CoinEx Institution: Possibly the Next Dogecoin? Banano Stands Out
With the boom of Doge and TRTL mining, Meme coins have gained more attention from the crypto world, and among them is Banano (BAN).
Born as a joke and derived from a fork in Nano, Banano using DAG architecture stands out
Similar to Doge, Banano is derived from a joke (a joke among some Nano contributors), and then came as a result of a fork in Nano in April 2018.
Nano came as an answer to the slow transactions, transaction congestion and high transaction fees in Bitcoin. Its biggest technical advantages include instant and feeless transactions, negligible energy use, and lower demands for network bandwidth and storage.
The distribution mechanism of Nano was quite unique in the early days, with no private placement or crowdfunding. Even more distinctive is its airdrop approach: anyone who works out the correct answer to the picture or voice verification code can receive Nano for free.
As the first official derivative digital currency of Nano, Banano continues to apply Directed Acyclic Graph (DAG), Nano’s technology that distinguishes it from blockchain, breaking through the boundaries of the traditional POW consensus mechanism; different from the mechanism for storing transaction data by order of transactions in the blockchain, DAG asynchronously cuts off the inevitable connection between miners and the role of maintaining network security, eliminating the need for miners to mine while confirming transactions. In this way, both the high transaction fees and low throughput are readily solved, and users can enjoy instant transactions at the same time. Simply put, with the DAG architecture, Banano facilitates fast transfers and payments.
As a young data structure, DAG does not have extensive application scenarios as traditional blockchain technology, and its security and consistency need to be further verified and recognized. Yet it has stood out for advantages of fast transactions, high throughput and innovation. Innovative projects and DAPP based on DAG are emerging in a growing number.
Banano retains most of the original Nano node code to maintain cross-chain compatibility between existing codebases, but has fine-tuned many parameters, such as units; in addition, Banano is open to new features (such as on-chain messaging or privacy). As it said, the Banano team does not intend to make drastic changes in the early stages, but will focus on improving the ecosystem while ensuring that it has the best developers.
Banano’s team members once worked for the Nano project until it was forked to create Banano. One of the most influential differences between Banano and Nano is that Banano will spend part of the BAN upon continuously running Banano Faucet to spread DAG technology, promote the tipping economy and raise funds for community projects.
With no fundraising or pre-mining, the free and fair token distribution makes Banano favorably received
With no fundraising, Banano distributes all tokens through a continuously free and fair distribution plan, by means of airdrops, faucet games, reward bots on social media platforms, and other events. It also used intelligence robots in the early days, so users easily obtain BAN as long as they remained active in the Reddit community, especially on the Discord server. In a vibe similar to Doge’s Meme user community, Banano users can use BAN for online payments and tipping.
We can summarize the features of Banano as follows:
(1) The BLOCK-LETTUCE™DAG architecture facilitates instant transmission, and each account has its own blockchain. Compared with the single blockchain architecture used by other cryptocurrencies, Banano has its block interval and workload greatly reduced;
(2) Unlike its counterparts that charge transaction fees, Banano provides feeless and instant transactions;
(3) With no fundraising or pre-mining, Banano distributes tokens through a continuously free and fair distribution plan by means of airdrops, faucet games and other events;
(4) Banano is a meme coin (similar to Dogecoin, TurtleCoin, etc.);
(5) As a circulating currency in Venezuela, a country suffering severe inflation, Banano can be paid for food there. People use the BAN they obtain to buy food, which also makes Banano extremely popular in the local area.
With Banano and Monkey, the legendary faucet game Banano Runner becomes a hit
It is worth mentioning that Banano is different from other cryptocurrency projects from the very beginning: BAN is distributed for free through an innovative faucet game. Banano is mainly distributed in 3D games, also making itself one of the first cryptocurrencies in history to be distributed through games. In Banano’s system, each user’s wallet address and public key can produce an independent Monkey as part of the Banano ecosystem.
Banano has a game called Banano Runner. In this game, users only need to control a monkey and grab bananas while avoiding obstacles. Actually, these bananas are real BANs that will be deposited to users’ accounts after they complete the game. In other words, users can earn real BAN by controlling virtual monkeys to grab virtual bananas. The legendary Banano Runner was a huge success in the first round of airdrops in April 2018, and airdropped a new cryptocurrency to its community in an unprecedented way.
So far, holders of Nano and Doge have received BAN from Banano in goodwill through airdrops. It is reported that more than 100 major community contributors in Banano are responsible for all aspects of the project. Having stood the test of the bear market, the Banano team has continued to iterate and has now developed a mobile wallet and NFTs. Can Banano replicate the success of Dogecoin? Let’s stay tuned.
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