In this article we will cover these questions:
- How will the Airdrop work?
- Who is Eligible? How do I Qualify?
- My Nano is in X random place, will that work?
- There is a bonus for changing to a small rep, why?
- How do I claim the BANANO once the Airdrop goes out?
BANANO is going to be airdropped to all non-custodial Nano wallets!
What does that mean?
BANANOis going to be airdropped to all wallets that have access to their private keys. There will be a snapshot of the Nano network at an undisclosed time between February 22nd-28th (the real time is still a surprise). Anyone holding Nano in their nano_wallet will be sent BANANO to their identical ban_wallet, There is a detailed walkthrough on how to claim below.
To qualify for the Airdrop, you need to:
- Have Nano
- Have that Nano in a wallet which you can control/export the real Nano private key
- Hodling between February 22nd to 28th (snapshot is at some point during this window)
Funds on Exchanges, Games Accounts, Tipbots, etc. are not eligible to receive the airdrop.
✔ HERE IS A LIST OF ELIGIBLE WALLETS!
This is a list of wallets that give you access to a real Nano seed/mnemonic.
This list was created by reviewing Nanowallets.guide and referencing which wallets showed “Seed Export” as Nano and/or “Mnemonic Export” as 24 words. Please do your own research and double check this before using some of the lesser known options.
IMPORTANT: NOT ALL NANO WALLETS GIVE YOU ACCESS TO THE REAL PRIVATE KEY
Some wallets use their own private keys and they will not work for this. Bip39 and 12-word mnemonics are examples of private keys that are not “real” private keys.
❌ HERE IS A LIST OF INELIGIBLE WALLETS!
- Please read u/Joohansson’s pinned comment about Ledgers
- Kaiak’s Bip39 key
- Nalli’s Bip39 key
- Nanollet (uses SeedFY, not well understood)
- TIX edit: it appears you need to import to begin with so all TIX users should have their keys and therefore would be eligible
- Trust Wallet
- Pippin (dev)
This list was created by reviewing Nanowallets.guide
But what if I have it here?
My Nano is on Binance, will that work? — no
My Nano is on Kucoin, will that work? — no
My Nano is on Coinbase, will that work? — no, wen Coinbase
My Nano is on Graham (nano_tip_bot) on Discord, will that work? — no
My Nano is on the Twitter and Reddit Tipbots, will that work? — no
My Nano is at Nanogames, will that work? — no
Banano is proud to utilize it’s distribution as an incentive for education. As explained in the Nano Airdrop Round 1, The way Banano and Nano reaches consensus is through a process known as Open Representative Voting. This is different than the Proof of Work and Proof of Stake methods of most blockchains and cryptocurrencies. This is what allows Banano/Nano to be instant and feeless, and is also why there is no mining or staking required. Instead, people run nodes for the network, and others delegate their voting weight to those node runners (also known as representatives). Basically summarized, everyone picks someone running a node (a rep) to speak to the blockchain on their behalf. You can select/change that representative at any time for free. When you create a wallet you are assigned a default rep associated with that wallet. If you have not changed it yourself, you will still be on that default rep. Banano wants to help encourage people to delegate their voting weight to less mainstream reps in an effort to further decentralize the network.
There will be a bonus to the airdrop for all accounts who have elected a principle representative with <1% voting weight. For perspective on why this is important, currently; 68.8% of all Nano are delegated to Representatives with >1% voting weight, and 34% of all Nano are held on exchanges.
This is a good tool for assessing Nano Representatives: MyNano.Ninja
How to change your Representative:
For the purpose of this section we will go through how to change our Representative using screenshots from Natrium mobile wallet.
First from the side panel select the “Change Representative” option. Once there, you will see a nano_address similar to the one below.
This Representative shown above is the one used for the first Banano-to-Nano Airdrop on February 13th.
There is a list of Nodes and their stats on Nanocrawler.cc under the network tab. The Natrium “Pick From a List” option is also a good method to choose a rep with the voting weight requirements for the airdrop bonus.
Reminder: to receive the bonus your rep must have less than 1% of the total voting weight.
Estimated payout day will be sometime in March, although the specific Date & Time has not been announced it. There will be a follow up announcement at the time when the Airdrop is paid out.
When the Airdrop does go out, this is how you can claim:
Importing the Seed:
- Export the Private Key or Mnemonic Phrase from your Nano Wallet
- Import the Private Key or Mnemonic Phrase into your Banano Wallet (Kalium, Vault)
- The Ban_address version of your Nano_wallet will be holding the Banano. Withdraw them (or leave them in their since you do indeed hold the keys)
note that seeds/mnemonics can be used on both blockchains and the address stays the same. The only thing that changes is the nano_ or ban_ prefix of the public address.
Sweeping the Wallet Balance: (Kalium)
- Export the Private Key or Mnemonic Phrase from your Nano Wallet
- Locate Kalium’s “Load from Paper Wallet” option in the side panel
- Select “Manual Entry”
- Paste the Private Key or Mnemonic Phrase to your Nano Wallet
- You will be prompted to withdraw the Balance of the inputted Seed to the Banano wallet you are currently signed in to within the app.
We hope that with educational rewards such as this more users will be encouraged to remove their funds from the exchanges, and truly take control of their coins in the way they were designed to be used. Decentralized Digital Currency is closer every day. Don’t let your memes be dreams.
For those of you who don’t know BANANO yet, it’s obviously perfect to just read our animated, meme-rich and interactive Yellowpaper! BANANO is a cryptocurrency (forked from NANO in April 2018) powered by DAG technology — here to distrupt the meme economy. Yes, BANANO has memes! And also feeless and near-instant transactions, a highly active community, and active technical development! The BANANO community doesn’t take themselves too seriously, but we’re here for the long run and we enjoy what we do. On top of this, BANANO is super easy to use and puts an emphasis on free and fair distribution, gamification and crypto education.
BANANO ($BAN) is a fee-less, instant, rich in potassium cryptocurrency powered by DAG technology disrupting the meme economy.