Today, we’ll be introducing LanaCoin and finding out where and how to get LanaCoin. In this guide, you will learn what LanaCoin is, what LanaCoin was created for, what it is used for today, and if you should think of LanaCoin as a good investment. After that, the next section will look at options to buy LanaCoin. This part will cover: where to buyLanaCoin, how to buy LanaCoin, how to buy LanaCoin with USD, how to buy LanaCoin with other currencies and how to stake or mine LanaCoin.
- A brief history of LanaCoin.
- What LanaCoin can be used for.
- If LanaCoin is a good or a bad investment.
- How to buy LanaCoin.
- Where to buy LanaCoin.
- How to stake or mine LanaCoin
What is LanaCoin:
- – LanaCoin is an Open source coin: The code is freely available for any programmer to change themselves
- – LanaCoin is Decentralized: Its blockchain, or database, exists on many computers around the world
- – LanaCoin is Peer-to-peer currency: Sending and receiving coins doesn’t need a central server or authority to work currency
If you already know a little bit about Bitcoin, you’ll probably notice that LanaCoin’s description is a lot like Bitcoin. However, there are some important differences.
Firstly, there are lots more LanaCoins than there are Bitcoins. At the time I’m writing this article, there are almost 1.884.579.781 LANAs. The total supply is 7.506.000.000 LANAs. All LanaCoins are created through proof of stake or proof of work process. There was no ICO or no premine. All Lanas have been mined, staked or bought on exchanges from miners.
Proof of work miners are rewarded with newly created LANAs for securing the blockchain while the LanaCoin community is rewarded for staking their LANAs and competing for stake blocks. Finders/stakers of proof of stake blocks are rewarded with a fixed Lana amount of 1000 LANAs plus a 7% annual stake reward.
Proof of stake reward will be cut in half (halved) at block height 525600, while the last proof of work block is set at block height 750000.
At the time of writing LanaCoin blockchain is at block height 493720. Note: When you see LanaCoin listed at exchanges, it often uses the “ticker” LANA. This is used the same way as BTC is used for Bitcoin and ETH is used for Ethereum’s native currency, Ether.
What is LanaCoin’s Purpose?
LanaCoin is one of the first personalized cryptocurrencies, created as a birthday present with a unique attribute of its genesis block launch at the exact Unix time of Lana’s 10th birthday.
Blockchain parameters are fully packed with attributes surrounding the birthday time and date.
The project started at first as simply a unique birthday present with no false promises or roadmap deadlines on development. The only promise that was made was that the development of services around the LanaCoin blockchain will be done in the near future and rolled out in steps.
LanaCoin is a hybrid proof of work/ proof of stake open blockchain using the sha256 hashing algorithm.
Despite starting as a gift currency, LANA quickly developed a strong community around it. This community began to use the currency to tip other internet users for their help on forums such as Reddit. LANA community created a tipping bot for Telegram users. Another use case is to buy and sell goods between each other. One of the use cases is also prizes of some fathers to daughters for sports, school or other achievements. In Covid times there were even many deals for protective masks settled in LanaCoins. LanaCoin has developed open-source cryptowallet.si mobile wallet.
Has LANA Been a Good Investment?
As with any asset, whether LanaCoin has been a good investment depends on when the investor first bought LanaCoin and when they decide to sell it and how they will use it and try to help others to start using it.
If recognition and usage of LanaCoin will rise the price will follow.
A better question is “if I buy LANA today, how likely is it to increase in value?”.
The short answer is: try to share awareness, knowledge, help to develop open-source things around LanaCoin and LANA will be usable and the price will rise.
How to Buy LanaCoin
Buying LanaCoin can be a bit tricky if you’re not used to buying cryptocurrency. There are a few ways to do it though. Below, you’ll find instructions on how to buy LanaCoin with USD, how to buy LanaCoin with a credit card, and how to buy LanaCoin with other currencies.
How to Buy LanaCoin with USD/EUR
There are many options to buy LanaCoin with USD but you’ll have to buy USDT first and then LanaCoins.
This can be done on tokens.net exchange. Just simply buy USDT with a credit card and then change USDT for LanaCoins on the market.
How to Buy LanaCoin with BTC or other currencies
There are many exchanges that offer BTC/LANA, USDT/LANA, BOLO/LANA and other pairs.
- 1. TOKENS.NET
- 2. BOLOLEX
- 3. BOA EXCHANGE
- 4. FREI EXCHANGE
- 5. UNNAMED
- 6. and others
Here you just have to register, deposit BTC, USDT, BOLO,… to the exchange, and you can start trading with LanaCoins.
How to stake LanaCoin
Proof of stake (POS) works differently than POW (proof of work). It does not require a lot of energy to calculate algorithms and find a block. However, it requires a certain amount of LANAs that are staked as a stake whit which a staker guarantees the newly generated block is valid and honest. If a staker would try to fake the block or rewrite history all staked LANAs would be taken from him and he would be banned from the network. Additionally, the higher the amount of LANA the higher the probability of winning the block reward. The system is very similar to ZCash.
In both cases, the one that finds a block first gets the reward. For proof of work block, a miner receives 10,000 LANA, for proof of stake block a staker receives 1,000 LANA.
Here you can read detailed instructions on how to setup node for staking LANAs.
How to mine LanaCoin
If you have ASISC you can mine LanaCoin on our pool. Here are the details about it.
Official LANA mining pool:
3% fee goes directly to LanaCoin development fund “LhQ3TFB7X1Z6fw4GafnHeA2i1gh3i3HXWq”
High-performance Node.js backend
No registration required.
Use LanaCoin wallet address as username and any password
For mining LanaCoin you will need specialized cryptocurrency hardware with sha256 algo support (sha256 ASIC miners).
Connect to pool.
- Username: your LanaCoin wallet address
- Password: anything
- Algorithm: sha256
- URL (difficulty 50000): stratum+tcp://pool.lanacoin.com:3008
- URL (difficulty 128): stratum+tcp://pool.lanacoin.com:3010
If you don’t own your own ASIC device you can rent it on MiningRigRentals.
Conclusion
As you can see, LanaCoin is a bit different from many other cryptocurrencies. It hasn’t really been designed to rule the world, it hasn’t been designed to beat the bitcoin, but it was designed as a gift and not just to one specific Lana but to every living soul on our planet.
It has many use cases. You can use it for learning how blockchain works, how you can send transitions from wallet to wallet or to exchanges. And if you make a mistake, the price is so low that this won’t ruin your life. If you send 0,1 BTC and do a mistake this is a big value to lose if you send 100.000 Lanas it’s still a small amount in comparison to USDT. Transaction fees on LanaCoin are very small so you can try and send coin over and over again.
All that said, buying a few LanaCoins probably isn’t going to make you a millionaire – but you will help and support the open-source minded community to learn, develop and use blockchain.
Lana community is not just helping to use Lanacoin but help even other projects and newcomers to know what is blockchain and crypto and how to use it. So, if you want to have some crypto fun, you can always buy LanaCoin. If you’re a true supporter and want to help our great community try to find out the way how to help us and we will surely gain some price push.
Hope this guide has been helpful to you in learning a little more about this interesting digital currency. You should now know its history, its purpose, where to buy it, how to buy it, using different methods, and if it should be thought about as a good investment.
source: lanacoin.org