Banano
Crypto Overview
Overview and Intended Utility
Banano is a fork of Nano (formerly RaiBlocks) cryptocurrency, launched in April 2018. It aims to be a fast, fee-less, and environmentally friendly digital currency with a focus on education and community engagement. The project emphasizes accessibility and user-friendliness, particularly in introducing newcomers to cryptocurrency concepts.
Technical Implementation
Like Nano, Banano uses a Directed Acyclic Graph (DAG) architecture called 'block-lattice' where each account has its own blockchain. This enables instant, fee-less transactions and high scalability. The distribution method primarily relies on 'folding@home' contributions (scientific research) and various community engagement activities.
Actual Usage and Adoption
Banano has developed several practical applications including Kalium (mobile wallet), various faucets, and integration with platforms for scientific contributions. The cryptocurrency is actively used for tipping on social media platforms, particularly Reddit and Discord. The project maintains consistent development activity with regular GitHub updates.
Token Distribution and Founder Involvement
The distribution model is unique as there was no ICO or pre-mining. Instead, tokens are distributed through: folding@home participation (supporting medical research), community games, and faucets. The development team (known as 'The Banano Republic') maintains transparency in their holdings and distribution plans.
Revenue Model and Operations
The project operates on a non-profit basis, with no formal revenue model beyond voluntary donations to support development. The focus remains on community building and education rather than commercial operations. There are no lending or interest-bearing components in the core protocol.
Crypto Impact
To assign a comfort level investing in Banano from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Banano.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.