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_posts/2021-11-27-notes-on-nano/citations.bib
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@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}
title = {Bitcoin {{Energy Consumption}}},
annotation = {Abstract Note: The Bitcoin Energy Consumption Index provides the latest estimate of the total energy consumption of the Bitcoin network.}
}
@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}
}
title = {The Entire {{Nano}} Network Is so Efficient That, Operating at 7000tps, It Can Be Powered by a Single Wind Turbine.},
author = {{CanadianVelociraptor}},
year = {2018},
month = feb
}
@misc{CoinbaseHowSend,
title = {Coinbase - {{How}} to Send Crypto},
abstract = {Learn how to send crypto to another wallet \textemdash{} to a friend, family member, or store.},
howpublished = {https://www.coinbase.com/learn/tips-and-tutorials/how-to-send-crypto},
langid = {english},
file = {C\:\\Users\\anson\\Zotero\\storage\\UM9W87NV\\how-to-send-crypto.html}
}
@misc{coingecko,
title = {{{CoinGecko}}},
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.}
}
@misc{cryptonomist_xrp,
title = {Who {{Owns}} the {{Most XRP}}},
year = {2020},
month = jan,
annotation = {Abstract Note: This is how Ripple ownership is distributed}
}
@misc{harperNanoNetworkFlooded2021,
title = {Nano's {{Network Flooded With Spam}}, {{Nodes Out}} of {{Sync}}},
author = {Harper, Colin},
year = {2021},
month = mar,
abstract = {Developers encouraged node operators to throttle their bandwidth in response. They had to make it worse before it could get better.},
chapter = {Tech},
howpublished = {https://www.coindesk.com/tech/2021/03/11/nanos-network-flooded-with-spam-nodes-out-of-sync/},
langid = {english},
file = {C\:\\Users\\anson\\Zotero\\storage\\JFG5PHT8\\nanos-network-flooded-with-spam-nodes-out-of-sync.html}
}
@misc{Jain_2021,
title = {Ripple `Guilty of Fraud,' but Not Securities Law Violations: {{Messari}}'s {{Selkis}}},
author = {Jain, Anjali},
year = {2021},
month = nov,
annotation = {Abstract Note: 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. [\ldots ]}
}
@article{kraken_deposit,
title = {Kraken},
year = {2021},
month = oct,
publisher = {{Kraken}},
annotation = {Abstract Note: 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.}
}
@article{LeMahieu,
title = {Nano: {{A}} Feeless Distributed Cryptocurrency Network},
author = {LeMahieu, Colin},
publisher = {{nano.org}},
annotation = {Abstract Note: 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.}
}
@misc{nano,
title = {Nano Is a Digital Currency for Everyone, without Fees.},
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.}
}
@misc{NLReps,
title = {{{NanoLooker}} Representatives},
abstract = {Explore the nano crypto currency blockchain.}
}
@misc{ripple,
title = {Ripple | Global Instant Payments},
abstract = {Efficiently Move Money to all Corners of the world}
}
@article{Shiba,
title = {Shiba Inu Ecosystem},
publisher = {{Shiba Inu}}
}
@misc{Srinivasan_2017,
title = {Quantifying Decentralization},
author = {Srinivasan, Balaji S.},
year = {2017},
month = oct,
publisher = {{Earn.com}},
annotation = {Abstract Note: We must be able to measure blockchain decentralization before we can improve it.}
}

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_posts/2021-11-27-notes-on-nano/notes-on-nano.Rmd
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---
title: "Notes on Nano"
description: |
Nano is a fast, feeless and severely underrated currency.
Nano (Ӿ) is a fast, feeless and severely underrated currency.
author:
- name: Anson Biggs
url: https://ansonbiggs.com
date: 11-27-2021
date: 12-08-2021
output:
distill::distill_article:
self_contained: false
@ -18,21 +18,21 @@ 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 due to carefully constructed tokenomics ^[@Shiba]. 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 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 tokenomics^[@Shiba]. 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 #169 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.](https://twitter.com/domothy/status/1462988092848156677/photo/1) The only way to increase demand for Nano and increase the price is to get it used for everyday transactions. 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.
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.](https://twitter.com/domothy/status/1462988092848156677/photo/1) 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_deposit] and [@coingecko]](caps.svg)
Exchanges 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.
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]](fast.svg)
Above are all of the coins 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 for 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 Bitcoin^[@Jain_2021]. 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 to become a currency.
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 Bitcoin^[@Jain_2021]. 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.
:::l-body-outset
| | Nano^[@nano] | Ripple^[@ripple] |
@ -42,7 +42,7 @@ Above are all of the coins capable of settling in less than 1 second, which is 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 |
| 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 |
@ -52,4 +52,14 @@ Above are all of the coins capable of settling in less than 1 second, which is a
**Nano is fast** because it uses a block-lattice architecture. This means that there is no concept of block times which are the limiting factor for most cryptocurrency's transaction time. Every wallet has a unique blockchain, and each "block" only contains a single transaction. Since the block is only needed when a transaction is made, wallets can pre-mine a block and hold onto the proof of work. Since each wallet manages its blockchain and proof of work, nodes only need to worry about the balance of each wallet. This enables transactions to be 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 for proof of work, and it is designed to be efficient so running a node is cheap. 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 that no one will run the nodes required to keep the network healthy without proper incentives. Nano is able to work around this by keeping the requirements to run a Node very low so that the indirect benefits of running a node far outweigh the costs of running the hardware. Companies will likely run nodes since running a node will be cheaper than paying transaction fees for other payment methods. The Nano whitepaper goes into great detail about the types of nodes.
**Nano is free** to transact because it does not rely on paying miners for proof of work, and it is designed to be efficient so running a node is cheap and does not require support from the network. 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 hardware efficiency gets better every day.] There are many arguments that no one will run the nodes required to keep the Nano network healthy without proper incentives. Nano can work around this by keeping the requirements to run a Node very low so that the indirect benefits of running a node far outweigh the costs of the hardware. Companies will likely run nodes since running a node will be cheaper than paying transaction fees for other payment methods. The Nano whitepaper goes into great detail about the types of nodes.
# Why isn't Nano Mainstream
Most cryptocurrencies have features that directly benefit other users or network maintainers from being used. Transaction fees fed back into the coin's ecosystem are a great way to create feedback loops that generate more use for a coin. The incentive structure for Nano is much less direct but arguably much more potent. Established players in the cryptocurrency and payment processor world benefit significantly from having transactions go through them. To single out Coinbase, they have a feature where you can transfer crypto between any other member on the platform instantly and free^[@CoinbaseHowSend]. This proprietary feature could create a walled garden that Nano threatens to dismantle.
It would be unfair to suggest that Nano's problems are from big established players fighting innovation. Nano's most vital features also make it susceptible to spam attacks. Since there is no fee and the network supports dividing 1 Nano into 30 decimal places, attackers can spam the network by sending trace amounts of Nano to random addresses. The ability to send these dust transactions creates a ton of stress on the network and has even ground Nano to a halt in the past^[@harperNanoNetworkFlooded2021]. However, the network did perform better than most had hoped, and the spam attack worked as an excellent verification of Nano's capabilities. Since then, the development team has focused on solutions to ensure that the issue doesn't occur again. It is worth noting that although Nano is feeless, it is not free. So, while sending Nano does not cost any Nano, it does cost computation, so attacks on the network are still costly.
---
I'll close this off by saying that I highly recommend any cryptocurrency enthusiast to please read the [Nano Whitepaper](https://content.nano.org/whitepaper/Nano_Whitepaper_en.pdf) since it is one of the best cryptocurrency whitepapers, and in my opinion, second only to the original [Bitcoin Whitepaper](https://bitcoin.org/en/bitcoin-paper). I hope that this article was insightful, and even though I am a holder of Nano, I hope that the information is unbiased. If you think Nano is worth checking out, the Nano Foundation has an excellent getting started page: https://nano.org/try-nano

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@ -1482,29 +1485,29 @@ code span.wa { color: #5e5e5e; font-style: italic; } /* Warning */
<div class="dt=tag">Notes</div>
</div>
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<p><p>Nano is a fast, feeless and severely underrated currency.</p></p>
<p><p>Nano (Ӿ) is a fast, feeless and severely underrated currency.</p></p>
</div>
<div class="d-byline">
Anson Biggs <a href="https://ansonbiggs.com" class="uri">https://ansonbiggs.com</a>
<br/>11-27-2021
<br/>12-08-2021
</div>
<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 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 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>
<p>In 2021 news about cryptocurrency has been dominated by <em>meme coins</em>. 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 tokenomics<a href="#fn1" class="footnote-ref" id="fnref1" role="doc-noteref"><sup>1</sup></a>. Unfortunately, the hype surrounding coins with actual utility has been disappointingly low in 2021.</p>
<p>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.</p>
<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. 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>
<p>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. <a href="https://twitter.com/domothy/status/1462988092848156677/photo/1">The figure here illustrates this nicely.</a> 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.</p>
<figure>
<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>
<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>“<span>CoinGecko</span>,”</span> n.d.</a>)</span></figcaption>
</figure>
<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>
<p>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.</p>
<figure>
<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>
<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>“<span>CoinGecko</span>,”</span> n.d.</a>)</span></figcaption>
</figure>
<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>
<p>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 Bitcoin<a href="#fn2" class="footnote-ref" id="fnref2" role="doc-noteref"><sup>2</sup></a>. 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.</p>
<div class="l-body-outset">
<table>
<colgroup>
@ -1547,7 +1550,7 @@ code span.wa { color: #5e5e5e; font-style: italic; } /* Warning */
</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>10<a href="#fn8" class="footnote-ref" id="fnref8" role="doc-noteref"><sup>8</sup></a></td>
<td>1</td>
</tr>
<tr class="odd">
@ -1558,7 +1561,7 @@ code span.wa { color: #5e5e5e; font-style: italic; } /* Warning */
<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>
<td>Ripple foundation and the founder own well over half of all the coins.<a href="#fn9" class="footnote-ref" id="fnref9" role="doc-noteref"><sup>9</sup></a></td>
</tr>
<tr class="odd">
<td>Initial Distribution</td>
@ -1569,33 +1572,47 @@ code span.wa { color: #5e5e5e; font-style: italic; } /* Warning */
</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>
<p><strong>Nano is fast</strong> because it uses a block-lattice architecture. This means that there is no concept of block times which are the limiting factor for most cryptocurrency’s transaction time. Every wallet has a unique blockchain, and each “block” only contains a single transaction. Since the block is only needed when a transaction is made, wallets can pre-mine a block and hold onto the proof of work. Since each wallet manages its blockchain and proof of work, nodes only need to worry about the balance of each wallet. This enables transactions to be 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 for proof of work, and it is designed to be efficient so running a node is cheap and does not require support from the network. Bitcoin requires 1900 kWh of power for a single transaction<a href="#fn10" class="footnote-ref" id="fnref10" role="doc-noteref"><sup>10</sup></a>, whereas Nano is only 0.111 Wh per transaction<a href="#fn11" class="footnote-ref" id="fnref11" role="doc-noteref"><sup>11</sup></a> which is a difference of about 17 million percent.<a href="#fn12" class="footnote-ref" id="fnref12" role="doc-noteref"><sup>12</sup></a> There are many arguments that no one will run the nodes required to keep the Nano network healthy without proper incentives. Nano can work around this by keeping the requirements to run a Node very low so that the indirect benefits of running a node far outweigh the costs of the hardware. Companies will likely run nodes since running a node will be cheaper than paying transaction fees for other payment methods. The Nano whitepaper goes into great detail about the types of nodes.</p>
<h1 id="why-isnt-nano-mainstream">Why isn’t Nano Mainstream</h1>
<p>Most cryptocurrencies have features that directly benefit other users or network maintainers from being used. Transaction fees fed back into the coin’s ecosystem are a great way to create feedback loops that generate more use for a coin. The incentive structure for Nano is much less direct but arguably much more potent. Established players in the cryptocurrency and payment processor world benefit significantly from having transactions go through them. To single out Coinbase, they have a feature where you can transfer crypto between any other member on the platform instantly and free<a href="#fn13" class="footnote-ref" id="fnref13" role="doc-noteref"><sup>13</sup></a>. This proprietary feature could create a walled garden that Nano threatens to dismantle.</p>
<p>It would be unfair to suggest that Nano’s problems are from big established players fighting innovation. Nano’s most vital features also make it susceptible to spam attacks. Since there is no fee and the network supports dividing 1 Nano into 30 decimal places, attackers can spam the network by sending trace amounts of Nano to random addresses. The ability to send these dust transactions creates a ton of stress on the network and has even ground Nano to a halt in the past<a href="#fn14" class="footnote-ref" id="fnref14" role="doc-noteref"><sup>14</sup></a>. However, the network did perform better than most had hoped, and the spam attack worked as an excellent verification of Nano’s capabilities. Since then, the development team has focused on solutions to ensure that the issue doesn’t occur again. It is worth noting that although Nano is feeless, it is not free. So, while sending Nano does not cost any Nano, it does cost computation, so attacks on the network are still costly.</p>
<hr />
<p>I’ll close this off by saying that I highly recommend any cryptocurrency enthusiast to please read the <a href="https://content.nano.org/whitepaper/Nano_Whitepaper_en.pdf">Nano Whitepaper</a> since it is one of the best cryptocurrency whitepapers, and in my opinion, second only to the original <a href="https://bitcoin.org/en/bitcoin-paper">Bitcoin Whitepaper</a>. I hope that this article was insightful, and even though I am a holder of Nano, I hope that the information is unbiased. If you think Nano is worth checking out, the Nano Foundation has an excellent getting started page: <a href="https://nano.org/try-nano" class="uri">https://nano.org/try-nano</a></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-BTC_ECI" class="csl-entry" role="doc-biblioentry">
<span>“Bitcoin <span>Energy Consumption</span>.”</span> n.d.
</div>
<div id="ref-CoinbaseHowSend" class="csl-entry" role="doc-biblioentry">
<span>“Coinbase - <span>How</span> to Send Crypto.”</span> n.d. https://www.coinbase.com/learn/tips-and-tutorials/how-to-send-crypto.
</div>
<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>.
<span>“<span>CoinGecko</span>.”</span> n.d.
</div>
<div id="ref-harperNanoNetworkFlooded2021" class="csl-entry" role="doc-biblioentry">
Harper, Colin. 2021. <span>“Nano’s <span>Network Flooded With Spam</span>, <span>Nodes Out</span> of <span>Sync</span>.”</span> https://www.coindesk.com/tech/2021/03/11/nanos-network-flooded-with-spam-nodes-out-of-sync/.
</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>.
Jain, Anjali. 2021. <span>“Ripple <span>‘Guilty of Fraud,’</span> but Not Securities Law Violations: <span>Messari</span>’s <span>Selkis</span>.”</span>
</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>.
<span>“Kraken.”</span> 2021, October.
</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>.
<span>“Nano Is a Digital Currency for Everyone, Without Fees.”</span> n.d.
</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>.
<span>“<span>NanoLooker</span> Representatives.”</span> n.d.
</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>.
<span>“Ripple | Global Instant Payments.”</span> n.d.
</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>.
<span>“Shiba Inu Ecosystem.”</span> n.d.
</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>.
Srinivasan, Balaji S. 2017. <span>“Quantifying Decentralization.”</span> <span>Earn.com</span>.
</div>
</div>
<section class="footnotes" role="doc-endnotes">
@ -1605,13 +1622,16 @@ Srinivasan, Balaji S. 2017. <span>“Quantifying Decentralization.”</span> <em
<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="fn5" role="doc-endnote"><p><span class="citation" data-cites="coingecko"><span>“<span>CoinGecko</span>”</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>
<li id="fn8" role="doc-endnote"><p><span class="citation" data-cites="NLReps"><span>“<span>NanoLooker</span> Representatives”</span> (<a href="#ref-NLReps" role="doc-biblioref">n.d.</a>)</span><a href="#fnref8" class="footnote-back" role="doc-backlink">↩︎</a></p></li>
<li id="fn9" role="doc-endnote"><p>cryptonomist_xrp<a href="#fnref9" class="footnote-back" role="doc-backlink">↩︎</a></p></li>
<li id="fn10" role="doc-endnote"><p><span class="citation" data-cites="BTC_ECI"><span>“Bitcoin <span>Energy Consumption</span>”</span> (<a href="#ref-BTC_ECI" role="doc-biblioref">n.d.</a>)</span><a href="#fnref10" class="footnote-back" role="doc-backlink">↩︎</a></p></li>
<li id="fn11" role="doc-endnote"><p>CanadianVelociraptor_2018<a href="#fnref11" class="footnote-back" role="doc-backlink">↩︎</a></p></li>
<li id="fn12" role="doc-endnote"><p>Numbers as of writing. Mining difficulty is variable, and hardware efficiency gets better every day.<a href="#fnref12" class="footnote-back" role="doc-backlink">↩︎</a></p></li>
<li id="fn13" role="doc-endnote"><p><span class="citation" data-cites="CoinbaseHowSend"><span>“Coinbase - <span>How</span> to Send Crypto”</span> (<a href="#ref-CoinbaseHowSend" role="doc-biblioref">n.d.</a>)</span><a href="#fnref13" class="footnote-back" role="doc-backlink">↩︎</a></p></li>
<li id="fn14" role="doc-endnote"><p><span class="citation" data-cites="harperNanoNetworkFlooded2021">Harper (<a href="#ref-harperNanoNetworkFlooded2021" role="doc-biblioref">2021</a>)</span><a href="#fnref14" class="footnote-back" role="doc-backlink">↩︎</a></p></li>
</ol>
</section>
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_posts/2021-11-27-notes-on-nano/notes-on-nano.jl
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@ -186,7 +186,4 @@ let
title!("Market Caps of Fast Coins")
ylabel!("Market Cap (Billions USD)")
savefig("fast.svg")
end
currency
end