Review on LanaCoin by Benaiah A. Akinlade
LanaCoin: A gift for Lana, but is it a gift for investors?
LanaCoin is a personalised crypto that was created as a gift to a girl named Lana. Users are able to generate LANA can be generated through mining. It is a combination(hybrid) of POS (Proof of Stake) and POW (proof of work) open blockchain. It uses Sha256d hashing algorithm. It is ranked the 1646 largest cryptocurrency by its market cap of USD 110,117.61 as at 3rd September, 2020.
LanaCoin is trading at 1 LANA to USD 0.00005967. There are currently more than 1.85 billion LanaCoin coins circulating out of a max supply of over 7.5 billion
How you can trade LanaCoin on Crypto Exchanges
LanaCoin currently trades on 3 markets.
1. Tokens. net
2. FreiExchange, and
3. YoBit.
POW miners get rewards of newly created LANA for the task of securing the blockchain. Meanwhile, the Lana community are rewarded for competing for stake blocks and staking their LANA.
There is a reward of 1000 LANAs and a 7% annual stake reward for those who find and those who stake proof of stake blocks
There is still a lot of work to do on LanaCoin such as:
1. Development of mobile wallets for iOS and Android devices
2. Redesigning of the website, and
3. Integration with more crypto exchanges and wallets. Just to mention a few
.
There is no budget for LanaCoin to finance serious developments and integrations at the moment.
The coin is fully open source
and it is a decentralised blockchain
. This means that users have full ownership of their assets
.
There is no CEO or management board associated with LanaCoin and there is no company in charge.
My opinion is that there is no accountability in investing in LanaCoin. There is nobody to hold responsible in cases where users have problems with holding the asset. I advise investors to tread carefully with LANA.
It has not gained enough popularity and trust to trade on popular exchanges.
I will be observing this asset at a distance
Pros
- It is a goodwill coin as a birthday present
- It is open source
- Encouraging reward system for finders and stakers
- You have full ownership of your LANA assets
Cons
- It is another case of mixing business with pleasure
- It trades on few (just 3) unpopular exchanges
- There is no mobile application to access wallet
- The website is not well detailed
- There is nobody to hold accountable in case of problems with holding LANA assets
- There is no CEO and management board
- There is no company in charge
- There is no budget to finance developments
- Trading value against the USD is low
