With so many new cryptocurrencies emerging, it can be hard to keep track of them all. Most of us aren’t devouring newly-found whitepapers. Instead, we tend to only tune in when there is news of a coin that brings something new to the table.
Nano, formerly RaiBlocks, certainly brings plenty of new things to the table. But to say it has had a bumpy ride since its launch in 2015 would be an understatement. By eschewing a blockchain backbone in favor of its novel block-lattice structure, Nano is able to offer feeless, instantaneous transactions. The Holy Grail of cryptocurrency transactions.
So why hasn’t this “wonder coin” taken over the world yet?
What Doesn’t Kill You Makes You Stronger
Mention the words RaiBlocks or Nano to anyone who remembers its earliest days, and they will almost certainly bring up the Bitgrail incident. Bitgrail was a small Italian exchange, one of the first to list the newly branded Nano. The details of exactly what went wrong are still a little murky, but due to either malice or incompetence on the part of the exchange owner, a large volume of Nano went “missing”.
While there is little doubt now that the fault for this incident lay with Bitgrail themselves, the incident, and the subsequent ping-pong of blame in the press and online, seriously damaged Nano’s reputation. It threatened to overshadow the hugely successful rebranding and subsequent price surge.
Not many coins could recover from such events. But recover Nano did. Despite its previous problems, Nano is firmly establishing itself as one of the most promising cryptocurrencies out there.
In June 2018, Nano released their much-anticipated wallet. Others soon followed suit, and before long there were a number of Nano wallets available across different platforms. The release of the first mobile wallets breathed new life into the community, and into the currency itself, attracting people who would otherwise have had little interest in crypto.
The ease with which Nano can be used, and the fact that there are no fees and no waiting for transactions to verify, has made it much more appealing to the average person than other cryptocurrencies.
Between June and today, a lot has happened. Nano has been added to the payment options of an ever-growing list of online and offline businesses. But it is its emergence as a widely accepted currency in crisis-stricken Venezuela that has really illustrated Nano’s viability as a medium of exchange. Again, feeless transactions which can be executed instantly, while the buyer is standing in front of the seller, make Nano far better suited to this than most other coins.
The last month has also seen the release of the eagerly anticipated V15 of the Nano protocol. The network is now future-proofed and ready to handle the heavy traffic, as measured by transactions per second, that many are sure is imminent.
We are entering the realm of “when, not if” territory as far as Nano’s success is concerned. It hasn’t taken over the world just yet, but the future certainly looks bright for Nano.