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October 22, 2020

Recap of Bololex x LANA #AMA

5 min read

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!

Question and Answers Recap

Q1: 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 crypto world is a complete mess, it wasn’t always like that. Lana is not competing with anyone it never has and never will. If this is how other coins/tokens/projects operate they can have it. At Lana, we believe in cooperation and collaboration. Lana is unique from day one. Do you know any other p2p blockchain network that started at unix time of someone’s birthday time?

Q2: What is the meaning of Lana/ who is Lana(if it is the name of someone) What will be the value of Lana in one year’s time?With a lot of cryptocurrencies coming out how sure are you that Lana will stand on its feet?

A: Lana is a popular name and yes it’s my daughter’s 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 projects are guests on the host blockchain, and almost every one of those project over-promise the moon and the stars. Lana is standing on its own feet. Lana has been through 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.

Q3: Recently a 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 is more of a PR stunt to make a project’s coin/tokens look like a rare one. If the project team can’t 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.

Q4: 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 components?

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.

Q5: 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 holding?

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 it’s 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 a 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 LANA offer.

Q6: 80% of the projects today in the crypto world either have 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 the cryptocurrency ecosystem is approx 101 M users. 10 years have passed since Bitcoin’s creation. Any no 80% of projects goals are not mass adoption but to scam naive people. The majority of Defi projects are complete automated ponzi scams. Lana is a great learning coin, its fast, cheap and even if you lose the keys or seeds to 100 LANA it will not ruin anyone, but imagine losing 1 BTC or 100 ETH. Learn on Lana and take on the big league later.

Q7: 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 the crypto world will be gone or forgotten 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.

Q8: 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 development or be an angel backer its another story.

Q9: Many big projects now support staking. So, will the LANA project support staking as well? If yes, what will be the requirements of a Node and Validator node that will be needed? And how does rewards work?

A: Nope that not staking, that’s called vesting. Staking term in the crypto world was essentially stolen 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 the wallet is encrypted it must be unlocked for staking. Even 1 Lana on the wallet can compete for stake blocks, just the chances of mining/staking it is very tiny. 1000 LANA + 7% annual is the reward for proof of stake validators.

Q10: 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. (it’s one of the rate on-chain Telegram tipping bots) and planning iOS app has started and upgraded the current android version as well.

The end! The #AMA was successfully completed and the rewards were distributed to the winners.

More #AMAs and other exciting events are coming soon!
Follow our channels not to miss those.

Bololex media links
Web: https://bololex.com/
Twitter: https://twitter.com/bololexcom
Telegram Global: https://t.me/bololexcom
Telegram AMA Channel: https://t.me/bololex_ama
Instagram: https://www.instagram.com/bololex_exchange/

LanaCoin media links
Web: https://lanacoin.com
Twitter: https://twitter.com/LanaCoinTelegram: https://t.me/LanaCoin
Instagram: https://www.instagram.com/lanacoin.cryptocurrency/

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