Nano has done a lot of work in 2018, the network and the brand are strengthened and the outlook for 2019 is brighter than with most other altcoins.
The market of crypto payment coins is one of the most crowded ones. Some of the coins are getting ahead of the pack and some of them are lagging back, but the playing field is still open for all, and Nano (Nano) has the capacity to take a huge share of the market because it has the meat & potatoes of what’s the most critically important features of a cryptocurrency: fast & feeless transactions.
Although only ranked 33rd on Coinmarketcap, NANO is one of the most vigorous and active communities in the whole cryptoverse. What is particularly impressive about Nano is the involvement of their community in the development operations – there are numerous apps that run on Nano network that come straight out of the fan camp and not from the official development team.
The already mentioned active community, a month ago, has started an initiative to start a Nano Foundation-based fund which would finance development of community efforts has been discussed online recently. The community seems to agree that something like this fund would be desirable and we’ll see where things go next. Chinese members of Nano community chimed in their efforts in building up the Nano ecosystem by launching Nanochina.co.
“The Chinese community website Nanochina.co officially launched. The site was created to function as a hub for the Chinese speaking community and contains tutorials, information on exchanges, wallets, representatives and more.”
This will be the main vein for the China users of Nano to get streams of latest updates and news around currency.
In addition to this, the team worked on fixing technical issues on the network, most importantly the high CPU usage some nodes on the network were experiencing. This issue will be fixed with the Boulton release.
It is evident that altcoins live and die by bitcoin’s behavior and the price of NANO will keep depending on the overall market trends, and it will keep sliding down until the general trend begins to reverse.
However, rationale in Nano community is pretty sound in making a case for outcompeting Bitcoin:
“If you look at other disruptive technologies, we see that in the long run having superior technology outperforms first-mover advantage. The Model T Ford was not the first car, Apple did not create the first PC, Google was not the first search engine, and the list goes on.
So, if you apply that logic to crypto, it is pretty clear that Bitcoin is in trouble. In fact, every platform based on Blockchain is in trouble.
Simply put, Nano has a superior consensus mechanism. There are a couple of others that do too, so we have to keep that in mind. However, when people and institutions start using crypto en masse, it is a no brainer that they will pick the platforms with no fees.”
Fundamentally sound project
Nano is a proof-of-work (PoW) coin that uses the Blake2b hashing algorithm. It was first traded on February 29th, 2016. Nano’s total supply is 133,248,289 coins. Nano is a unique cryptocurrency in many apsects and it deserves to be in the top 10 currencies, and that’s where I think the market cap will be eventually. It works, it’s fast, it’s awesome and promising.
Nano is a payment coin. That’s all it focuses on and it’s probably the most effective payment coin on the market. It’s is literally instant if you send it to and from a nano wallet and totally free. It’s perfect for arbitrage.
Nano solves the problem of being scalable, decentralized and secure by being the first crypto to use DAG based block-lattice architecture that doesn’t suffer from the same protocol based limitations other legacy blockchain based solutions use.
Larger Exchanges and Nano
Nano is still pretty early stage and once it goes through security audits, Nano will be realistically considered by larger exchanges with fiat pairs (Coinbase, Gemini and Bittrex). Lots of things are in development, including point of sale systems/applications.
Nano is what they call a block-lattice. Instead of one long chain that contains all the transactions, you have a branching network of them.
It still has all the benefits of a typical public blockchain though. It just makes it more scalable.
By theory nano has no limit on scalability. Its protocol has no restriction on this, differently from many other coins. However, there is a bottleneck and that is hardware and bandwidth limitation. Even though protocol allows you to have infinite transactions per second hardware and bandwidth will struggle to process and rebroadcast.
Granted, Nano is severely lacking in decentralization but every coin is lacking in decentralization. Nano’s level of decentralization is on par with other projects. There is one area where you could call Nano centralized, which is the representatives. Nano uses a dPoS-like system to reach a consensus over which blocks are valid. If a node discovers conflicting blocks (such as a double-spend) it will hold a vote to decide which block to accept. The weight assigned to a particular vote is proportional to the amount of Nano held by that voter. Since user accounts are not necessarily online 24/7, each account can assign their voting weight to a representative to vote on their behalf. Changing your rep is simple, but by default new accounts select one of the official reps run by the dev team.
While Nano does have the infrastructure needed to be a functional cryptocurrency (including merchants, exchanges, payment processors, software wallets, hardware wallets, gambling and betting and games), clearly many other projects have the same/are on their way to achieve the same. Nano is probably one of the most usable coins right now but they need to work on other aspects of their projects as well, not only the technology field. Marketing and building relationships with big players from ecommerce and retail industry is the next task for the team.
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