Bololex exchange completed its very fist #AMA session by partnering with one of the most demanded coins — LanaCoin!
The reward fund was 500,000 $LANA which has already been distributed among 10 winners, who have been chosen based on how interesting and insightful their questions were.
If you have missed our #AMA session, you can still learn about the #LANA project as we have summarized the Q&A session especially for you!
We are now publishing all questions, not just winners. We think that competition was hard, and more than 10 questions were worth of publishing.
Q: The crypto world is becoming overcrowded with
blockchain projects and tokens, But you have so many
competitors, What are you doing to make LANA project
ecosystem truly unique?
A: Yes cryptoword is a complete mess, its wasn’t always like
that. Lana is not competing with anyone it never has and
never will. If this is how other coins/tokens/project operate
they can have it. At Lana we belive in cooperation and
collaboration. Lana is unique from day one. Do you know any
other p2p blockchain network that started at unix time of
some ones birthday time?
Q:My question is of all coins why LANA
A: The decision if to get involved is 100% up to you. We are
not here to try to convince anyone. As Satoshi Nakamoto
once wrote about Bitcoin “if you don’t believe me or don’t
get it i don’t have time to try to convince your sorry.
Q:As you started LANA COIN is created as a Birthday present.
Why you wanted to convert the Personalized LANA COIN in to
A: Lana is decentralized blockchain from day one. All we did is
publish ANN and sourcecode on BitcoinTalk and network
became operational only because of interested volunteers
from the open source community. Have a look for yourself.
BitcointTalk thread for us is essentially a sort of a
roadmap/timeline. Any yes I do plan to make the ANN more
attractive one day.
Q:As lana coin stated the total supply is created in mind of
total population of the world and one day atleast each one
hold onel lana.
But day by day the population is increasing is lana supply also
increase according to the population ratio?
A: Actually the 7,506,000 LANA final supply match with global
population count at that time is complete coincidence. The
7506 par is actually derived from Lanas 10th birthday 7th may
2016. It was indeed an interesting coincidence, or what is?
Current supply is 1,864,000 LANA. 7,5 B is the final supply. It
will take many more year to get there and no the final supply will not be changed. Its set in stone. If someone doesn’t like
that, the code is open source and a another team can simple
fork of ana create LanaV2 or LanaClassic.
Q:How does LANA plan to successfully attract investors and
traders? What is LANA strategy for that?
A: Maybe Lana the actuall girl and all the other
women/ladies/girls name Lanas of the world can take care of
that in the future. Personally as the founder I haven’t once
solicitated Lanacoin as an investment,i preferr to give away a
few coins to anyone that shows some interest to learn how
wallets, keys, seeds, transactions work. I personally had to
buy my own LANA on the market.
Q:What are your plans to drive adoption and use of lancoin?
Can you please introduce the project briefly?
A: We already do that every day. Lana is a great
demonstration of a social experiment that simply is and will
be in the future. No project really managed do achieve the
same network effect as Bitcoin and in the same way as
Bitcoin and this was never the plan. Like mentioned in the
above answer, Lana never did and will not be competing.
Lana is not better, Lana is just different.
Q: AMA Question1. What is the meaning of Lana/ who is
Lana(if it is a name of someone) What will be the value of
Lana in one year time?
With a lot of cryptocurrencies coming out how sure are you
that Lana will stand on it feet?
A: Lana is popular name and yes its my daughters name. You
can research the name on the internet. An example resource:
https://www.behindthename.com/name/lana . Actually a lot
of tokens are coming out not coins, all those project are
guests on the host blockchain and almost everyone of those
project over promise the moon and the stars. Lana is
standing on its own feet. Lana has been thru it all, the bull
and the bear markets, the ico crazy time and will be here
when the latest insanity named defi cools off as well..
Q: Recently lot of Definitely projects are reaching all over the
world because of very low supply.. The supply in THOUSANDS
only. But why LANA is nearly 7.5 Billion.?
A: I think this low supply with is more of a PR stunt to make a
projects coin/tokens look like a rare one. If the project team
cant clarify and provide a solid reply where the supply
number came from then my statement is correct. Why and
where the 7,5 B supply came from is answered in one of the
early questions above.
Q: How you will ensure that Holding and invest on LANA after
this Mainnet is good choice? Many projects have died
because of bear market and COVID-19, how will you survive
A: Asking an open source public blockchain project and p2p
community driven network for assurance? Lana is not a bank
it’s a computer p2p network with a set of mathematical rules.
If all participants play by the rules the network moves
forward. Its simple as that. Covid had zero impact on
LanaCoin. Bear market? What bear market? You should really
be asking how much of this market is actually real volume
backed by actuall crypto!
Q: Most coins after launching as we’ve seen previously loose
value or depreciate because liquidity wasn’t added, how will
the Lana development team
ensure that the price of lanacoin won’t dump or loose it’s
value and will continue appreciating?
A: Liquidity is something that needs to be provides by
development team that didn’t take a cent from anyone?
Q: As a community-driven project, how can I contribute my
quota to your success? Do you have a Global ambassadorial
Program or Referral Reward System? Do I get any benefits for
A: You are free to do whatever you feel is right for you and
the Lana community, I can only hope that the actions are
legal and ethical. We do not have an ambassador program
but anyone is free to micromanage a
local/national/continental Lana community. If its done right
we will add the community resources to the official channels
and some LANA donations are sure to come. Referral system
we don’t have as there is business model to support it but our
partner exchanges have them so take advantage of the Bololex affiliate program or the ones other exchanges that list
Q: Many big project is now support staking so will LANA
project support Staking as well? If yes, what will requirement
of a Node and Validator node will be need ? And how does
reward for their ?
A: Nope that not staking, that’s called vesting. Staking term in
cryptoworld was essentially stole from proof of stake
(meaning lock your coins to secure the network, process
transactions and generate new transaction blocks). So Lana is
a proof of stake network. The only requirements are: an internet connected computer, a full desktop node wallet,
some LANAs on the wallet and if wallet is encrypted it must
be unlocked for staking. Even 1 Lana on wallet can compete
for stake blocks, just the chances of mining/staking it are very
tiny. 1000 LANA + 7% annual is the reward for proof of stake
Q: LANA COIN Is working on hybrid tech.. That’s POW also
POS.. What is the rewarding ratio for POW and POS
A: Correct Lana can be mined with sha256 devices (like
bitcoin) and staked by having some LanaCoin on a 24/7/365
connected desktop wallet. Miners compete or PoW rewards
(10,000 LANA per mined block) while stakers (PoS proof of
stake) compete for blocks that reward finders with 1000 LANA lus 7 % annual. Mining will at specific block stop and
network will go full proof of stake and proof of stake rewards
will drop as well (we can call it halving).
Q:How will you grow your current user base with LANA ? Any
plans to expand LANA globally?
A: Lana alredy is a global network. But don’t take my word for
it, so check node global map
Q: I believe the LANA project is promising. However, what is
not yet clear to me whether LANA has a clear communication
and marketing strategy for the short and long term?
A: Lana has no marketing budget, remember its an open
source no ico project. In regards to clear communication we
have a great and helpful community than helps everyone that
comes and asks. But if someone for example joins our
telegram group and the first question is “what is price target
of Lana” we will troll the s….t out of him/her because asking
this first before even saying “hello everyone” or ust simply
being polite , respect full human being needs to come first.
Q: I went through your website and I found out that there
was no roadmap,no ico,no promises,no crowdsales. How
were you able to achieve such tremendous success without
these key component?
A: I have no idea, most likely it’s my one and only personal
promise, that I will always stay with the project and never
stop building it with the time and resources we have.
Q:What is your strategy for building a strong community? Do
you agree that the power of the community will lead your
project to develop globally? What services do you provide to
A: What is a strong community? Sadly the only thing strong
about most crypto communities is the strong desire to
become rich. Like mentioned key to success is cooperation
and collaboration. Lana is a computer p2p network with a
public blockchain database. We are not a service provider.
Anyone is free to built a service on top of this network, no
permission required, specially not from me.
Q:In general, every project faces risk. What are risks affecting
the #LANA ? How do you solve with them to develop project
in long term and attract users?
A: Most cryptoprojects are a straight forward scam from the
start. Let solve those risks first so cryptocurrency space can
become an innovative space again where integrity and
honesty lives again. One cant really solve everything with
development. The nature of blockchains is such that the
network is safe only as long as there are honest participants.
Q:Can you tell us something about your Vision and target that
LANA is focusing most until end of this year?
A: My vision doesn’t really matter, your vision is what i want
to know and if its good i will try to make it a reality. My vision
was done at the same moment when the network moved and
genesis block was created. By the end of the year we plan to
finish telegram bot/wallet and hopefully release iOS wallet
Q: Why should I invest in Lana?
A: If you cant find a reason for it yourself, its most likely better you don’t.
Q: 80% of project today in the crypto world either has it as a
primary or secondary goal to attain mass crypto adoption. is
achieving mass crypto adoption one of your goals too?
A: The latest Cambridge study reveals that the size of cryptocurrency ecosystem is aprox 101 M users. 10 years has passed since Bitcoins creation. Any no 80% of projects goals are not mass adoption but to scam naive people. Majority of
Defi project are a complete automated ponzi scams. Lana is a great learning coin, its fast, cheap and even if you loose the keys or seeds to 100 LANA it will not ruin anyone, but imagine loosing 1 BTC or 100 ETH. Learn on Lana and take on the big
Q: What motivated you to come up with such a great project
and what is your benchmark?
A: Actually inspiration came from NevaCoin, that is the world first personalized cryptocurrency, so don’t forget to vote for NEVA on Bololex as well. If you truelly belive it’s a great project in my book the benchmark hit the top chart. I will
always appreciate one that likes, supports, helps built, over 1000 haters and trolls.
Q: What can Lana community member do to help LANA
A: Anything you can think of as long as its legal, has high moral and ethics standards. Also you are doing your part in the Lanacoin telegram group just fine so keep it up and thank you for being with us all these years and cheers to many
Q: I didn’t know Lana coin had it own blockchain until I
recently found out from Bololex telegram group. Are other
token able to run on the lana blockchain?
A: Yes Lana has it own chain and its own set of chain parameters. I am actually getting a lot of demand to add the “tokenization” layer to the wallet and source and you just might see it come to life next year.
Q: Every project has a unique Logo. Why did you chose the
logo you are using for Lana and the meaning of the logo
A: I will be be writing a dedicated blog post about the logo soon and its just too long for a AMA answer. Up to date LanaCoin has 4 logos. None of them are official yet all of them are official.
Q: Within four years of existence,Lana coin has been able to
attract thousands if not millions of crypto adoptees.
What advice do you have for other small upcoming projects
that look upon lana as a role model?
A: I can only guesstimate the number of LanaCoins based on
blockchain data. One thing I know for sure, not every
LanaCoiner is on telegram, facebook…..
My advice would be, to be honest, don’t promise things you
are not sure you can deliver, follow the laws and regulation
progress so you don’t put your project in legal trouble before
it even takes off. Don’t try to please anyone and avoid debates with short term profit chasers. Be in it for the tech
and innovation and not for the pockets of yourself and team.
Q: It’s been 4 years since the launch of lanacoin and it hasn’t been listed on big exchange sites, why is that? What is the native currency of the lanacoin?
A: Kindly See answer bellow since you posted two similar questions. The native currency on LanaCoin is LANA.
Q: Last but not the least, what is that one thing you can
promise those who are willing to invest huge sums of money
in Lana coin?
A: If you are planning to buy LanaCoin on open market then you are doing just that. If you want to finance/support the development or be an angel backer its another story.
Q: That’s the only big exchange.. What of conimaket, binance,
vindax, probit, etc???
A: We didn’t actually apply for listing on any of the “big” ones yet. Why does an open p2p network even have to apply? Exchanges should have people researching honest project and list them but what is really going on is that exchanges list more or less anyone that pays event if its complete scam from day one. Don’t get me wrong there are a few exceptions. You should really ask yourself which exchanges are going to be left standing in the next 4 years.
Q: Another problem most coin face is adoption, How do you
intend to increase the adoption of the lanacoin?
A: Slow, steady and organic like we are from day one.
Q:These days we are talking Defi and yield farming do u have
plans to that?
A: Defi? You mean the automated ponzi scams? Don’t get me
wrong a few project and innovating and doing interesting
stuff but everything else is just simply a scam.
Q: As we know, every successful project has a few stories behind the scenes, what’s the story behind LANA success? What was that vision when it first emerged as an idea? Are there any special prototypes or upcoming LANA UPDATES updates that you want to show/share with us?
A: The vision remains, a great, fast, reliable payments and learning crypto. There are a few things on the agenda for 2021 but i rather see them done first, then published rather than giving a timeline on delivery.
Q: I noticed that LANA is very focused on token development, but most of investor just focus on the price of token in short term instead of real value of project. Can you tell us the motivation and benefits investors will get on the long term?
A: Lana is a coin not a token. We develop what we can with the time and resources we have. Since those “investors” don’t care about the project I don’t have any reason why to care about them.
All I can promise is that the seed node network will be up and we will always support the project, anything else is up to the future.
Q: Lanacoin is a personalized cryptocurrency,dont you see that as a challenge as being the first? And what other challenges have you faced or envisioned to face in the lanacoin project, and how do you tackle/intend to tackle them?
A: Not really, it was a matter if time before it would have been done by someone else. Maybe someday history books will mention us that would be really cool and an achievement on its own. The only challenge we really have is funding. We
really do have great team now, really talented devs, if the project had some budget for devops right now we would essentially fire up in rocket mode. But great things take time and everything happens for a reason.
Q: Slow confirmations and high gas fee are the major
problems faced by most of the blockchain As Lana is using a
native block chain How would you think to overcome these
A: Lana has blocktime target of 5 minutes( 2.5 for pow and 2.5 for pos) so its at least 5 times faster than bitcoin. Current block size limit is 4MB and we have no issues with increasing it to 64 or 128 or 256 MB. If token layer will be coded next
year there will be increase in blocksize limit as well.
Q: Is the LANA team taking a let’s build and they will come”
approach or do you have an active business development
team to market the product?
A: We are taking the “let built” and the future will do the rest
approach. One day all the scams and frauds of cryptoworld
will be gone or fogoten and people will turn to project with
honesty and integrity from day 1. I am in IT business for over
23 years now and trust, integrity and honesty is the only
thing that keeps long term partnerships and customers. I
have not deviated from the same model with Lanacoin or any
other blockchain project i am working on or with.
Q:What is the vision and goals LANA wants to achieve in 2020
Q4 and beyond?
A: Goals for 2020 are essentially reached. We got listed on Bololex another great exchange, released telegram wallet/tip bot version 1.0. (its one of the rate on chain telegram tiping bots) and planning iOS app has started and upgrade the
current android version as well.
I know it’s a long reading, but if you managed to break through every single question and answer then you are a LanaCoin expert. May things were answered here maybe we have left some questions opened. If so, then join our community on telegram or bololex telegram and you’ll find an answer.