What Was Bananacoin (BCO)?
Bananacoin (BCO) was a Ethereum token offered available to be purchased through a initial coin offering (ICO) in 2017. The project was driven by a team of Russian entrepreneurs who wanted to raise funds to extend a harmless to the ecosystem manor in Vientiane territory, Laos. The designers set out to utilize the capacities of a blockchain to raise funds for their project and as a tool for giving transparent payments to its investors later on.
The coin was accessible in an initial coin offering from Nov. 29, 2017, to Feb. 28, 2018. In the ICO, the price of each Bananacoin was set at $0.50. A pre-sale period offered the first million tokens available to be purchased at a half discount. The design was for the coin to be pegged to the export price of bananas to China from Laos, which was expected by the team to rise and create returns for coin holders when they reclaimed or traded them.
At the point when the project was completed, the coin designers intended to permit coin holders to exchange the token for an equivalent amount of bananas or funds.
Figuring out Bananacoin (BCO)
The project's benefactors accepted they could tap into the developing Chinese demand for bananas. At that point, they highlighted calculates that indicated that Laotian banana exports were shifting from Thailand to China. They contended that China needed suitable arable land for banana development. Bananacoin would exploit rising Chinese demand by developing Lady Finger bananas, which were said to command higher prices than other banana assortments.
To this end, the Bananacoin project intended to extend development from 100 hectares to 360 hectares and at last to 1,000 hectares. It accepted product sales would develop by 360%, which project benefactors claimed would double the value of Bananacoin in 18 months or less.
Interestingly, in the project's often sought clarification on pressing issues (FAQs), it claimed to rent the land from neighborhood farmers and pay them to work it. Similar rundown of FAQs state that the project individuals are the owners of a "...real banana plantation..."
Bananacoin Project Goals
The Bananacoin project intended to sell 14 million tokens and raise more than $7 million, albeit just 6.8 million tokens were eventually issued. It likewise was endeavoring to grow its banana production to increase incomes over a period of 18 months. The project ended on Feb. 28, 2018, in the wake of raising $4.7 million.
In light of accessible data, it is muddled how fruitful the Bananacoin project was, as it failed to meet its raising money objectives, and the coin is done being traded. Notwithstanding, the project is currently reclaiming tokens (for funds or bananas) to investors, however as indicated by the project website, simply 12% seem to have been recovered.
The engineers posted a video in December 2018 examining how tokens could be reclaimed through a prepaid card utilizing an ATM that they would convey to their supporters.
Criticicisms of the Project
Pundits of Bananacoin zeroed in on the token sale's general terms and conditions. For instance, investors couldn't make "...any claim of any nature at all against Bananacoin for any inability to carry out its obligations...as a consequence of causes past its control..." The document likewise stated that Bananacoin could end or suspend terms with an investor with practically no prior notice.
Different pundits noticed that while the project's white paper claimed that tokens could be exchanged for goods or equivalent monetary compensation, the supporters failed to expound how recoveries would be taken care of or make provisions for audits. It's likewise worth guiding out that numerous investors were not likely toward need large amounts of exceptionally transient bananas when they reclaimed their tokens.
The project might have been too hopeful about investor interest and cryptocurrency prices. Addtionally, the designers appeared to depend on advertising that their ranch was harmless to the ecosystem, however gave no evidence that it was.
- Bananacoin (BCO) was an Ethereum token sold to raise funds for a banana ranch project in Laos.
- The coin was considered to extend development capacity and work with exports of Lady Finger bananas to China.
- The project ended subsequent to raising $4.8 million, with unpublished project results and 12% of the tokens reclaimed.
Is Bananacoin a Cryptocurrency?
Bananacoin was a redeemable token issued with the intent to publicly support funds for a banana manor expansion. It was not intended to be cryptocurrency like Bitcoin or Ether.
What Is Bananacoin Worth?
The project Bananacoin (BCO), the principal token utilizing that name, ended in 2018 and has no trading history since late 2020.
How Do You Get Bananacoin?
You can never again get Bananacoin (BCO) from the Bananacoin project that raised funds for the banana manor. The project has finished up.