Cryptocurrencies are becoming the newfound love for companies all over the world, and the thing of intense hatred for many governments in precisely the exact same time. Each and every day, fresh cryptocurrencies pop up at the wild, but this new one is simply bananas! I mean that both literally and proverbially.
A group of Software engineers and Lawyers have reportedly teamed up with banana farmers from Laos to create ‘Bananacoin’. Yes, they named it that.
If it isn’t obvious, Bananacoin’s prices are determined by the costs of, well, bananas. The official explanation for the Bananacoin states “a utility token according to Ethereum, pegged to the export price of 1 kilogram of bananas.” The creators also mention that this can be the first blockchain alternative in the world for participating in the cultivation of organic Laotian bananas; and to top it all off, they promised that Bananacoins will do for bananas exactly what Uber did to the cab industry. Whether they mean surge pricing is not clear at this stage but it’s safe to say Bananacoins are aimed at people who wish to incentivize the production of bananas on the planet.
Developmental Risks and Hurdles
The job heads have examined the dangers involved and have made a risk assessment report to handle such hurdles. This has been explained briefly below.
The Risk of the Panama Disease: The Panama disease is a fungal pathogen that has an effect on the soil and renders it inferior. Banana.io intends to develop a completely organic farm, isolated from different plantations and farms. This will help prevent the spread of this disease, with regular tests being conducted to find out the presence of the Pathogen from the soil. All of the lands that are suggested for plantation development are “virgin lands” so they have not been utilized for agriculture earlier. Bananacoin.io also refrains from using pesticides and compounds in their production procedure.
The local competition: The project is estimated to be profitable due to the use of TGE technology, a relatively new method of manufacturing in the region. Using an organic farm program also gives banana.io an edge over its rivals.
Geographical limitations: The wind presents actual hazards to cultivation in Laos, which is bordered by the seas. Plantations are at a risk of harm because of a typhoon hazard if they are closer to the coastline. Banana.io looks to remedy it by employing the Vientiane province of Laos, which is sheltered by the sway of typhoons and strong gusts of coastal winds.