ICO is coming: Bananacoin — are they serious?

11/28/2017

Overview by the team kript.io
Among zillions of existing ICO projects, there are quite a few that stand out in a crowd with their bizarre ideas. We decided to take a look at some of them. Bananacoin — invest in banana plantations.
What is Bananacoin: a project for the organic bananas production in Laos.
Project: as developers say, they aim to grow organic and healthy bananas "Lady Fingers" on their truly ecological plantations in Laos and export them to China.

The target audience and market is China. Project's whitepaper says that demand for banana exports in China has increased drastically from 2011 till 2015, and they claim that it will keep on growing even more in future.

Their main competitors are Cambodia, Vietnam, and Myanmar. At the moment their plantations cover 100 hectares in Laos, and developers plan to expand the land in 3.6 times.

The principal goal of the project is to moderate the production of bananas on the global scale (developers even compared themselves to Uber in their whitepaper: how Uber revolutionary changed the taxi industry).

Website: bananacoin.io

Analog: Simply Natural Farm Invest, Farmfolio.

How they differ from the competitors: developers state that their location for plantations has the most comfortable conditions for banana growth. And bananacoin is the first project of this kind that wants to produce bananas on a blockchain.

How they want to make money: they will use raised funds on buying new land for banana cultivation, the preparation will take 18 months. They will harvest and sell bananas then. After that, they will introduce tokens into the crypto commodity turnover. The team will also begin tokens' buyback from investors with guaranteed double profit in 18 months.

Market size: according to the Food and Agriculture Organization of the United Nations, in 2014 the amount of territory for banana plantations in Luang Namtha province increased to 22 920 hectares. In 2016 the exported tons of bananas increased in 2 times. (they don't mention concrete numbers in the whitepaper though).

What their token gives you: an internal currency for exchanging for bananas and cash.

Token price: pre-sale — 1 BCO = $0,25, ICO — 1 BCO = $0,5.

What will happen to tokens: after the redemption tokens will be publicly burned.

Tokens will be issued on the Ethereum platform, and their emission will depend on the export price of bananas. The tokens will be globally traded on the market giving people the opportunity to raise their investments and become real participants in the commodity market.

But are we constantly asking ourselves — why do they need cryptocurrencies and the blockchain? They say they need them only to raise funds and pay profits to the investors in future and after the harvest bananacoins can be exchanged for cash. But why such a complicated system?
Technical part: tokens will be created on the Ethereum platform (ERC223). They promise to develop a strong cryptocurrency and make Bananacoin the notable cryptocurrency like BTC or ETH. But what about the technical part where the token is bound to the banana's price on the international market? Alright, growing organic bananas is an excellent idea, especially in the modern world of chemicals and pesticides, but will banana become the second gold? Well, unlikely.

How much they want to raise on ICO:
soft cap — $ 2 035 000, hard cap — $7 326 000.

Where the money will go: expansion of the land.

Crew: the developers already have an existing banana plantation in Laos. There are 8 people in the crew and one advisor. As they say on their website — they are "a solidary group of like-minded people." Most of the crew members have a vast experience in the agricultural industry. They also have a marketing specialist and an interpreter.

Surely it's important to have professionals in the banana industry, but what about a comprehensive understanding of a crypto world? Do they have a reliable blockchain specialist? Ok, they have one database specialist and mathematician, Eugene Khashin. But is it enough for launching the ICO and implementing such global plans that the team has set for themselves? Besides, if you thoroughly check members' profiles, their social presence, Crunchbase, etc., then the project seems to be lacking in credibility. Well, at least for us.

Free tokens: free 10 BCO for registration on the official website.

Bananas for tokens: if you want to exchange tokens for bananas, then you will need to do a self-delivery from Laos. The team will transfer bananas to you by themselves only if you are in China or near Laos.

Project Status:
they are supposed to start the 3rd stage in November until March 2018 called Land Ready — all documents for the land will be signed and the area will be ready for planting.

Communication: twitter, telegram, facebook, wechat, instagram, bitcointalk, youtube.

Date of ICO:
29 November, 2017 — 30 December, 2017.
Information on the landing page: ★★☆☆☆
Disadvantages: developers use blockchain only for crowdfunding. Why won't they use traditional methods? They answered to us in the chat just saying that it is a better way for them now. Plus, can we really trust the project that doesn't have a strong advisory board and a blockchain specialist? You decide.
How clear is the project: ★★☆☆☆

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