Altcoin Spotlight – Banano Review

Banano Review – Potassium Rich Cryptocurrency

Introduction

In this altcoin spotlight, we would like to turn lights on a cryptocurrency called Banano. Even though Banano is a meme fork of Nano, what the team behind the coin is doing is something we don’t often see in other projects. From the organized competitions, and giveaways which keep the community alive on an entirely different level, to mining using folding@home platform. If you haven’t heard about Banano before, this is a perfect spotlight corner for you to get to know more. Enjoy the Banano review.

Banano Essentials

As we already mentioned, Banano (BAN) is a fork of Nano cryptocurrency. If you know a thing or two about Nano, you can already guess, Banano also uses DAG technology. Directed Acyclic Graph technology uses different topology for ordering and sorting sequences. It is a prominent alternative to the standard blockchain technology. Since Banano inherited all Nano features, it means that all BAN transactions are feeless, and instant – ideal characteristics for a meme coin.

Banano has been live since April 2018, and it was airdropped to the Nano holders. Since then it is continuously being developed and tweaked. As we already noted, and as you could have guessed by now from the name, Banano is a meme coin.

Don’t Let Your Memes Be Dreams

Banano Meme Coin

If someone who doesn’t know a lot about cryptocurrencies and their rich history sees memes connected to a coin they would assume it is a scam and move along. But we can see from the example of Dogecoin, that memes can be dreams. And this is no joke, Dogecoin is still alive and kicking after being released in 2013. In fact, it is one of the most valuable coins today, floating inside the top 30 coins when sorted by their market capitalizations.

Banano Mining

Banano is technically not a mineable cryptocurrency, but the team is distributing rewards to folding@home users who choose to fold on Banano team. The setup is straightforward and it works out of the box, just follow the instructions on this link. Now, what makes Banano mining so unique? Instead of making calculations to mine a cryptocurrency, your hardware runs protein fold simulations via folding@home. By doing this, you are supplying f@h with the computing power scientists need to find new cures for diseases like cancer, Alzheimer’s, Huntington’s, and a lot more! As a result of your protein folding simulations, you get Banano. How great is it to “mine” a cryptocurrency, earn some money, and actually help make the world a healthier place in the process! As an alternative, you can also try browser-based miner if you don’t want to install any additional applications.

Banano Wallets

Banano has some great wallets. First, we would like to mention the BananoVault. It is a simple, user-friendly browser wallet that has lots of useful options under the hood. For example, Ledger hardware wallets are supported, you can set your local FIAT currency to be displayed instead of the default one. You have control over your representative and can fine-tune many network-related settings.

But Banano mobile wallet called Kalium is where you can find real bananas. It is one of the best mobile wallets we have ever tested. Both feature-wise and design-wise. All essential features are supported. For example, you can change your account representative to the one you trust, and that is something everyone should do to promote decentralization. If you have contacts with whom you exchange Banano often, you can add them to your contact list and make the transactions ever smoother and easier. It has a built-in notification system, which means that you get notified when someone sends you Banano.

Like BananoVault, Kalium also has an option of generating as many accounts as the user needs. To keep it in the fun, light tone with the rest of the Banano world and story, when making transactions you can see nice animations. Users can also pick one of the five color schemes available. Kalium is updated regularly, and new features are added relatively often.

Buy-Back And Burn Scheme

One of the newest features is that Banano added deflationary features. Since the coin is being constantly distributed, the possibility of inflation is high. The currently available supply is around 770 Million Banano which is about 25% of the current total supply. This is why the developer team added a “Buy-Back and Burn” scheme. Thanks to the scheme, price stability should improve, and inflation will be reduced. Let’s take a look at the numbers from the first burn report.

Original total supply: 3,402,823,669.20 BAN
Burnt May 1, 2019: 300,000,000 BAN
Funds sent to burn address otherwise: 51 BAN
Burnt on July 28, 2019: 1,808,614 BAN
Total Banano burnt so far: 301,808,665 BAN
Updated available total supply: 3,101,015,004.20 BAN

MonKey

As it is well known, most currencies only use long strings of random characters as addresses. Banano has developed MonKey, which has a different approach to public addresses. MonKey, as the name says, is a monkey shaped avatar which visually represents wallet addresses. Every MonKey is unique, and no two MonKeys are the same. Banano team even separated MonKeys in different categories: basic, rare and premium, according to the accessories they have. It is a fun way of displaying public addresses. Also, think about how much easier would it be to explain cryptocurrency addresses globally with a system like this. Even our dear grandmas could understand it.

Camo Banano

These days privacy is a must-have feature in new projects – we are all very protective of our private information. Nobody wants to see their private info displayed on a blockchain where it can be accessed by anyone and everyone. This didn’t slip Banano core developer Corano, and he is working on a privacy layer called Camo Banano. Camo Banano is in Phase 1 since June, and it allows confidential transactions. This privacy layer functions as an equivalent of 20 Banano accounts on users BananoVault. It then uses all 20 accounts to do transactions. This means that any person you’re exchanging Banano with only knows 1/20th of your stack. It should be noted that this is far from a full privacy feature yet, just a layer which is being further developed.

Banano Yellowpaper

Banano Yellowpaper altcoin meme

Unlike most coins, Banano doesn’t have a whitepaper, but it does have a fitting yellowpaper. Banano yellowpaper is a very welcome addition to their site. After going through it, we have seen a colorful display of all the information one might need about a coin in one place. It has a nice layout filled with funny memes. Even though Banano is a meme coin, its yellowpaper is much better than lots of whitepapers we have read from projects that consider themselves to be very serious. We recommend anyone interested in this project to give it a good look. It is definitely an enjoyable read.

Banano Games & Meme Faucet

One thing in which Banano stands out the most is definitely its unique and fun distribution system. Every week you can take part in various competitions, games, and giveaways to get some Banano. The last big competition Banano had was a Pokémon competition in which participants had to create a Pokémon to earn Banano. Results are posted here, and 80k Banano prize pool was paid out!

This is just the tip of the iceberg with Banano games and giveaways. They often have “Black Monkey” games which usually last for 24 hours, and are a great way to earn some Banano if you like puzzle games. All of these games and competitions are best tracked on the Banano Discord server.

Banano Community

Banano has one of the warmest communities we have ever seen in crypto. Maybe it is because of the meme nature of the coin, so everyone is more relaxed. But if you leave the meme part out, people are eager to help, and the community is huge and welcoming. The main place to track Banano happenings and shenanigans is the Banano Discord server. This server has over 29,000 members, and the activity is constant. Their Twitter is also fairly active, and they have over 5,000 eager followers. They have a popular subreddit, r/banano, with over 3,000 users subscribed. All the updates are regularly posted on both Medium and Publish0x. One thing is for sure. These guys know how to market and have fun while doing it. We sure had fun writing this Banano review.

Conclusion

Even though Banano is a fork and a meme coin, it certainly has lots of unique, user-friendly features. Mobile wallet is certainly among its best characteristics. Anyone should go and give it a try. Hint: faucet is available here. With the constant work on this project, community activity and a lot of new useful characteristics being added, who knows where this project can end up. If you don’t want your memes just to be dreams, try out Banano. If nothing else, you will at least have some harmless fun.

Thanks for reading our Banano review!

Resources:

MyAltcoins Team,
Ana & Petar

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