What is LanaCoin (LANA) Crypto Beginner’s Guide
Based in Slovenia, LanaCoin is a decentralized, blockchain-based platform that supports the LanaCoin token, also known as LANA; LANA is a cryptocurrency that operates on a hybrid Proof of Stake (PoS) and Proof of Work (PoW) system and is a Sha256d coin. Sha256 is a cryptographic hash algorithm that many cryptocurrencies use for their source codes.
The most unique feature of LanaCoin is that is a completely personalized cryptocurrency; the creator, Jure, developed the coin and launched it in celebration of his daughter, Lana, and her tenth birthday. Lana is interested in mathematics, so the coin seemed an appropriate gift. Personalized cryptocurrencies have been done before, too much success; as the popularity of digital assets becomes more and more widespread and adopted into the mainstream, many people have been able to establish coins that are created for a specific person or endeavor in mind and been able to see the coin take off.
LanaCoin is a legitimate cryptocurrency, with a source code and wallets that are available for download on the LanaCoin website, which users can utilize to hold their coins. LanaCoin is listed on major exchanges, and although the token is shared among many people, it’s a unique way for a father to say happy birthday.
Features of LanaCoin
LanaCoin depends on a hybrid PoS/PoW system in order to be sustained. The Proof of Work algorithm is used to conduct transactions and confirm new blocks on the platform’s blockchain. Users who wish to support the platform can use this system to mine LanaCoins, and be rewarded for their participation.
With the Proof of Stake system, the creator of a block is chosen based on either random selection, or on the age of the coins they hold; the longer a user has LanaCoin in their wallets, the more likely they will be chosen to support the network. For LanaCoin, the yearly reward for PoS is 7%, with reward halving every five years, and block time is five minutes.
The LanaCoin Token (LANA)
The LanaCoin token is LanaCoin’s internal form of cryptocurrency; LANA is the coin that Jure created for his daughter. Users of the platform can send and receive LANAs all around the world, and are rewarded LANA for participating in staking the coin in their wallets. The supply of the token has a hard cap at about 7,500,000,000 coins. LANA is available for trade on Cryptopia, Yobit, and NovaExchange.
Most recently, the platform held a bounty as a form for community reward; users could participate on Twitter or by telegram for 100-200 Lanas, and reward distribution took place during June 2018.
LANA’s creator, Jure, welcomes any support for his unique and personalized cryptocurrency, as well as any collaborative work that helps sustain the LanaCoin platform and its token as he takes care of costs and services that are required for the network to stay alive, secure, and updated. With a PoS/PoW hybrid system and listing on exchanges, LANA is a legitimate cryptocurrency that joins the crypto world as a coin that came into being simply because a father wanted to create a unique gift for his daughter.