What do you get when you combine the varied talents of software developers, lawyers, and fruit farmers in Laos? Bananacoin, that's what.
As Bitcoin, and cryptocurrency in general, continue to come under scrutiny, a new player in the digital currency arena has emerged, putting its own spin on the trend. According to their website, Bananacoin is "a utility token based on Ethereum, pegged to the export price of 1 kg of bananas."
... to grow organic and healthy variety of bananas known as "Lady Finger" in our plantations in Laos and to export them to China where demand is greater than supply.
Touted as "the world’s first blockchain option for participating in the production of organic bananas in Vientiane province, Laos," Bananacoin has been known by cryptocurrency miners for awhile now — long enough to sell nearly 4 million of the total 14 million tokens — but has just recently received widespread notice by the public at large, thanks in part to this Tweet by tech industry, start-up founder Zack Bloom:
Twitter had plenty to say about it. From somewhat supportive:
this investments looking ripe 🍌 who else has put skin in this?— James Keeling (@JamesKeeling111) January 23, 2018
To outright skeptical:
This is a commodities derivative investment contract rebranded as a token. Hope they enjoy hearing from both the CFTC and SEC.— A Foot With A Pointlessly Long Name For No Reason (@lexnyc1) January 20, 2018
Yeah I’d buy a bunch of organic bananas before I’d buy a Bananacoin— Pete Wells (@pete_wells) January 21, 2018
To total mockery:
I think it's time to invent Justinacoin, which is an Ethereum-based currency for investing in me. Its value is linked to whatever number I was thinking of on a Tuesday. It can only be cashed out in fractions of a speedboat, so, until I have enough for one speedboat, that's it.— Justina Robson (@JustinaRobson) January 20, 2018
Apparently, Bananacoin wasn't the first to introduce a banana coin, as some commenters pointed out:
Tbh Donkey Kong did Bananacoin first so they're not that special— Jabari McDonald (@Jabartender) January 23, 2018
Also, is this the official currency of Donkey Kong Country?— Aaron Daubman (@daubman) January 21, 2018
But Dana Al-Radhwan said what many people were thinking:
Only time will tell if Bananacoin will be a success. But it already has a-peel!