From 82aff1cb3481469765dec8f9ea9f330a3b6c695a Mon Sep 17 00:00:00 2001 From: Anson Biggs Date: Sat, 11 Dec 2021 12:03:22 -0700 Subject: [PATCH] fixes to nano article --- .../notes-on-nano.html | 101 ++++++++---------- 1 file changed, 42 insertions(+), 59 deletions(-) diff --git a/_posts/2021-11-27-notes-on-nano/notes-on-nano.html b/_posts/2021-11-27-notes-on-nano/notes-on-nano.html index 907ba70..8a6e438 100644 --- a/_posts/2021-11-27-notes-on-nano/notes-on-nano.html +++ b/_posts/2021-11-27-notes-on-nano/notes-on-nano.html @@ -56,7 +56,7 @@ pre > code.sourceCode > span > a:first-child::before { text-decoration: underlin } code span.al { color: #ad0000; } /* Alert */ code span.an { color: #5e5e5e; } /* Annotation */ -code span.at { } /* Attribute */ +code span.at { color: #20794d; } /* Attribute */ code span.bn { color: #ad0000; } /* BaseN */ code span.bu { } /* BuiltIn */ code span.cf { color: #007ba5; } /* ControlFlow */ @@ -77,7 +77,7 @@ code span.kw { color: #007ba5; } /* Keyword */ code span.op { color: #5e5e5e; } /* Operator */ code span.ot { color: #007ba5; } /* Other */ code span.pp { color: #ad0000; } /* Preprocessor */ -code span.sc { color: #5e5e5e; } /* SpecialChar */ +code span.sc { color: #20794d; } /* SpecialChar */ code span.ss { color: #20794d; } /* SpecialString */ code span.st { color: #20794d; } /* String */ code span.va { color: #111111; } /* Variable */ @@ -85,28 +85,6 @@ code span.vs { color: #20794d; } /* VerbatimString */ code span.wa { color: #5e5e5e; font-style: italic; } /* Warning */ - - Notes on Nano @@ -132,17 +110,17 @@ code span.wa { color: #5e5e5e; font-style: italic; } /* Warning */ - - - - - - - - - - + + + + + + + + + + @@ -1298,10 +1276,7 @@ code span.wa { color: #5e5e5e; font-style: italic; } /* Warning */ // hoverable references $('span.citation[data-cites]').each(function() { - var refs = $(this).attr('data-cites').split(" "); - var refHtml = refs.map(function(ref) { - return "

" + $('#ref-' + ref).html() + "

"; - }).join("\n"); + var refHtml = $('#ref-' + $(this).attr('data-cites')).html(); window.tippy(this, { allowHTML: true, content: refHtml, @@ -1472,8 +1447,8 @@ code span.wa { color: #5e5e5e; font-style: italic; } /* Warning */ - - + + @@ -1521,16 +1496,24 @@ code span.wa { color: #5e5e5e; font-style: italic; } /* Warning */

The Current State of Crypto

-

In 2021 news about cryptocurrency has been dominated by meme coins. It is without a doubt that the crypto 2021 bull runs of 2021 have been thanks to the hype around coins with zero utility besides the ability to rapidly shoot up in value due to carefully constructed tokenomics1. Unfortunately, the hype surrounding coins with actual utility has been disappointingly low in 2021.

+

In 2021 news about cryptocurrency has been dominated by meme coins. It is without a doubt that the crypto bull runs of 2021 have been thanks to the hype around coins with zero utility besides the ability to rapidly shoot up in value due to carefully constructed tokenomics1. Unfortunately, the hype surrounding coins with actual utility has been disappointingly low in 2021.

The current narrative of the most influential coins is that bitcoin will change financial infrastructure and keep governments from taking our freedom. Ethereum will be the backbone for everything from the internet, to art, to the mortgage on your house. The rest of the top 10 (and most of the top 100) coins by market cap are either smart-contract platforms with little community gunning for Ethereum’s spot or meme coins promising valuations that challenge the wealth of the economy of the world.

Return of the Utility

The coin I want to talk about is Nano (XNO). As of writing, it is ranked #175 by market capitalization. Nano does one thing and executes it perfectly: being a currency. The current market capitalization is far lower than other coins with similar amounts of development and community. Ethereum has a vibrant ecosystem where usage causes more usage. The figure here illustrates this nicely. The only way to increase demand for Nano and increase the price is to get it used for everyday transactions which would make the limited supply more scarce. Currencies have so much more to offer the world than just stores of value that can shoot up in price, and I think Nano is the perfect example of that. A coin of pure utility.

-
-Data from (“Kraken” 2021) and (“CoinGecko,” n.d.) -
+ + +
+Data from (“Kraken” 2021) and (“CoinGecko” n.d.) +
+


Transactions must happen in seconds for a currency to be usable. Above are all the coins listed on Kraken, along with their confirmation time. Confirmation time is the amount of time Kraken recommends waiting before a transaction can be trusted not to be reversed on the blockchain. Kraken’s times are conservative, but I believe them to be a trusted authority on the topic. It’s important to note that most of the coins on this list are not designed with buying coffee in mind, but I think the comparison is still relevant since it is commonly believed that the only thing holding Bitcoin and its derivatives back from being used everywhere is hitting a critical mass of adoption among retail. Bitcoin is making progress, but Bitcoin today is far from being used as a currency.

-Data from (“CoinGecko,” n.d.) +Data from (“CoinGecko” n.d.)

Above are all of the coins capable of settling in less than 1 second, which is about on par with a credit card. I also believe that confirming in less than a second is a benchmark that must be hit to be useful for everyday transactions. Solana stands out the most since it is the only smart contract platform on the list and has the highest market cap. Solana has a ton of potential, but I don’t believe that a coin with a smart-contract platform can compete long-term with a coin specifically designed to be a currency. The DeFi and Parachain coins are more governance tokens than actual cryptocurrencies, so they aren’t designed with the scale required for use as a currency. That leaves Ripple and Nano, which have wildly different market caps. Ripple is quite controversial since it is centralized to the point that I would argue it’s closer to Visa than Bitcoin2. I believe a fraudulent organization runs Ripple, so I don’t want to justify it by talking about it too much here. However, it would be biased not to compare the performance and tokenomics since they are the only two serious projects with the goal to become a currency.

@@ -1607,37 +1590,37 @@ code span.wa { color: #5e5e5e; font-style: italic; } /* Warning */
-“Bitcoin Energy Consumption.” n.d. +“Bitcoin Energy Consumption.” n.d. Accessed November 28, 2021. https://digiconomist.net/bitcoin-energy-consumption/.
-“Coinbase - How to Send Crypto.” n.d. https://www.coinbase.com/learn/tips-and-tutorials/how-to-send-crypto. +“Coinbase - How to Send Crypto.” n.d. Accessed December 9, 2021. https://www.coinbase.com/learn/tips-and-tutorials/how-to-send-crypto.
-“CoinGecko.” n.d. +“CoinGecko.” n.d. Accessed November 28, 2021. https://www.coingecko.com/.
-Harper, Colin. 2021. “Nano’s Network Flooded With Spam, Nodes Out of Sync.” https://www.coindesk.com/tech/2021/03/11/nanos-network-flooded-with-spam-nodes-out-of-sync/. +Harper, Colin. 2021. “Nano’s Network Flooded With Spam, Nodes Out of Sync.” https://www.coindesk.com/tech/2021/03/11/nanos-network-flooded-with-spam-nodes-out-of-sync/.
-Jain, Anjali. 2021. “Ripple ‘Guilty of Fraud,’ but Not Securities Law Violations: Messari’s Selkis.” +Jain, Anjali. 2021. “Ripple ‘Guilty of Fraud,’ but Not Securities Law Violations: Messari’s Selkis.” https://ambcrypto.com/ripple-guilty-of-fraud-but-not-securities-law-violations-messaris-selkis/.
-“Kraken.” 2021, October. +“Kraken.” 2021, October. https://support.kraken.com/hc/en-us/articles/203325283-Cryptocurrency-deposit-processing-times.
-“Nano Is a Digital Currency for Everyone, Without Fees.” n.d. +“Nano Is a Digital Currency for Everyone, Without Fees.” n.d. Accessed November 28, 2021. https://nano.org/.
-“NanoLooker Representatives.” n.d. +“NanoLooker Representatives.” n.d. Accessed November 28, 2021. https://nanolooker.com/representatives.
-“Ripple | Global Instant Payments.” n.d. +“Ripple Global Instant Payments.” n.d. Accessed November 28, 2021. https://ripple.com/.
-“Shiba Inu Ecosystem.” n.d. +“Shiba Inu Ecosystem.” n.d. https://woofpaper.org/SHIBAINU_Ecosystem_WOOF_Paper.pdf.
-Srinivasan, Balaji S. 2017. “Quantifying Decentralization.” Earn.com. +Srinivasan, Balaji S. 2017. “Quantifying Decentralization.” Earn.com. https://news.earn.com/quantifying-decentralization-e39db233c28e.
@@ -1646,13 +1629,13 @@ Srinivasan, Balaji S. 2017. “Quantifying Decentralization.”

“Shiba Inu Ecosystem” (n.d.)↩︎

  • Jain (2021)↩︎

  • “Nano Is a Digital Currency for Everyone, Without Fees.” (n.d.)↩︎

    • -

  • “Ripple | Global Instant Payments” (n.d.)↩︎

    • +

  • “Ripple Global Instant Payments” (n.d.)↩︎

  • “CoinGecko” (n.d.)↩︎

  • Subject to change at any moment.↩︎

  • Srinivasan (2017)↩︎

  • “NanoLooker Representatives” (n.d.)↩︎

  • cryptonomist_xrp↩︎

    • -

  • “Bitcoin Energy Consumption” (n.d.)↩︎

    • +

  • “Bitcoin Energy Consumption” (n.d.)↩︎

  • CanadianVelociraptor_2018↩︎

  • Numbers as of writing. Mining difficulty is variable, and hardware efficiency gets better every day.↩︎

  • “Coinbase - How to Send Crypto” (n.d.)↩︎