🎊 Crypto | Forum VN is Hosting an AMA with Banano.
🕖 AMA Timing : 20 February 2021 1.00 PM UTC | 8.00 PM (GMT+7)
🏢 Vanue : https://t.me/cryptovnforum
➡️Segment 1: Project Introduction
Could you briefly introduce about yourselves as well as your project?
Kirby: My name is Kirby and I’m a Community Manager for Banano. I joined the project early after its inception in April, 2018. It was such an engaging community and an idea I could get behind, fast, feeless internet cash so I stuck around. My main contributions for Banano is writing blockchain forensics scripts. I even wrote by university Honour’s project on it!
Oops: My name is Oops and one of the other Community Manager’s with Banano. I help new people get started with cryptocurrency and learn. Banano has been an amazing way for me to do that. I’ve managed to have everyone from parents to elementary school children start using crypto thanks to Banano and Ban Fam is a key part of my life.
Kirby: BANANO is a cryptocurrency (forked from NANO in April 2018) powered by DAG technology — here to disrupt the meme economy. Yes, BANANO has memes! It has feeless and near-instant transactions, a highly active community, and active technical development! The BANANO community doesn’t take themselves too seriously, but we’re here for the long run and we enjoy what we do. On top of this, BANANO is super easy to use and puts an emphasis on free and fair distribution, gamification and crypto education.
What makes the Banano stand out more than the projects in the same direction at the moment?
Oops: Banano stands out from the rest from the rest of the competition because of its free distribution, easy-to-use apps, and educational tools. We also use a “Proof of Play” idea with our distribution to ensure the people who are earning rewards are earning them farily and having fun doing so. From MonKey identicons, to memes, to emoji bingo, to helping medical research as mining… Banano really has it all, and the technology working so well behind the scenes is what makes it all possible! Banano is how new people should be introduced to cryptocurrency.
Who are some business partner/clients for Banano?
Kirby: Banano is actively collaborating with many in the cryptocurrency community. We have built a connection with The Nano Centre with the promotion of Banano and Nano through our resident Twitch streamer, Triggerhaven. Banano has also partnered with ViteX, a DAG based cryptocurrency exchange to promote the power of DAG technology compared to traditional cryptocurrencies. Members of the Banano community have also created CryptoMonkey NTFs on the WAX blockchain to create a bridge between Banano and blockchain based art. And finally, the Banano community has regularly supported those in need in Venezuela by collecting donations to feed the elderly and children in poverty. Banano believes in building bridges and is looking forward to working with many more projects in the future.
What are the memorable milestones of Banano in the research and development process?
Oops: There have been all kinds of memorable moments throughout the development of Banano. Throughout the development of Banano there have been lots of occasions where we have learned something, and shared it with the Nano community. Or the opposite where they have learned something and shared it with us. A great example of this is when the Banano Core Developers bbedward and yekta developed the Kalium mobile wallet. It was such a success they went on to create and gift a Natrium nano wallet to their community which is now a fan favourite. We have also learned about privacy through working on a “camo banano” and “camo nano”. Now we are learning about wrapping and atomic swaps with Banano. The possibilities really seem endless when the base layer is instant and feeless!
One of my favourite milestones is our distribution. When we reached 1 billion banano in circulation for the first time through free gamified distribution, that was a very exciting time. We take pride in the community based development that is happening, and the nice thing about being community based is that all developments are a big deal, because they are all acts of generosity to others!
What does Banano plan to do to attract more users in the upcoming time?
Kirby: Banano has done a great job so far attracting users from all walks of life by distributing in free and fun ways such as games. While there have been some hurdles along the way with people trying to abuse this, game development that hasn’t stopped us from investing many hours into new and better games to be released soon. Along with games we are active across many social media platforms including, but not limited to Facebook, Instagram, Telegram, Publish0x, Medium and Blockfolio and we regularly distribute to our readers on those platforms and we see continuous growth in these areas. As well as growing through those mediums we also use more traditional mediums like airdrops and in the past we have run multiple for Nano holders, one for fellow memecoin Doge, and once again we are running another airdrop for Nano holders this time to educate and incentivise decentralisation. You can read more about that airdrop here: https://www.publish0x.com/banano/new-banano-airdrop-to-all-nano-holders-with-non-custodial-na-xlywkey?a=QJ0dNjvdLO
➡️Segment 2: Question From Twitter
Q1. From @auvantam1
The team is currently using auctioning of CryptomonKeys exclusively for donating. Have you considered expanding on that? Maybe one sale a month where proceeds go towards getting #Banano listed on bigger exchanges or marketing?
Oops: The Banano team has a development/distribution fund which can be used instead for exchange listings. It should not be up to a community to pay to have it listed. That being said, the listing fee for an exchange like Binance is more than a 10th of the entire Banano market cap. In order to be listed on larger exchanges like this the price of Banano needs to rise considerably for a fee like that to be achievable because no amount of crowdfunding would be able to achieve it. Tier 1 exchange listing fees are incredibly high for something like grassroots crowdfunding but I will admit I was really interested and excited with this question and have opened up discussion about it more. I think this idea has a lot more to unpack! To the person that wrote this question, cool idea!! This was something at least personally I myself had not thought of.
Q2. From @Shayla407
Do you have a strategy to reach big offline commerce industries? Considering that even with the exponential growth of e-commerce most of the transactions worldwide involve those industries. Are you already partnering with one?
Kirby: Banano currently has no partnerships with offline commerce at this time. A few community members in Indonesia do accept Banano in their coffee shop so it shows that if small guys can adopt us, so could big organisations however any kind of partnership is not yet in the pipeline. With the gap between online and offline commerce closing and many companies moving to a hybrid approach, Banano is supported by CryptocurrencyCheckout for easy adoption into your website with Shopify, WooCommerce and WordPress plugins available https://cryptocurrencycheckout.com/
Q3. From @nome01503576
As you said that Banano cryptocurrency doesn’t require Mining ! So, Can you share that whats the Consensus Algorithms of Banano cryptocurrency? How transactions are confirmed without Mining?
Oops: Banano uses what is called Open Representative Voting. Users who run a node may choose to run a representative on the network. Users who do not want to run a node can then delegate their balance as voting weight to a representative and all online nodes with representatives and a vote weighting of at least 0.1% of the total online supply will reach a consensus as to whether a block is valid.
To describe it in a very basic sense. Some people who run Nodes have representatives. Other people then select a representative to speak to the blockchain on their behalf, and this is how consensus is reached.
Q4. From @ShaneNane707
Banano is a tasting, instant, potassium-rich cryptocurrency powered by DAG technology that disrupts the meme economy. What does DAG technology mean?
Kirby: DAG stands for Directed Acyclic Graph. What this means is there is not a single chain like traditional coins such as Bitcoin and Ethereum but there are many and in fact each account is its own blockchain. The benefit of this is that if I send a transaction to another account and my send block is verified I can then send another transaction without waiting for a receive block to be processed on the other end. Blocks can be considerably smaller meaning there is less likely to be a build up of blocks leading to long confirmation times like on traditional single chain cryptocurrencies.
Q5. From @Rayhan230
What’s the difference when I put my computing power into Banano Miner and BoomPoW? Can my computer be on both services at the same time to get rewards?
Kirby: Banano Miner isn’t actually mining and is folding proteins to aid with the Folding@Home effort to help develop medical cures and vaccines. This requires more complex algorithms compared to traditional mining where it is just bruteforcing one algorithm and may require more power if you’re used to traditional mining however the tradeoff is you are actually contributing to scientific research.
BoomPoW is more like traditional mining. While Banano does not have mining, in order to prevent spam on the network each transaction requires a tiny amount of Proof of Work. This Proof of Work has negligible impact for most users regardless of whether they are on a PC or a low powered device like a mobile phone however this may become a problem for a service when they are required to process many transactions and delays could impact their service. A service could set up their own work server to move proof of work processing to a more powerful system however BoomPoW was set up so that the community could assist services if they wanted to.
The workload required for BoomPoW is relatively low and so yes, you can run both BoomPoW and BananoMiner at the same time with minor performance impact to either.
➡️Segment 3: Free asking
Q1. From 🔥Samran💎 Khan💰 ( @Samrankhan7 )
I’ am an EXPERIENCED DEVELOPER AND ETHICAL HACKER, do you have plans for HACKATHON so as to check the security of your ecosytem periodically and also invite developers to build?
Kirby: Banano is planning a hackathon in the future. Encouraging more development is definitely on our list of things to do. Please monitor our social media for future updates on this
Q2. From Lamia ( @Lamia991 )
Where do I get information about your team? Why do you prefer to be anonymous? Do you have a plan to identify your team later?
Oops: Not all of the team is anonymous, although we don’t post our faces on billboards for people to see. Kirby and I for example are open to the public and we are not anonymous. Privacy is up to the individual and is not up to the community to decide for somebody and it is up to them what they feel comfortable disclosing. For a project founder it is actually quite dangerous to not be anonymous so I completely understand why others have done so. It is a great we have taken on for the sake of transparency that occasionally I regret but I feel it is for the greater good long term.
Q3. From Not Me ( @Notme268 )
The game compares monkeys and finds unique ones to get BANANO, why black monkey and how can black monkey get BANANO?
Oops: Black Monkey was an incredible Captcha faucet game where users could earn Banano with “proof of play”. This was an example (there are also others) of fun free ways that users could earn Banano in the past. Currently black monkey is not running as the person who was generously running it for everyone had complications after the shutdown from the pandemic. There are hopes it may return but nothing can be promised at this time. We do have other exciting games under development though. I am most excited for our Banano Runner game
Q4. From Tratly Roy ( @Tratlyroy10 )
How do you plan to spread awareness about your project in different countries where English is not spoken well? Do you have local communities for them to let them better understand about your project?How do you plan to spread awareness about your project in different countries where English is not spoken well? Do you have local communities for them to let them better understand about your project?How do you plan to spread awareness about your project in different countries where English is not spoken well? Do you have local communities for them to let them better understand about your project?
Kirby: Banano has been absolutely incredible in its ability to attract users from across the globe. As previously mentioned, we have done charitable projects in Venezuela. We have Telegram groups and Discord channels dedicated to many languages with translations of all announcements done for many languages meaning no-one misses out on our exciting announcements
Q5. From Tinh 2k1 ( @Tinhs2k19 )
What is the Secret of Banano mass success? Because It’s price is rising dramatically day by day, please share the reason because i want to invest on Banano?
Oops: Banano’s success lies in the hands of Ban Fam. Our amazing community is the reason for everything we have achieved and it is because of their team work and compassion that we have got this far. We are growing day by day because the amount of people that want to participate in the fun and open community we have created is growing day by day. We are vastly more than a cryptocurrency. We are a social movement as well. Join our Discord server https://chat.banano.cc and see for yourself. We have an incredibly active and real community where thousands of people congregate to have fun and make friends.
Thank you for the support and enthusiastic participation of the community!