processes.
Firstly distribution is free and fair, so you are rewarded on engagement with the project rather than how much mining power you have. Secondly in order to drive decision making and conflict resolution they adopt a Open Representative Voting, by which users can delegate their vote to a representative node bypassing the need to run a node themselves which most everyday users wouldn't do. Finally, since distribution is not limited in the same way as other coins there is a question of the inevitable creep of inflation, this is tackled by running a 'Buy-Back and Burn' model (as illustrated below).
In essence the BANANO team put together funds obtained from faucets, other mined coins and adverts to buy back from circulation a bunch of BAN. At which point they then send these to a burn address effectively removing them from circulation and maintaining market stability.
In term of current value and buying/selling BAN there are a number of exchanges where BAN/BTC and BAN/ETH pairs are listed making it easier than ever to convert these into other currencies as you see fit. Check out this article for support: https://howtobanano.info/all-current-banano-exchanges-an-updated-overview/
Take Away Message:
I guess one of the main things that struck me when writing this article is the positive nature of the BANANO project. The team and the community don't take themselves too seriously, and above all there is active encouragement in both human interaction and nurturing creativity, both of which, in the current climate are definitely in short supply. So to that end the I encourage everyone to share in the comments their experience with BANANO so far. Please go ahead and add your BANANO address to the comments themselves and I'll pick one of the good comments (at random if there are a lot) to send some BAN to. (Please don't just spam an address as I'll only consider thoughtful responses).
Hope you enjoyed the article, good luck y'all!
Donations Welcome (BAN):