What is Bananacoin?

Deal with one of the most unusual ICO.

What will be your reaction if you are offered to buy Bananacoin? Perhaps you will smile or laugh, but only if you have not heard anything about this project before.

Not every ICO manages to attract as much media attention as this project – which is only worth the publication in English-language publications with millions of audiences, such as Mashable or Huffpost. And let these publications go under the headlines “the craziest (strange, crazy, in General, here you can substitute any adjective to your taste) ICO projects”, after reading you realize that the Bananacoin project looks not only the most realistic and thorough against the backdrop of the strangest ICO, but also against the backdrop of all the other 90% ICO-projects. In any case, the essence of the project can understand even a schoolboy, even Junior classes, and maybe even a child from the senior group of kindergarten. However, about everything on-order.

Project
As you can guess from the name of the project, the creators do not aim to make a revolution in the world of financial technology or logistics. They do not plan to make a revolution at all. They grow bananas and want to continue to do so, but on 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 to generate tokens)

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 implementation of TGE, the company receives a certain amount of cryptocurrency, which can later be transferred to Fiat money or left in its original form, and used for its development, and the investor on his e-wallet is credited with tokens for a certain amount.

The Banacoin project is based in Laos. This plantation, which specializiruetsya on the cultivation of banana varieties Lady’s Fingers. And judging by whitepaper does it successfully, by the way in this document, in addition to the usual market analysis and other things, even tells about the features of growing this particular variety of bananas. Then the products are exported to China (main market).

With the help of TGE, the company hopes to raise $ 7,326,000. By the way, at the moment the company has managed to sell more than 5 million tokens. Depending on the funds raised, the company plans to increase its production area by several times. If the company manages to attract the planned 7,326,000, it will allow it to increase the production area by 3.6 times.

Among other features of the project it is worth noting its environmental orientation. On plantations of the company use fertilizers on the basis of a dung of bats and birds. Judging by whitepaper, this is one of the advantages of the company over its competitors and perhaps that is why the project managed to get partners in the Ministry of agriculture of Laos.

The project team claims that the price of the token is tied to the price of 1 kilogram of bananas. 18 months after the end of TGE the team undertakes to exchange all tokens for manufactured products or buy them from you at a market price, if, of course, you want to sell them.

It’s kind of a pilot project to attract financing in agriculture by using blockchain technology. If it proves successful, the authors of the project intend to develop it and turn it into a kind of platform for raising funds for the agricultural industry. But this is a completely different story.

the price of the token is tied to the price of 1 kilogram of bananas

Team
The team is based on Russians, and they are not people from the world of Finance or blockchain technologies. Here is the information that is available on the project website.

Oleg Dobrovolsky is a co-founder of the project and its technical Director. Oleg loves land and agricultural business, he directs absolutely all processes related to production and logistics. Oleg found exporters for the company and established sales channels, having achieved the most favorable conditions.

Alexander Bychkov is a co-founder and main 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 years). He has been working 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, Prasan received specialized education in the best University of Bangkok and successfully applies their knowledge in practice.

ICO
Tokens are based on the Ethereum blockchain (ERC20). At the moment, the company holds an ICO, just a few days before its end, the current price is $ 0.7 per token.

The project team claims that after the issuance of tokens, they will be available on major exchanges, but neither what kind of exchanges, nor what exactly they are going to do to get there bananacoin unclear (neither on the site nor in whitepaper, we did not find it). Although taking into account the current marketing success of the project, listing at least on Binance is quite realistic.

Summary
The advantages of the project include a really working business and a simple idea; detailed business plan, and the vaytpeyper of the project is more like a business plan; the current success of the project: successfully closed the pre-sale stage of ICO, currently 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, so in the cryptocurrency and blockchain sphere, where every second project seeks to make a “revolution”, they may have to be difficult. Although maybe the team will be able to “play” on this, as everyone is already beginning to get tired of all these innovative projects, 46% of which are failed.