For quite a while, I have been saying Nano is a prime candidate for my idea of what is to become the ideal cryptocurrency; and while I hold EOS in very high regard, Nano must not go unmentioned.
“Stop chasing the money and start chasing the passion.” ― Tony Hsieh
Like many cryptocurrencies, the recent bull-runs with Bitcoin (BTC) and Ethereum (ETH) have brought remarkable gains for Nano. I love this cryptocurrency and have been wanting to write about it specifically for some time, and since it is now at $4.85 USD up from only around $1 USD and currently idling at $3.79 USD, I feel it is the time to bring it into an open forum for discussion.
Nano is an environmentally friendly cryptocurrency that uses “block lattices” to perform tx’s (transactions) using very minimal resources on your device, which means it does not have any transaction fees of any kind to pay miners or the project. It uses a minuscule amount of power compared to other currencies like Bitcoin and has split-second transaction times with unlimited scalability in mind. At the same time, the currency aims to maintain decentralization and self-governance.
Nano has made renovations over the years. The project initially started in 2014 under the name of RaiBlocks by the developer Colin LeMahieu. The coin’s name was changed in early 2018 and had a nice set-back when the exchange BitGrail was hacked, and 17 million Nano were lost, which was not a fault of the project but of the security of the exchange. The exchange owner, Francesco Firano, was sued for the losses, and the court ruled in Nano’s favor. Despite all of this, Nano kept evolving from a new name to a new website to new exchanges with in-depth development ongoing - they just announced Nano node v21.2.
It seems their initial lack of exchange support sidelined them for several years. Coinbase still refuses to support the currency, which I believe is due to their inability to make money off fees related to it, while Binance does support it; and charges a different form of an additional fee. Now other exchanges, such as Crypto.com and Uphold, along with many others, are supporting the currency.
The topic of an ideal cryptocurrency appears to be going round and round, which is great to see when it comes to two currencies for me: EOS & Nano, which are two very different animals. However, I would argue that if it is not EOS that will become the ideal cryptocurrency, it is Nano. In many ways, it is already far more comfortable to use and onboard individuals. Setting up a wallet is extremely easy, and even faucets pay instantly due to there being no transaction fees. Once your wallet delegates a single inbound transaction of any size, you have an independent chain stored in your wallet. There are no minimum transaction amounts and no fees required to release your private key as with EOS.
Nano was designed to improve upon the old PoW (Proof of Work) currencies such as Bitcoin, which are power-extensive and quite complicated in their cryptography. Nano aims to accomplish more with a simpler approach, and they appear to have succeeded. The project is heavily focused on being user-friendly and, ultimately, infinitely scalable. I view the coin as a “better Stellar Lumens,” and outside Coinbase support, whom I am moving away from after their 40K crash, I see absolutely no downside to this currency. It lacks some support, but most good projects do!
The currency runs on what they call an ORV (Open Representative Voting) consensus mechanism. It is similar to PoS (Proof of Stake) currencies, but with advantages through delegation. I recall Nano calling itself DPoS (Delegated Proof of Stake) in the past, a consensus mechanism created by Block.one's now-former CTO Dan Larimer. Nano’s project pages between old and new are kept for historical purposes. With ORV, Nano accounts delegate their balances to representatives who then vote on the validity of transactions, tally them up and quickly reach a “quorum,” which means the least amount of reps in deliberation, and that confirms the block to the overall network. This process is done through layers for added security from attacks or manipulation.
My recommended wallet for Nano is Trust Wallet, and the easiest way to get a wallet delegating is by having a faucet site or TipNano, which is a Nano mobile earning app with a faucet to send you your first transaction. That’s all it takes to onboard to Nano. The project also focuses on helping developers solve solutions and create projects. I feel it is superior to almost all cryptocurrencies, despite its lack of fame.
I’d love to hear your thoughts on Nano, particularly in relation to EOS; my mind is continually going back and forth between the two currencies.
As always, comments, suggestions, and friendly debates are highly encouraged.
Stay smart & Stay safe.
-Thomas Wolf
Cryptowriter is now conducting podcasts which can be found on PocketCasts, YouTube, Spotify, Anchor, and more to come.
DISCLAIMER
I am not a certified financial, tax, or legal advisor, analyst, or planner. The above information should not be considered advice but as an opinion intended to share information and ideas for entertainment and independent research purposes. Cryptowriter and its writers are not responsible for any losses or damages incurred as a result of misinterpreting personal opinions for professional advice.
This article was originally published on Voice.com
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