banano logo on chalkboard

Fourth graders in a Canadian elementary school are using Banano ($BAN) to transact in the classroom.

Banano claims to be a “feeless, instant, rich in potassium cryptocurrency powered by DAG Technology.”

How does it work? 

Teachers give out BAN to incentivize good behavior in the classrooms such as staying focused and quiet in the classroom. They also work with the custodian, who awards BAN based on which groups are keeping their classroom areas clean. The students can redeem their BAN tokens when the teacher opens his “Banano Store” every Friday. The store offers food items like pizza and candy, and also offers privileges such as Chromebook time and extra recess. Students also have the option to contribute to the class pool, which can be drawn from to purchase things like movie days for the entire class.

An incentive program like this teaches valuable lessons in financial literacy, such as the concepts of earning, spending, and saving. Conflict resolution skills are also taught by the requirement of 100% consensus on purchases. Teachers estimate that they make about 15-20 transactions per day. A benefit of using BAN is that the transactions are instant and there are no fees, so everyone in the class knows what their group’s account values stand. Furthermore, due to the nature of digital currencies, the students do not have to worry about losing track of physical tokens.

What is Banano?

Banano is a fork of NANO that occurred on April 1, 2018. While the project started as a joke between a group of NANO contributors, the project has evolved into something far more sophisticated than originally intended. With a user-friendly mobile app, fast transaction times, and zero fees, Banano aims to provide a simple and fun ecosystem for people who are new to cryptocurrency.

Fun Facts about Banano

1) The Banano Miner, which is one of two ways to mine BAN, uses your computing power for protein folding simulations that help researchers fight genetic diseases and pays out Banano based on your computational contribution.

2) Every Banano wallet public key has an associated MonKey, this is a visual representation of your public key.

Image of MonKey

Source: Banano’s whitepaper

Current data via CoinGecko:

Price: $0.0007 USD
Market Cap: $680,000
24hr Trading Volume: $19,500
Exchanges BAN is listed on

Disclaimer

The information discussed by Altcoin Buzz is not financial advice. This is for educational and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided.

Do your own due diligence and rating before making any investments and consult your financial advisor. The researched information presented we believe to be correct and accurate however there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd. All rights reserved.

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