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_posts/2021-11-27-notes-on-nano/.vscode/settings.json

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+{
+    "cSpell.words": [
+        "cryptonomist"
+    ]
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_posts/2021-11-27-notes-on-nano/citations.bib

@@ -0,0 +1,117 @@
+ @misc{Jain_2021,
+  title        = {Ripple ‘guilty of fraud,’ but not securities law violations: Messari’s Selkis},
+  url          = {https://ambcrypto.com/ripple-guilty-of-fraud-but-not-securities-law-violations-messaris-selkis/},
+  abstractnote = {Ripple Labs has been fighting the United States Securities and Exchange Commission (SEC) in an ugly court battle for almost a year now. And yet, still, there is no respite in sight. When the blockchain firm was first accused by the watchdog of violating securities laws, many in the crypto-community came out to support Ripple. […]},
+  journal      = {AMBCrypto},
+  author       = {Jain, Anjali},
+  year         = {2021},
+  month        = {Nov}
+}
+
+ @article{Shiba,
+  title     = {Shiba Inu Ecosystem},
+  publisher = {Shiba Inu},
+  url       = {https://woofpaper.org/SHIBAINU_Ecosystem_WOOF_Paper.pdf}
+}
+
+ @article{LeMahieu,
+  title        = {Nano: A Feeless Distributed Cryptocurrency Network},
+  url          = {https://content.nano.org/whitepaper/Nano_Whitepaper_en.pdf},
+  abstractnote = {Recently, high demand and limited scalability have
+                  increased the average transaction times and fees in popular
+                  cryptocurrencies, yielding an unsatisfactory experience. Here we
+                  introduce Nano, a cryptocurrency with a novel block-lattice architecture where each account has its own blockchain, delivering
+                  near instantaneous transaction speed and unlimited scalability.
+                  Each user has their own blockchain, allowing them to update
+                  it asynchronously to the rest of the network, resulting in fast
+                  transactions with minimal overhead. Transactions keep track
+                  of account balances rather than transaction amounts, allowing
+                  aggressive database pruning without compromising security. To
+                  date, the Nano network has processed 4.2 million transactions
+                  with an unpruned ledger size of only 1.7GB. Nano’s feeless,
+                  split-second transactions make it the premier cryptocurrency for
+                  consumer transactions.},
+  publisher    = {nano.org},
+  author       = {LeMahieu, Colin}
+}
+
+ @misc{Srinivasan_2017,
+  title        = {Quantifying Decentralization},
+  url          = {https://news.earn.com/quantifying-decentralization-e39db233c28e},
+  abstractnote = {We must be able to measure blockchain decentralization before we can improve it.},
+  journal      = {News Earn},
+  publisher    = {Earn.com},
+  author       = {Srinivasan, Balaji S.},
+  year         = {2017},
+  month        = {Oct}
+}
+
+
+
+@misc{NLReps,
+  title    = {NanoLooker Representatives},
+  url      = {https://nanolooker.com/representatives},
+  abstract = {Explore the nano crypto currency blockchain.},
+  urldate  = {2021-11-28}
+}
+
+@misc{nano,
+  title    = {Nano is a digital currency for everyone, without fees.
+              },
+  url      = {https://nano.org/},
+  abstract = {Nano is a new currency that happens to be digital.
+              Just like the cash in your pocket, choosing to transact with nano ensures that 100% of the value is transferred directly to the recipient.
+              
+              Created to facilitate both local and international payments, choosing to use nano makes moving money across borders effortless and feeless.},
+  urldate  = {2021-11-28}
+}
+
+@misc{ripple,
+  title    = {Ripple | Global Instant Payments},
+  url      = {https://ripple.com/},
+  abstract = {Efficiently Move Money to all Corners of the world},
+  urldate  = {2021-11-28}
+}
+
+@article{kraken_deposit,
+  title        = {Kraken},
+  url          = {https://support.kraken.com/hc/en-us/articles/203325283-Cryptocurrency-deposit-processing-times},
+  abstractnote = {For security reasons, we require cryptocurrency deposits to receive a number of confirmations on its blockchain before the funds can be credited to your account.},
+  publisher    = {Kraken},
+  year         = {2021},
+  month        = {Oct},
+  urldate      = {2021-11-28}
+}
+
+@misc{coingecko,
+  title    = {CoinGecko},
+  url      = {https://www.coingecko.com/},
+  abstract = {CoinGecko provides a fundamental analysis of the crypto market. In addition to tracking price, volume and market capitalisation, CoinGecko tracks community growth, open-source code development, major events and on-chain metrics.},
+  urldate  = {2021-11-28}
+}
+
+@misc{cryptonomist_xrp,
+  url          = {https://en.cryptonomist.ch/2020/01/25/ripple-who-owns-the-most-xrp/},
+  abstractnote = {This is how Ripple ownership is distributed},
+  journal      = {The Cryptonomist},
+  year         = {2020},
+  month        = {Jan},
+  urldate      = {2021-11-28}
+}
+
+@misc{BTC_ECI,
+  url          = {https://digiconomist.net/bitcoin-energy-consumption/},
+  abstractnote = {The Bitcoin Energy Consumption Index provides the latest estimate of the total energy consumption of the Bitcoin network.},
+  journal      = {Digiconomist},
+  urldate      = {2021-11-28}
+}
+
+@misc{CanadianVelociraptor_2018,
+  title   = {The entire Nano network is so efficient that, operating at 7000tps, it can be powered by a single wind turbine.},
+  url     = {https://www.reddit.com/r/nanocurrency/comments/7ucw1a/the_entire_nano_network_is_so_efficient_that/},
+  journal = {Reddit},
+  author  = {CanadianVelociraptor},
+  year    = {2018},
+  month   = {Feb},
+  urldate = {2021-11-28}
+}

_posts/2021-11-27-notes-on-nano/notes-on-nano.Rmd

@@ -1,7 +1,7 @@
 ---
 title: "Notes on Nano"
 description: |
-  A short description of the post.
+  Nano is a fast, feeless and severely underrated currency.
 author:
   - name: Anson Biggs
     url: https://ansonbiggs.com
@@ -9,22 +9,47 @@ date: 11-27-2021
 output:
   distill::distill_article:
     self_contained: false
+categories:
+  - Cryptocurrency
+  - Notes
+bibliography: citations.bib
+creative_commons: CC BY
 ---
 
 # The Current State of Crypto
 
-In 2021 news about cryptocurrency has been dominated by *meme coins*. It is without a doubt that cryptos 2021 bull run has been thanks to the hype around coins with zero utility besides the ability to rapidly shoot up in value. The hype surrounding coins with actual utlity has been disappointingly low in 2021. 
+In 2021 news about cryptocurrency has been dominated by _meme coins_. It is without a doubt that cryptos 2021 bull run has been thanks to the hype around coins with zero utility besides the ability to rapidly shoot up in value due to carefully constructed tokenomics ^[@Shiba]. The hype surrounding coins with actual utility has been disappointingly low in 2021.
 
-The current narrative of the largest coins is that bitcoin is going to change financial infrastructure and keep governments from taking our freedom. Ethereum is going to 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 are either smart contract platforms with little community gunning for Ethereum's spot or meme coins promising valuations that challenge the wealth of the worlds economy. 
+The current narrative of the largest coins is that bitcoin is going to change financial infrastructure and keep governments from taking our freedom. Ethereum is going to 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 worlds economy.
 
-## Return of the Utility
+# Return of the Utility
 
-The coin I want to talk about is nano ($xno). As of writing it is ranked #169 by market capitalization. Nano does one thing and executes on it perfectly: being a currency. 
+The coin I want to talk about is Nano (XNO). As of writing it is ranked #169 by market capitalization. Nano does one thing and executes on it perfectly: being a currency. The current market capitalization is far lower than other coins with similar amounts of development and community. This is likely due to the lack of a network effect. Most coins have feedback loops that drive transactions. The only way to increase demand for Nano and increase the price is to get it used for everyday transactions. In the world of meme coins it can be very hard to get attention to a project that isn't made to have massive swings in price but hopefully I can explain by the end of this post why Nano is worth using.
 
-![Market Caps of Common Coins](caps.svg)
+![Data from [@kraken_deposit] and [@coingecko]](caps.svg)
 
-In order to be used for transactions a currency needs to be exchanged in seconds. Above is all the coins listed on Kraken along with the confirmation time. Confirmation time is the amount of time that Kraken recommends waiting before you can be sure that a transaction has been cemented by the blockchain and can not be reversed. Their times are a bit conservative but considering they use the same time for all sizes of transactions I think the values are accurate. To be fair, most of the coins on this list were never designed with buying coffee in mind but I think the comparison is still important since it is commonly believed that the only thing holding bitcoin and its derivates back from being used everywhere is hitting a critical mass of adoption among retail. There is some progress being made but Bitcon today is far from being capable for use as a currency. 
+In order to be used for transactions a currency needs to be exchanged in seconds. Above is all the coins listed on Kraken along with the confirmation time. Confirmation time is the amount of time that Kraken recommends waiting before you can be sure that a transaction has been cemented by the blockchain and can not be reversed. Kraken's times are a bit conservative but considering they use the same time for all sizes of transactions I think the values are accurate and a trusted source to rely on for the information. To be fair, most of the coins on this list were never designed with buying coffee in mind but I think the comparison is still important 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. There is some progress being made but Bitcoin today is far from being capable for use as a currency.
 
-![Market Caps of Fast Coins](fast.svg)
+![Data from [@coingecko]](fast.svg)
 
-Here are all of the coins that are capable of settling in less than 1 second which is about on par with a credit card. Solana stands out the most since it is the only smart contract 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 deisigned 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 its closer to Visa than Bitcoin. 
+Above are all of the coins that are capable of settling in less than 1 second which is about on par with a credit card. Solana stands out the most since it is the only smart contract 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 its closer to Visa than Bitcoin^[@Jain_2021]. I personally think that Ripple is ran by a fraudulent organization so I don't want to justify it by talking about it too much here. However it would be unfair to no at least compare the performance and tokenomics since they are the only two serious projects with the goal of becoming a currency.
+
+:::l-body-outset
+| | Nano^[@nano] | Ripple^[@ripple] |
+| ----------------------------------------------- | ------------------------------------------------------------ | ----------------------------------------------------------------------------------------- |
+| Ticker | XNO | XRP |
+| Symbol | Ӿ | N/A |
+| Market Cap^[@coingecko] | .650B | 46B |
+| Transaction Speed | <1 second | 3+ seconds |
+| Transaction Fee | 0 | 0.00001 XRP^[Subject to change at any moment.] |
+| Minimum Nakamoto Coefficient^[@Srinivasan_2017] | 10 [@NLReps] | 1 |
+| Supply | All coins minted, no mechanism to remove coins from network. | All coins minted, transactions reduce overall supply. |
+| Foundation Ownership | Ӿ7 million Developer Fund | Ripple foundation and the founder own well over half of all the coins.^[cryptonomist_xrp] |
+| Initial Distribution | Faucets | Initial Coin Offering |
+:::
+
+# What is Nano
+
+**Nano is fast** because there is no concept of block times. Every wallet has its own unique blockchain and each "block" only contains a single transaction. Since the block is only needed when a transaction is made it means that wallets can pre mine a block and hold onto the proof of work until the next transaction is created. So when a transaction is made it is instantly propagated to the network and the nodes that govern the network only keep track of the balance of each wallet.
+
+**Nano is free** to transact because it does not rely on paying miners and it is designed to be efficient. Bitcoin requires 1900 KWh of power for a single transaction^[BTC_ECI] whereas Nano is only 0.111 Wh per transaction^[CanadianVelociraptor_2018] which is a difference of about 17 million percent.^[Numbers as of writing. Mining difficulty is variable and the efficiency of hardware gets better every day.] There are many arguments to be made that without proper incentives no one will run the nodes required to keep the network healthy. Nano is able to work around this by keeping the requirements to run a Node very low. The Nano whitepaper goes into great detail about the types of nodes.

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+<p><p>Nano is a fast, feeless and severely underrated currency.</p></p>
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 <div class="d-article">
 <h1 id="the-current-state-of-crypto">The Current State of Crypto</h1>
-<p>In 2021 news about cryptocurrency has been dominated by <em>meme coins</em>. It is without a doubt that cryptos 2021 bull run has been thanks to the hype around coins with zero utility besides the ability to rapidly shoot up in value. The hype surrounding coins with actual utlity has been disappointingly low in 2021.</p>
+<p>In 2021 news about cryptocurrency has been dominated by <em>meme coins</em>. It is without a doubt that cryptos 2021 bull run has been thanks to the hype around coins with zero utility besides the ability to rapidly shoot up in value due to carefully constructed tokenomics <a href="#fn1" class="footnote-ref" id="fnref1" role="doc-noteref"><sup>1</sup></a>. The hype surrounding coins with actual utility has been disappointingly low in 2021.</p>
-<p>The current narrative of the largest coins is that bitcoin is going to change financial infrastructure and keep governments from taking our freedom. Ethereum is going to 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 are either smart contract platforms with little community gunning for Ethereum’s spot or meme coins promising valuations that challenge the wealth of the worlds economy.</p>
+<p>The current narrative of the largest coins is that bitcoin is going to change financial infrastructure and keep governments from taking our freedom. Ethereum is going to 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 worlds economy.</p>
-<h2 id="return-of-the-utility">Return of the Utility</h2>
+<h1 id="return-of-the-utility">Return of the Utility</h1>
-<p>The coin I want to talk about is nano ($xno). As of writing it is ranked #169 by market capitalization. Nano does one thing and executes on it perfectly: being a currency.</p>
+<p>The coin I want to talk about is Nano (XNO). As of writing it is ranked #169 by market capitalization. Nano does one thing and executes on it perfectly: being a currency. The current market capitalization is far lower than other coins with similar amounts of development and community. This is likely due to the lack of a network effect. Most coins have feedback loops that drive transactions. The only way to increase demand for Nano and increase the price is to get it used for everyday transactions. In the world of meme coins it can be very hard to get attention to a project that isn’t made to have massive swings in price but hopefully I can explain by the end of this post why Nano is worth using.</p>
 <figure>
-<img src="caps.svg" alt="Market Caps of Common Coins" /><figcaption aria-hidden="true">Market Caps of Common Coins</figcaption>
+<img src="caps.svg" alt="Data from (“Kraken” 2021) and (“CoinGecko” n.d.)" /><figcaption aria-hidden="true">Data from <span class="citation" data-cites="kraken_deposit">(<a href="#ref-kraken_deposit" role="doc-biblioref"><span>“Kraken”</span> 2021</a>)</span> and <span class="citation" data-cites="coingecko">(<a href="#ref-coingecko" role="doc-biblioref"><span>“CoinGecko”</span> n.d.</a>)</span></figcaption>
 </figure>
-<ul>
+<p>In order to be used for transactions a currency needs to be exchanged in seconds. Above is all the coins listed on Kraken along with the confirmation time. Confirmation time is the amount of time that Kraken recommends waiting before you can be sure that a transaction has been cemented by the blockchain and can not be reversed. Kraken’s times are a bit conservative but considering they use the same time for all sizes of transactions I think the values are accurate and a trusted source to rely on for the information. To be fair, most of the coins on this list were never designed with buying coffee in mind but I think the comparison is still important 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. There is some progress being made but Bitcoin today is far from being capable for use as a currency.</p>
-<li>In order to be used for transactions a coin needs to be transacted in seconds. Above is all the coins listed on Kraken along with the confirmation time. Confirmation time is the amount of time that Kraken recommends waiting before you can be sure that a transaction has been cemented by the blockchain and can not be reversed.</li>
-</ul>
 <figure>
-<img src="fast.svg" alt="Market Caps of Fast Coins" /><figcaption aria-hidden="true">Market Caps of Fast Coins</figcaption>
+<img src="fast.svg" alt="Data from (“CoinGecko” n.d.)" /><figcaption aria-hidden="true">Data from <span class="citation" data-cites="coingecko">(<a href="#ref-coingecko" role="doc-biblioref"><span>“CoinGecko”</span> n.d.</a>)</span></figcaption>
 </figure>
-<p>more discussion</p>
+<p>Above are all of the coins that are capable of settling in less than 1 second which is about on par with a credit card. Solana stands out the most since it is the only smart contract 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 its closer to Visa than Bitcoin<a href="#fn2" class="footnote-ref" id="fnref2" role="doc-noteref"><sup>2</sup></a>. I personally think that Ripple is ran by a fraudulent organization so I don’t want to justify it by talking about it too much here. However it would be unfair to no at least compare the performance and tokenomics since they are the only two serious projects with the goal of becoming a currency.</p>
+<div class="l-body-outset">
+<table>
+<colgroup>
+<col style="width: 23%" />
+<col style="width: 30%" />
+<col style="width: 45%" />
+</colgroup>
+<thead>
+<tr class="header">
+<th></th>
+<th>Nano<a href="#fn3" class="footnote-ref" id="fnref3" role="doc-noteref"><sup>3</sup></a></th>
+<th>Ripple<a href="#fn4" class="footnote-ref" id="fnref4" role="doc-noteref"><sup>4</sup></a></th>
+</tr>
+</thead>
+<tbody>
+<tr class="odd">
+<td>Ticker</td>
+<td>XNO</td>
+<td>XRP</td>
+</tr>
+<tr class="even">
+<td>Symbol</td>
+<td>Ӿ</td>
+<td>N/A</td>
+</tr>
+<tr class="odd">
+<td>Market Cap<a href="#fn5" class="footnote-ref" id="fnref5" role="doc-noteref"><sup>5</sup></a></td>
+<td>.650B</td>
+<td>46B</td>
+</tr>
+<tr class="even">
+<td>Transaction Speed</td>
+<td>&lt;1 second</td>
+<td>3+ seconds</td>
+</tr>
+<tr class="odd">
+<td>Transaction Fee</td>
+<td>0</td>
+<td>0.00001 XRP<a href="#fn6" class="footnote-ref" id="fnref6" role="doc-noteref"><sup>6</sup></a></td>
+</tr>
+<tr class="even">
+<td>Minimum Nakamoto Coefficient<a href="#fn7" class="footnote-ref" id="fnref7" role="doc-noteref"><sup>7</sup></a></td>
+<td>10 <span class="citation" data-cites="NLReps">(<a href="#ref-NLReps" role="doc-biblioref"><span>“NanoLooker Representatives”</span> n.d.</a>)</span></td>
+<td>1</td>
+</tr>
+<tr class="odd">
+<td>Supply</td>
+<td>All coins minted, no mechanism to remove coins from network.</td>
+<td>All coins minted, transactions reduce overall supply.</td>
+</tr>
+<tr class="even">
+<td>Foundation Ownership</td>
+<td>Ӿ7 million Developer Fund</td>
+<td>Ripple foundation and the founder own well over half of all the coins.<a href="#fn8" class="footnote-ref" id="fnref8" role="doc-noteref"><sup>8</sup></a></td>
+</tr>
+<tr class="odd">
+<td>Initial Distribution</td>
+<td>Faucets</td>
+<td>Initial Coin Offering</td>
+</tr>
+</tbody>
+</table>
+</div>
+<h1 id="what-is-nano">What is Nano</h1>
+<p><strong>Nano is fast</strong> because there is no concept of block times. Every wallet has its own unique blockchain and each “block” only contains a single transaction. Since the block is only needed when a transaction is made it means that wallets can pre mine a block and hold onto the proof of work until the next transaction is created. So when a transaction is made it is instantly propagated to the network and the nodes that govern the network only keep track of the balance of each wallet.</p>
+<p><strong>Nano is free</strong> to transact because it does not rely on paying miners and it is designed to be efficient. Bitcoin requires 1900 KWh of power for a single transaction<a href="#fn9" class="footnote-ref" id="fnref9" role="doc-noteref"><sup>9</sup></a> whereas Nano is only 0.111 Wh per transaction<a href="#fn10" class="footnote-ref" id="fnref10" role="doc-noteref"><sup>10</sup></a> which is a difference of about 17 million percent.<a href="#fn11" class="footnote-ref" id="fnref11" role="doc-noteref"><sup>11</sup></a> There are many arguments to be made that without proper incentives no one will run the nodes required to keep the network healthy. Nano is able to work around this by keeping the requirements to run a Node very low. The Nano whitepaper goes into great detail about the types of nodes.</p>
 <div class="sourceCode" id="cb1"><pre class="sourceCode r distill-force-highlighting-css"><code class="sourceCode r"></code></pre></div>
+<div id="refs" class="references csl-bib-body hanging-indent" role="doc-bibliography">
+<div id="ref-coingecko" class="csl-entry" role="doc-biblioentry">
+<span>“CoinGecko.”</span> n.d. Accessed November 28, 2021. <a href="https://www.coingecko.com/">https://www.coingecko.com/</a>.
+</div>
+<div id="ref-Jain_2021" class="csl-entry" role="doc-biblioentry">
+Jain, Anjali. 2021. <span>“Ripple <span>‘Guilty of Fraud,’</span> but Not Securities Law Violations: Messari’s Selkis.”</span> <em>AMBCrypto</em>. <a href="https://ambcrypto.com/ripple-guilty-of-fraud-but-not-securities-law-violations-messaris-selkis/">https://ambcrypto.com/ripple-guilty-of-fraud-but-not-securities-law-violations-messaris-selkis/</a>.
+</div>
+<div id="ref-kraken_deposit" class="csl-entry" role="doc-biblioentry">
+<span>“Kraken.”</span> 2021, October. <a href="https://support.kraken.com/hc/en-us/articles/203325283-Cryptocurrency-deposit-processing-times">https://support.kraken.com/hc/en-us/articles/203325283-Cryptocurrency-deposit-processing-times</a>.
+</div>
+<div id="ref-nano" class="csl-entry" role="doc-biblioentry">
+<span>“Nano Is a Digital Currency for Everyone, Without Fees.”</span> n.d. Accessed November 28, 2021. <a href="https://nano.org/">https://nano.org/</a>.
+</div>
+<div id="ref-NLReps" class="csl-entry" role="doc-biblioentry">
+<span>“NanoLooker Representatives.”</span> n.d. Accessed November 28, 2021. <a href="https://nanolooker.com/representatives">https://nanolooker.com/representatives</a>.
+</div>
+<div id="ref-ripple" class="csl-entry" role="doc-biblioentry">
+<span>“Ripple | Global Instant Payments.”</span> n.d. Accessed November 28, 2021. <a href="https://ripple.com/">https://ripple.com/</a>.
+</div>
+<div id="ref-Shiba" class="csl-entry" role="doc-biblioentry">
+<span>“Shiba Inu Ecosystem.”</span> n.d. <a href="https://woofpaper.org/SHIBAINU_Ecosystem_WOOF_Paper.pdf">https://woofpaper.org/SHIBAINU_Ecosystem_WOOF_Paper.pdf</a>.
+</div>
+<div id="ref-Srinivasan_2017" class="csl-entry" role="doc-biblioentry">
+Srinivasan, Balaji S. 2017. <span>“Quantifying Decentralization.”</span> <em>News Earn</em>. Earn.com. <a href="https://news.earn.com/quantifying-decentralization-e39db233c28e">https://news.earn.com/quantifying-decentralization-e39db233c28e</a>.
+</div>
+</div>
+<section class="footnotes" role="doc-endnotes">
+<hr />
+<ol>
+<li id="fn1" role="doc-endnote"><p><span class="citation" data-cites="Shiba"><span>“Shiba Inu Ecosystem”</span> (<a href="#ref-Shiba" role="doc-biblioref">n.d.</a>)</span><a href="#fnref1" class="footnote-back" role="doc-backlink">↩︎</a></p></li>
+<li id="fn2" role="doc-endnote"><p><span class="citation" data-cites="Jain_2021">Jain (<a href="#ref-Jain_2021" role="doc-biblioref">2021</a>)</span><a href="#fnref2" class="footnote-back" role="doc-backlink">↩︎</a></p></li>
+<li id="fn3" role="doc-endnote"><p><span class="citation" data-cites="nano"><span>“Nano Is a Digital Currency for Everyone, Without Fees.”</span> (<a href="#ref-nano" role="doc-biblioref">n.d.</a>)</span><a href="#fnref3" class="footnote-back" role="doc-backlink">↩︎</a></p></li>
+<li id="fn4" role="doc-endnote"><p><span class="citation" data-cites="ripple"><span>“Ripple | Global Instant Payments”</span> (<a href="#ref-ripple" role="doc-biblioref">n.d.</a>)</span><a href="#fnref4" class="footnote-back" role="doc-backlink">↩︎</a></p></li>
+<li id="fn5" role="doc-endnote"><p><span class="citation" data-cites="coingecko"><span>“CoinGecko”</span> (<a href="#ref-coingecko" role="doc-biblioref">n.d.</a>)</span><a href="#fnref5" class="footnote-back" role="doc-backlink">↩︎</a></p></li>
+<li id="fn6" role="doc-endnote"><p>Subject to change at any moment.<a href="#fnref6" class="footnote-back" role="doc-backlink">↩︎</a></p></li>
+<li id="fn7" role="doc-endnote"><p><span class="citation" data-cites="Srinivasan_2017">Srinivasan (<a href="#ref-Srinivasan_2017" role="doc-biblioref">2017</a>)</span><a href="#fnref7" class="footnote-back" role="doc-backlink">↩︎</a></p></li>
+<li id="fn8" role="doc-endnote"><p>cryptonomist_xrp<a href="#fnref8" class="footnote-back" role="doc-backlink">↩︎</a></p></li>
+<li id="fn9" role="doc-endnote"><p>BTC_ECI<a href="#fnref9" class="footnote-back" role="doc-backlink">↩︎</a></p></li>
+<li id="fn10" role="doc-endnote"><p>CanadianVelociraptor_2018<a href="#fnref10" class="footnote-back" role="doc-backlink">↩︎</a></p></li>
+<li id="fn11" role="doc-endnote"><p>Numbers as of writing. Mining difficulty is variable and the efficiency of hardware gets better every day.<a href="#fnref11" class="footnote-back" role="doc-backlink">↩︎</a></p></li>
+</ol>
+</section>
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 </div>
@@ -1505,7 +1625,12 @@ code span.wa { color: #5e5e5e; font-style: italic; } /* Warning */
 <!--radix_placeholder_site_after_body-->
 <!--/radix_placeholder_site_after_body-->
 <!--radix_placeholder_appendices-->
-<div class="appendix-bottom"></div>
+<div class="appendix-bottom">
+<h3 id="references">References</h3>
+<div id="references-listing"></div>
+<h3 id="reuse">Reuse</h3>
+<p>Text and figures are licensed under Creative Commons Attribution <a rel="license" href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a>. The figures that have been reused from other sources don't fall under this license and can be recognized by a note in their caption: "Figure from ...".</p>
+</div>
 <!--/radix_placeholder_appendices-->
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_posts/2021-11-27-notes-on-nano/notes-on-nano.jl

@@ -3,12 +3,12 @@ using DataFrames
 using HTTP
 using StringViews
 using JSON
+using Dates
 
 using Plots
 using StatsPlots
 using Colors
 theme(:ggplot2)
-jlc = Colors.JULIA_LOGO_COLORS;
 
 kraken = """
 cryptocurrency	confirmationMinutes
@@ -124,16 +124,34 @@ caps = HTTP.get(mktcap_url).body |>
 df.mktcap = [caps[id]["usd_market_cap"] ./ 1e9 for id in df.id]
 df = df[df.mktcap.!=0, :]
 
+
+function imp_func(name)
+    important = ["Bitcoin" "Ethereum" "Nano" "Dogecoin" "XRP" "Solana"]
+    if name in important
+        println(name)
+        name |> typeof |> println
+        return name
+    else
+        return ""
+    end
+end
+
+df.important = imp_func.(df.name)
+sort!(df, :confirmationMinutes)
+
 let
-    scatter(df.confirmationMinutes .+ 0.1, df.mktcap, alpha = 0.5, label = nothing)
+    @df df[df.important.!="", :] scatter(:confirmationMinutes, :mktcap, group = :cryptocurrency, markersize = 6, alpha = 0.9)
+    @df df[df.important.=="", :] scatter!(:confirmationMinutes, :mktcap, alpha = 0.5, label = "Other")
+
     title!("Market Cap vs. Confirmation Time")
     xlabel!("Confirmation Time (Minutes)")
     ylabel!("Market Cap (Billions USD)")
-    annotate!(12, 425, "Ethereum")
+    # annotate!(12, 435, "Ethereum")
-    annotate!(45, 975, "Bitcoin")
+    # annotate!(45, 1010, "Bitcoin")
-    annotate!(-1, 1000, text("Prices as of: $(today())", :left, 8))
+    annotate!(2, 1090, text("Prices as of: $(today())", :left, 8))
+    plot!(legend = :topleft)
 
-    # savefig("caps.svg")
+    savefig("caps.svg")
 end
 
 fast = df[df.confirmationMinutes.==0, :]
@@ -147,7 +165,7 @@ cats = [
     "oxygen" "DeFi"
     "raydium" "DeFi"
     "serum" "DeFi"
-    "solana" "Smart Contract" # Only smart contract and market cap is way too high
+    "solana" "Smart Contract"
     "stellar" "Parachain"
     "ripple" "Currency"
 ] |> x -> DataFrame(x, [:id, :category])
@@ -167,11 +185,8 @@ let
 
     title!("Market Caps of Fast Coins")
     ylabel!("Market Cap (Billions USD)")
-    # savefig("fast.svg")
+    savefig("fast.svg")
 end
 
-currency = fast[fast.category.=="Currency", :]
-
-@df currency pie(:cryptocurrency, :mktcap, title = "Market Cap")
 
 currency