It is evident not all cryptocurrencies can or should be taken seriously. In the case of Banano, while there are a lot of interesting aspects to it, it seems highly doubtful this particular currency will ever gain any real traction. Even so, now is a good time to look at what this project is all about, assuming the team is serious about this coin.
Banano is a Feeless Cryptocurrency
Although the “meme economy’ is considered to be a joke industry first and foremost, there is a legitimate value to it. As such, Banano Coin aims to become the new cryptocurrency for the meme economy, although it remains to be seen how well this particular venture will play out when everything is said and done.
What makes Banano so appealing is that it has no transaction fees. That is not entirely uncommon in the world of cryptocurrency, although it is a somewhat questionable business model. A currency without transaction fees is usually destined to fail in the long run, though Banano may prove to be an interesting experiment in this regard.
The project positions itself as a “cryptocurrency 4.0” venture which aims to be both fungible and edible. It is this latter aspect which makes it seem completely fake, although we have seen weirder things succeed in the cryptocurrency industry. The “ripe for memes” aspect of Banano is quite funny for a few seconds, but as a long-term business model, it may not necessarily succeed.
Obtaining Banano can be done in many different ways. The most popular option is to generate a wallet through the project’s Discord platform, which allows everyone to participate in daily airdrops. There are also rains taking place on a regular basis, which is something we have seen with other altcoins as well.
While the Banano project is most likely a joke, one cannot deny the possibility of a meme-oriented cryptocurrency succeeding. Dogecoin started out in a similar manner and eventually succeeded, even though no one took it seriously until a few years ago. Whether or not Banano will succeed in a similar fashion remains to be seen. The meme industry can certainly benefit from having its own currency.
It is also quite interesting to note that Banano is issued as an airdrop to Nano holders. This seems to indicate that this new currency is based on Nano, which has become a rather successful cryptocurrency in its own right. Hard forks of existing currencies have become a lot more common as of late, and it seems they can affect any cryptocurrency on the market. Whether or not we will see more coins based on Nano in the future remains to be seen, though.