Why I think NANO is the Hulk of crypto?
As with the rest of the posts on this blog, the intent is to educated and inform. The posts will be simple, aim being so that anyone who reads it can explain what the topic is about. So here goes about NANO.
It’s a coin I own. I got in around the $3.5 levels. It’s been way lower over the last year. I even saw it below the $1 level. But was invested elsewhere. So the first chance I got, I got in.
Anyways, what is NANO?
Firstly, I recommend you have a look at the video below. It’s from NANO’s website describing what their platform is
So in essence, NANO calls itself the “digital money for the modern world“.
It’s well recognized that cryptocurrency transactions currently, in general, suffers from some problems
- long transaction times
- heavy transaction costs
- extensive use of energy (if this is difficult to wrap your head around, the first two are enough to understand for now)
NANO, as a cryptocurrency, works to solves these issues. How does it do so? If you had a listen to the video above, you’d see they speak of an enabler to do this. That enabler / method is called BLOCK LATTICE. What does this do?
Let’s say you are attempting to send some money to a friend using the blockchain. In the regular sense, your transaction gets added to a block (check out this article if all I’m writing here is going over your head). That block then gets added to a chain. Hence, the high costs, transaction times and stuff.
With NANO, you have your own blockchain. Your friend has their own. All that’s needed to be done is for your blockchain to interact with your friends to make the transaction possible.
What this is doing is, removing all the bulkiness of typical blockchains and makes use of a lean structure which results in far lower costs and time. And of course with no heavy computer transactions, energy’s saved.
Check this out for a perspective,
Who’s behind NANO?
NANO was founded by Colin LeMahieu, a software developer with over a decade of experience with companies including: . Qualcomm, AMD, DELL. Here’s some of his own words behind setting up NANO in 2014
“I first stumbled upon Bitcoin in 2010 and immediately saw the potential of decentralized currency. After four years of following Bitcoin and researching its capabilities, I began to worry about its flaws: scalability, transfer times, and high fees. Realizing these issues could potentially hinder its use as an everyday currency, in 2014 I embarked on a mission to design a payment system that solved these performance issues”
For the rest of team, click here. A very strong advisory board too.
Where can the price of NANO go?
I’ve done another post using some charts for NANO. Keeping this very simple here, all I’m doing is comparing the current price with where it has been in the last cycle. Will continue doing more detailed technical charts on this. But for now, just mean to give a perspective
Kind of using the levels from the last time around. The middle green line’s somewhere around $11. That’s one resistance level. Beyond that there’s one around $18. Even at $18, we are somewhere close to half the all time high.
For a project with this, sound fundamentals, good team, the current market cap (given the buoyant conditions, of course) of $794 million seems rather unfair. With the benefits this has, I see Bitcoin ($908 billion market cap) and Ethereum ($206 billion market cap) as competitors. Even 1/10th the market cap of Ethereum would mean a 25 times for NANO. Think about that.
Finally just saw this amazing video by AG Hunter. NANO in a video cannot be made simpler to understand. Make sure to follow the channel, again for some educative content and really cool and valuable crypto information