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Add alt text and meta descriptions to every document
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title: "Notes on Nano"
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description: |
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Nano (Ӿ) is a fast, feeless and severely underrated currency.
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description-meta: |
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Explore Nano (XNO), a fast and feeless cryptocurrency. This post examines Nano's unique block-lattice architecture, its potential as a true digital currency, and compares it to other cryptocurrencies like Bitcoin, Ethereum, and Ripple. Learn about Nano's advantages, challenges, and its potential for mainstream adoption. Includes data visualizations and links to further resources.
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date: 2021-12-08
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date-modified: 2024-02-29
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categories:
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@@ -28,19 +29,21 @@ The coin I want to talk about is Nano (XNO). As of writing, it is ranked #175 by
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<!-- ![Data from [@kraken_deposit] and [@coingecko]](caps.svg) -->
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:::{.column-body-outset}
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<figure>
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<embed
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type="text/html"
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src="caps.html"
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width="100%"
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style="height: 60vh"
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/>
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<figcaption>Data from [@kraken_deposit] and [@coingecko]</figcaption>
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</figure>
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:::
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<figcaption>Data from [@kraken_deposit] and [@coingecko]</figcaption></br>
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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.
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![Data from [@coingecko]](fast.svg)
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![Data from [@coingecko]](fast.svg){alt-text="A bar chart titled "Market Caps of Fast Coins" showing the market capitalization of various cryptocurrencies. The x-axis lists the cryptocurrencies ripple, nano, serum, raydium, oxygen, kava, stellar, icon, cosmos, and solana. The y-axis represents market cap in billions of USD. Each bar is colored according to the cryptocurrency's category: Currency, DeFi, Parachain, and Smart Contract. Solana has the largest market cap, followed by ripple."}
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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.
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