Tuesday, January 23, 2018

Come Mr. Crypto Man, tally me bananas

Here at The Daily Economist we have discussed and published articles in the past relating to commodities such as oil and gold being put on the blockchain, or into cryptocurrency form.  Now it appears we can begin adding food commodities to this list as a group seeking to create an industry for organic bananas is funding their venture through the introduction and sale of Bananacoins.

A new altcoin called Bananacoin is the “world’s first blockchain option for investing in production of organic bananas.” Yup, it’s a banana-based cryptocurrency. Investing in Laotian banana production has never been so on-trend! 
Bananacoin isn’t as bananas as it sounds. Buying a coin can be seen an investment in an organic banana plantation in the Vientiane province in Laos. To assure that these “coins” have value, each one is said to be backed by the market value of one kilogram of bananas, so “participants can be certain of the success of the project, as the demand for bananas is constant,” according to a proposal published by the Bananacoin team.  
In fact, investors are promised they can even swap their tokens for a literal kilogram of bananas if they want. So, in theory, this is a cryptocurrency tied to an actual product, and worst case scenario, you might be able to have crates of bananas shipped to you from half way around the globe to put in your cereal in the morning. - Extra Crispy
Daylight come and I wanna my crypto to go up. 


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