Why Invest in Nano?

It is hard to foretell the future of digital currencies. However we can assume various things as to why people would benefit from using Nano (investment and day-to-day use):

  • Potential 10000 TPS (Hardware Limitation)
    • This means that if processors improve, so will NANO’s transaction throughput rise exceeding current visa processing capabilities, given that there are enough Node operators.
  • Minerless
    • This means that there is no mining required to waste massive electricity making Nano an ideal investment if you do care about environmental impacts. The incentive problem is resolved by Nano not having fees, which in turn saves businesses more money than it is to run a node or paying Visa fees. We can safely assume that in 2-4 years every small business will have an average server (2 ram) and thanks to Moore’s Law costs of hardware will decrease which allow business owners to easily run a Nano node parallel to their website/e-commerce platform. The amount of money saved when using feeless nano outweighs expenditure of fees by a factor of 15-20 depending on how many transactions businesses have on average.
  • Feeless
    • Interlinked with mining no fees means no hidden costs which equals more fluidity and simplicity when dealing with customers. I am a strong proponent that in a digital world we should not have fees, but rather final sums when transacting. Further having fees means wasting additional labor on implementing fee channels which have to be incorporated into business decision making, and to be honest is there anything motivating users to pay fees, especially when running a light-weight node outweighs your expenditures?
  • Simplicity
    • Maybe the biggest USP of Nano is that it is simply a P2P currency. Nothing more no smart contracts, no lightning channels, which gives the developers a high focus on getting the most important thing done: transacting a value from A to B with the least resistance. The “why” comes here into play and also reflects the decision of rebranding former “Raiblocks” to a simple Nano which also brands itself as something small, fractional and something that can be focused on to fulfill a simple thing: Instant & Zero-Fee transactions. One could say there is Nano effort in using Nano as it is “holistically” simple (Branding, Product & Team etc.). Also it is my opinion that calling a digital currency for what it is “coin”, “money” etc. is unnecessary and is better reflected by an image or word that reflects its use such as nano is. From a simplicity standpoint
      • Short character (4) which makes it easier to spell & remember
      • Imaginative: people will be drawn to the meaning of Nano as something small and handleable with less friction than something with “coin” in it.
      • Basically everything about Nano is Nano
        • Nano transaction fees
          • Running a node compared to paying fees is Nano effort
        • Nano transaction times
        • Nano friction: simple to use
        • Nano limits: global payments
  • Team
    • Analysis into a product of course depends on the team behind it. The core team is the driving force behind Nano. What measures are there that can be taken into account into predicting whether project will be successful? For one we are dealing with computer science when we need to incorporate cryptography into computer processing using programming languages. Fair enough to say that a team must know what they are doing when they have a compounded knowledge of years in computers/programming/cryptography?
    • Colin Le Mahieu – Founder Nano
      • Experience compounded: 12 years commercial product dev engineer
      • Compound Education: 3 years CS BS (St. Cloud Uni)
        • Principal Software Engineer – eLoyalty – 3 years 10 months
        • Software Developer – Dell – 1 year 7 months
        • Software Development Engineer – AMD – 9 Months
        • Staff Software Engineer – National Instruments – 1 Y 8 M
        • LLVM Software Tools Engineer – Qualcomm – 3 Y 10 M
        • Development Lead – Nano – 6 M

 

Having looked at various team leaers in crypto only few are actually involved in hardcore software engineering and majority actually either have business or political science degrees and experience. When it comes to comparing nano to other currencies of similar nature it is clear that colin does have a strong background in working for top companies that develop processing units, algortihms and software processes that are used in consumer electronics. From this perspective no one I personally researched had similar experience like colin in commercial development. One of the few crypto developers who also founded his own company was charlie lee packing a whopping 16 years heavy-weight software engineering at firms like google, also combining his educational knowledge from MIT into whopping 5 years (BS/MS). Having charlie lee derived the core blockchain architecture and optimising it for lite-weight transactions it is a no brainer why he saw the potential of Nano, hence invested and openly endorsed Nano for being a worthy product.

 

Considerations:

 

  • Considering the volume of commits undertaken by a relatively small group of developers in Nano it can easily be assumed that the team is focused, combining a drive and “work-horse” like attitude in developing Nano.
  • Considering the launch of nano and its products we see a high output in products that are functional
  • Considering the amount of small business owners which organically find Nano valuable and already integrate into their day-to-day transactions (e.g. using brainblocks)
  • Looking at paypal usage globally for payments increased due to its ease of use, nano follows a similar principle (even the brand color resembles). Also brainblocks developer worked for paypal checkouts. Must see a value in Nano for daily transactions.
  • Considering the scale of the project in its focus on transactions ONLY it can be safely assumed that the compound experience of the developer team far exceeds that of any other team considering the “niche” or focus area of the project which is simple: Instant, Zero-Fee transactions.
  • Considering the fair distribution of Nano through faucets also means that this project has a philanthropic and libertarian value that shows the fairness of the idea behind nano – making it a non-exclusive and accessible currency without one group holding most of it.