 | Nano is legitimately the ultimate cryptoCURRENCY. When I was researching what cryptocurrency to buy, I decided I wanted a crypto that had the best balance possible of the following attributes: 1. Decentralization - Censorship resistance is the most important aspect of cryptocurrency 2. Environmentally friendly - Consume minimal wasteful energy 3. Scalable - More TPS = better 4. Fairly distributed - This is important to prevent creators from dumping on the buyers 5. Fast - Faster transactions are more convenient than slow transactions. 6. Low transfer fees - Cheaper fees to send = better 7. Low inflation - Inflation devalues existing coins and creates potential sell pressure. It also incentivizes spending which is bad for the environment. Below is a description of Nano in regards to the above attributes: 1.Decentralization Nano has hundreds of nodes. The below image shows the decentralization of the bitcoin mining pools. And this image shows the Nakomoto coefficient of Nano. 2.Environmentally friendly Nano is as environmentally friendly as they come. Nano does not have mining. Below is a visualization of Nano’s power consumption compared to Bitcoins. 3.Scalable Nano does not have a hardwired limit on scalability (aka transactions per second). Instead, Nano’s transactions per second are limited by hardware and bandwidth. 4.Fairly distributed Nano’s distribution was not perfect, but it was very close. 95% of the Nano supply was given away for free for solving captchas. Approximately 5% was reserved for the development of Nano. It is estimated that about .2% of the Nano supply is still in the development fund. It is extremely important to have a fair distribution. Without a fair distribution, founders of cryptocurrencies could rug pull and sell the tokens they own, thus crashing the price. This image shows just how much better Nano’s distribution is than most cryptocurrencies: 5.Fast Nano transactions reach finality in about .3 seconds! This is incredible. If you deposit Nano to an exchange, most exchanges will let you instantly trade and withdraw the funds. This is unlike a lot of cryptocurrencies which pretend to be instant, but exchanges know they can’t trust the funds until x confirmations, which takes anywhere from seconds, to minutes, to hours, depending on the currency. 6.Low transfer fees Nano is feeless! Here is a visualization that compares Nano’s fees to other coins. 7.Low inflation Nano has no inflation. This is phenomenal. Unlike most PoW and PoS coins which constantly have new coins getting minted, no new Nano will ever be minted. This is phenomenal because at $40K per Bitcoin, $36 million dollars in Bitcoin is minted every single day. A lot of this Bitcoin has to be sold to pay for mining costs. This is constant sell pressure on Bitcoin’s price which Nano does not have! Below is an image that compares Nano’s inflation (and other features) to other coins. One complaint I have heard about Nano is that it does not have smart contracts. This was an intentional design feature of Nano. By being simple, Nano is able to have faster transactions and less chance of exploitation (to this day, Nano has never had a double spend). I also personally believe decentralized finance is the number 1 use case of crypto (it is Bitcoin’s sole use case), and Nano does it better than any other cryptocurrency. Here is a video showcasing Nano: Nano in the Real World: Lightning Fast | No Fees | Global Payments Disclaimer: I did my best to post accurate information. If I made any errors, please let me know. This is not investment advice. Edit 1: One of the main concerns people posted is that since Nano is feeless, people are not incentivized to run nodes. This is incorrect. Bitcoin has mining fees and miners are paid to mine bitcoin. However, Bitcoin also has nodes and Bitcoin node operators are paid no fees (they get none of the mining reward). Yet, thousands of Bitcoin nodes are run by people to verify the ledger. Nano nodes, like Bitcoin nodes, also verify the ledger. Since running a node is a way to verify your holdings, businesses and people are incentivized to run them. Just like with Bitcoin, finding enough people to run nodes has been a non-issue for Nano. Edit 2: For those of you who are interested in Nano and want to find out more, the following articles are fantastic reads about Nano: Why Nano is the ultimate store of value and reserve currency The risks of staking for the long-term crypto environment Why 99% of cryptocurrencies centralize over time (and how it might affect your investment) The basics of Nano — why it’s such an exciting crypto The vision of Nano — an instant, feeless and green crypto Another thing I want to discuss is Bitgrail, which has come up in the posts below. When Nano started out, one of the first exchanges to list it was Bitgrail. Bitgrail ended up being a corrupt operation as the founder stole a lot of people’s Nano. This had nothing to do with Nano as a currency. However, it happened right after Nano’s initial growth, and many argue crashed Nano’s price as Bitgrail was the main exchange Nano was traded on. I believe that even though Nano had the unfortunate event of being first listed on a corrupt exchange, Nano fundamentals are now better than ever. Remember, after the dotcom bust, Amazon stock was trading very cheaply, but by all other metrics Amazon was doing better than ever. [link] [comments] |
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