Review on LanaCoin by gregori cordova
another project created in the form of fun that has not yet shown to have any important progress
Today, anyone can create their own personalized cryptocurrency, due to the great advances that have been made in the different blockchains that we know. After the success of the dogecoin cryptocurrency, launched on the market as a kind of joke, many projects have wanted to imitate it, but the vast majority have failed in the attempt. One of the cryptocurrencies that has tried to achieve this is called Lanacoin, created in 2016, with its own blockchain to celebrate the tenth birthday of the daughter of the creator of the project. This project runs under a public and open source hybrid blockchain POS and POW using the sha256 hash algorithm. Lana is distributed fairly without first having gone through any pre-mining stage with a total supply of 7,506,000,000 coins which was established according to Lanas's birth date 7.5 .2016. the reward for Lana's POW miners are newly created tokens, whereas for POS miners the reward is 1000 tokens for each block wagered with an annual reward of 7%
But this project is still in its infancy, since according to official data from coinmarketcap, the daily trading volume is only approximately 77 dollars and available in only 3 exchanges, one of which is Yobit and that does not have a very good reputation in the market.
Also, if we look at their website, we can see that it is not a platform created by professionals in the area, and that it lacks many details to explain, specifically the name of its developers, since it only appears that it is registered in Slovenia. Their social networks do not have much support from the public and it is probably because people do not feel confident about investing in these types of projects that are born as a joke, due to the many projects of this type that in the past have scammed many users .
Pros
- Lanacoin has a good reward system for both POS and POW miners
- A kyc is not required to enter the platform
- It did not have any preminent process
- There were no ICOs when it was launched in 2016
- Being open source, anyone can audit this project.
Cons
- Their platform doesn't look like a professional one
- Because it is not known who the creator is, it is a project that generates a lot of distrust to invest
- Since its launch they have not had much progress
- their daily trading volume is almost nil
- their social networks do not have much support from the public
