Nano Currency - Why I'm Holding
In 2015 I predicted the boom of Ethereum with my post Ethereum.org - Future of the Web, and I'm ready to do it again.
What is Nano?
Nano Currency is digital money for the modern world and it offers a variety of revolutionary features that rival Bitcoin. It has no fees for transactions, and it is eco-friendly because it does not rely on mining. In addition, Nano transactions are near-instant and the technology is scalable.
Why not Bitcoin?
Over recent years Bitcoin has seen huge success, and this success has largely been driven by the following things:
- The fear of missing out as the price increases
- Influencers artificially driving up the price
- The potential profitability of mining
Bitcoin is valuable, because it has value. People are willing to buy Bitcoin. However, we have seen that Bitcoin does not scale very well, and in addition to that, it incurs a huge cost in real-world resources to mine it. Massive GPU farms are mining Bitcoin and using up valuable energy that is better served elsewhere.
In a modern world, a world where people are conscious of their carbon footprint and the damage that we as human beings are doing to the world, we must be cautious of wasting energy.
No Mining?
Because of Nano's very interesting Open Representative Voting mechanism, Nano describes the way it provides value over other cryptocurrencies as such:
Minimal block size allows for lightweight communication resulting in ultrafast transaction confirmation times
Without traditional Proof-of-Work and mining, nodes use significantly less energy per transaction than other popular networks
Emergent centralization forces for node operators are reduced due to the near zero marginal cost of producing consensus in Nano
Why not Ethereum?
I want to be clear here that by supporting Nano I do not detract from my previous views on Ethereum. I maintain that Ethereum is extremely important for the future of the web and this can be seen from the applications developed for it, and the surge in interest over the last 5 years.
Ethereum is not a currency. Ethereum provides a very unique and important way to build decentralized applications for the web. We must not mistake Ethereum as your everyday fiat replacement.
Nano is a Bitcoin alternative. The difference is that Nano is scalable, fast, fee-less, and contributes far less energy wastage than Bitcoin does. This makes it a great eco-friendly alternative and what has the potential to be the best currency of the future.
Further Reading
For a great read on Nano check out Fight the Climate Crisis, #UseNano, by /u/SenatusSPQR, their article delves deeper into to the true value of Nano in preventing the disastrous effects that Bitcoin could have on our planet.
Disclaimer
This is not financial advice.