Nano: THE Peer-to-Peer Electronic Cash System…
2018–09–09 | Duncan Pascoe | The Gulf Blockchain Foundation
I’d like us to start by picturing a couple of crypto geeks, one sitting in his 33rd floor apartment in Dubai, and the other in a forest-backed apartment in beautiful Zurich. After discussing the latest crypto news over WhatsApp, Mr Dubai asks Mr Zurich to help him run a test.
Mr Zurich downloads an app from the iOS app store, sends his wallet address to Mr Dubai and almost instantly receives a handful of coins — worth roughly $10. From start to finish it takes less than 1 min to download the app and send $10 over 5 000 km, and it cost absolutely nothing. Mr Zurich could then, in theory, go out and buy a cup of coffee — with money which was sitting in Dubai minutes earlier.
A feeless, instantaneous, and infinitely scalable cryptocurrency — what kind of wizardry is this?!
Nano, the one-coin to rule them all
Nano has a novel block-lattice architecture where each account has its own blockchain, delivering a near instantaneous transaction speed and unlimited scalability. At the time of writing their new whitepaper, the cryptocurrency formerly known as RaiBlocks had processed 4.2 million transactions (with a ledger size of only 1.7GB), all completely free.
Let’s step back and think about that for a second. Imagine you walked in to your bank and told them you wanted to open an account which allowed you to send money anywhere in the world instantaneously, and you wanted it to be free. Notwithstanding the fact that nobody walks in to banks any more, if you did you’d be laughed out the door.
Yet this technology exists, and it is one app download away for anyone with a smart phone. Fast, free, secure, simple to use and easily accessible — how is Nano not already dominating the financial markets??
Unfortunately, in a market which is run by irrationality and FOMO, there is no telling where the price of a groundbreaking tech might go. Being the victim of a $150 mil hack earlier this year (via Bitgrail wallets, Nano itself was not hacked) didn’t help, nor does existing in a market with more bears than a salmon run. As a result, Nano has lost more than 90% of its value from its all-time high in early Jan.
Handling roughly 7 000 transactions per second, Nano has roughly 4x the capacity of the Visa network’s daily transaction volume, making it one of the best solutions for merchant transactions available in the world today. (Don’t believe me, check out this amazing visual of the Nano network at work). However, as is a perennial issue with many cryptocurrencies, there is very little merchant adoption for Nano and not a large enough network of Nano users to drive further adoption with the merchants.
There also no easy way to buy Nano directly with fiat, and so your “free” transactions will cost you a bit of money to buy Bitcoin, send it to a Nano supporting exchange (such as Binance) and trade it for Nano.
Having said all that, with it’s phenomenal transactional throughput and infinite scalability, Nano is (from a technical point of view) the undisputed king of the cryptocurrencies when it comes to consumer transactions. One day we will live in a world where money can be sent freely and instantly anywhere on the globe but, barring a couple of teething problems, I bet you didn’t know that today was that day.
So why don’t you download the Nano app, send us your address and maybe the Gulf Blockchain Foundation will buy you a cup of coffee, wherever you are in the world…
(This article is not sponsored or endorsed by Nano, it is just the point of view of a crypto user who is passionate about the value of the technology rather than the value of the coin — DYOR because considering buying or using any cryptocurrency).