Deal with one of the most unusual ICO.
What will be your reaction if you offer to buy Bananacoin? Perhaps you will smile or laugh, but only if you haven’t heard about this project.
Not each ICO has been able to attract as much media attention as this project – which are just published in English-language publications with vast audiences, such as Mashable or Huffpost. And let these posts go under “crazy (strange, crazy, in General, then you can substitute any adjective of your own choice) ICO projects”, after reading I understand that the project Bananacoin not only looks the most realistic and thorough on the background of the strangest ICO, but also against all others 90% of the ICO projects. In any case, the essence of the project can understand even a schoolboy even younger classes, and maybe even a child from the older group of the kindergarten. However, everything in order.
The project
As you might guess from the title of the project, the creators don’t aim to make a revolution in the world of financial technology or in logistics. They do not expect to make a revolution. They grow Bananas and we want to continue to do it, but in a different scale. To do this, they collect money. Therefore, the project is formally called ICO, and TGE (Initial Coin Offering – initial offer coins, Token Generation event – the event for the token generation)
A feature of TGE is that a company that needs funding, using Blockchain technology, produces Tokens (often their name coincides with the name of the company), independently evaluates the token in monetary terms, conducts the sale of tokens on certain conditions for the cryptocurrency, and then, after the TGE, places the tokens on the cryptocurrency exchanges. After the successful holding of TGE, the company receives a certain amount of cryptocurrencies which further may convert into Fiat money or write in its original form, and used for its development and investor’s e-wallet will be credited the tokens for a certain amount.
Banacoin the project is based in Laos. This plantation, which specializiruetsya on the cultivation of banana varieties Lady’s Fingers. And judging by the whitepaper makes it successfully to the word in the document, in addition to the usual analysis of the market and others, told even about the specifics of growing this varieties of bananas. Further, the products are exported to China (main market).
Through TGI, the company hopes to attract 7,326,000$. By the way, at the moment, the company has managed to sell over 5 million tokens. Depending on raised funds, the company plans to increase the production area several times. If the company will be able to attract planned 7,326,000, it will allow it to increase production area 3.6 times.
Among other features of the project worth noting is the environmental focus. Plantations companies use fertilizer based on bat droppings and birds. According to the whitepaper, it is one of the advantages of the company over competitors, and perhaps that is why the project managed to get in partners, the Ministry of agriculture of Laos.
The project team argues that the price of the token is tied to the price of 1 kilogram of bananas. 18 months after the end of TGE command is obliged to exchange all tokens for manufactured products or to buy them from you at market price, of course, if you want to sell them.
It’s kind of a pilot project to attract financing in agriculture by using blockchain technology. If he is successful, then the authors of the project intend to develop it and turn it into a kind of platform to raise funds for the agricultural industry. But that’s another story.
Team
The core of the team is Russian, and these people are not from the world of Finance or the blockchain technology. Here is the information that is available on the project website.
Oleg Dobrovolskiy is the co-founder of the project and its technical Manager. Oleg loves the land and agrarian business, it manages all the processes related to production and logistics. Oleg is found for the company and exporters have established distribution channels, achieving the best possible conditions.
Alexander Bychkov is a co – founder and chief enthusiast of the project. Part-time dad of 4 children and a lover of active sports. Previously, Alexander had a business selling sports equipment (14). In the agricultural business for three years.
Prasan Sengstaken – senior agronomist of the project. Bananas have Prasanna in the blood. He grew up on a similar, but slightly less developed banana plantation in Thailand. Knowing all about how to grow bananas and trying to do it right, Prasun received specialized education in the best University of Bangkok and successfully apply their knowledge in practice.
ICO
Tokens are based on the Ethereum blockchain (ERC20). At the moment the company conducts ICO, left a few days prior to its expiry, the current price is 0.7 USD per token.
The project team says that after release of the token they will be available on major exchanges, but do it for exchange, nor that they are going to do in order to get bananacoin unclear (neither on the website nor in wallpapere we do not found). Although given takushi marketing success of the project, listing at least Binance quite realistic.
Insights
The advantages of the project include a real working business and a simple idea; detailed business plan, and Wallpaper project more like a business plan; the ongoing success of the project: successfully completed pre-ICO stage, at the moment, has already sold more than 5 million tokens; strong marketing; political support in the face of the Ministry of agriculture of Laos.
As for cons, it can be attributed to the fact that the project team actually know very little except what they tell us about ourselves. The project is not technological in essence, therefore, in cryptocurrency and blockchain sphere, where every second project aims to make a “revolution”, they might have difficult. While it may be the team will be able to “play”, as everything is already starting to get tired of all these innovative projects, 46% of which are disastrous.
Links
The website https://bananacoin.io/
Telegram – https://t.me/bananacoineng
Twitter https://twitter.com/Bananacoin_Eng
Facebook – https://www.facebook.com/bananacoinENG/
The post Bananas and the blockchain or what Bananacoin? appeared first on FineCrypto.
