This project is the brainchild of a combination of experienced banana farmers from Laos, software developers, and legal experts who sought to implement blockchain technology to solve issues facing the banana industry.
Ultimately, Bananacoin intends to change the business and export mechanisms that are currently in place in the banana production sector. As a result, the new business model will surpass the conventional setup, primarily due to the decentralization of the expansion process.
How Does Bananacoin BCO Work?
Bananacoin BCO will work closely with other blockchain-based platforms, including Bitcoin, Ethereum, and WAVES. Later on, the project will launch tokens based on Ethereum, whose value will be dependent on the prevailing export price of 1kg of bananas.
Holders of Bananacoin token (BCO) will actively participate in the expansion of the project, after which they can continue holding on to the BCO or exchange them for goods or money. The value of BCO is promising, as it is expected to double its value a year and a half after its inauguration.
Once the projects achieves its goals, investors can opt for either monetary remuneration or Lady Finger bananas. Profitability is certain in this project, since the token’s value is backed by the price of bananas, whose demand is always high. This coupled up with the genetic superiority of Lady Finger banana species as well as implementation of advanced agricultural techniques guarantees a bumper harvest year in, year out. Consequently, the price of the bananas will be favorable throughout.
Project Development Strategy
Short term strategy
The first step will be the creation of the Bananacoin token. This will the principal symbol of investment, and a user can exchange it later for money or bananas
After its launch, the BCO token sale will go live in major global exchanges. The price of the token is reliant on the then price of 1Kg of bananas. When the crowdsale is successfully completed, the next step will the production of bananas. The process will culminate with the sale of bananas, with the proceeds going to token holders who opt for monetary compensation.
Long Term Strategy
In the long-term, Bananacoin will expand its farms to a maximum of 1,000 hectares. Also, the project will form ties with prominent multinational organizations through the disposal of assets.
Advantages of the Bananacoin BCO Project
- Since BCO tokens are integrated to tokenized wallets, they can be used in the stock markets and other systems in the future. This enhances convenience.
- BCO tokens are based on Ethereum, a reputable blockchain platform.
- Thanks to its simplicity, the Bananacoin platform is understandable to individuals who are green in blockchain and cryptography.
- The tokens are directly linked to the commodity (bananas), eliminating the need of intermediaries such as financial institutions.
- Over the years, the price of bananas has been on a steady increase. Hence, the BCO token is immune to inflation, unlike fiat currencies which are usually affected by the volatility of world’s economy.
- As is customary with blockchain-based platforms, all transactions involving BCO token will be transparent and accessible to all investors.