The world of cryptocurrency has produced a wide array of confusion for many of those who don’t know the ins and outs of the market. With coins based on the premise of only being accepted for certain uses such as Potcoin and Jesuscoin, it is no wonder that a coin is coming out known as Bananacoin, that will be linked to the price of bananas. The coin is according to the company “a utility token based on Ethereum, pegged to the export price of 1 kilogram of bananas.”
Among the numerous firsts, it’s “the world’s first blockchain option” for participating in the production of organic Laotian bananas, and the creators boast that it’s capable of changing the banana industry the same way “Uber has revolutionized the taxi industry.” The coin is currently based off the premise of crowdfunding, where several banana farms have come together to offer up versions of digital tokens, which will equal in value, the export price of one kilogram of bananas. This project has been on the market for quite some time now, but investors have recently gotten in to snag up to 2.9 million tokens.
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The premise for the coin is quite laughable, but the fact that people are willing to invest in such a currency means that there is still a market for it. Given the fact that scientists have stated we will face a scarcity of bananas in the coming years, it makes sense that the coin would rise based on the common principles of supply and demand. The white paper from the company detailing how the coin works, states that the goal is to help the industry prepare for this type of occurrence in the market, by offering farmers a new way to gain revenue and a new inventive to continue growing the delicious fruit.