Nano doesn’t get a lot of attention from article writers, analysts and other observers in the cryptosphere.
It started the last week ranked 35th by market capitalization according to coinmarketcap.com. This rank means that while it’s not a negligible project, it’s far away from the big boys in the top 10.
Nano was founded in 2015 by Colin LeMahieu. It’s a very innovative project which aims to make P2P and micropayments very quick, free (as in beer) and reliable. And it tackles that problem from a very different angle than any other project in the world.
For a start, it’s not a blockchain, but several. One for each user. Yes, that’s right, every single user in the network gets his own blockchain, and every user validates its own transactions. Nano’s wallets are not passive coin holders but mining devices of sorts which are pre-calculating the Proof of Work needed for the next operation. That allows for transfers to be instantaneous because the new blocks required to be appended in each chain (the sender’s and the receiver’s) are ready beforehand.
The math behind the blockchain is very light, so it’s very efficient and light.
So transactions are instantaneous, the network has zero transaction fees, and it’s infinitely scalable because there’s a blockchain per user, so the load on the network as a whole is almost non-existent. So it may not be famous (yet) but Nano is designed from the get-go to facilitate micropayments, and its take on the problem is so innovative that it could succeed and achieve mass adoption given enough time.
And during the week, it showed signs of moving forward.
The forecast
There was a technical analysis prediction at some point during the last week. It was made very carefully by an obscure crypto guy who has a rather new YouTube channel (and we’ll tell you who he is as soon as we’ve made sure he’s consistent and the Nano prediction wasn’t a fluke). The forecast was that the token was on the verge of experiencing a bull run that would take the coin’s value up to USD 1.64. That was a bold prediction at the time.
The funny thing is that the prediction didn’t only come true, but it even fell short as the coin reached a height of 1.82, which is remarkable.
There is not enough trading volume for Nano, which is one of the critical signs that support the arrival of the bulls into any market, but the price has remained high.
The aftermath
As we write this, the currency is not ranked at 35th anymore, but it’s fallen to 36th after climbing to 32nd last week. It’s currently trading at 1.34 (went down by 8.40% in the last 24 hours), which is lower than 1.64 but not by much and it’s still an impressive price given the token’s recent history.
So maybe you had not heard about Nano until today, which would be quite reasonable. But now you have, and you probably should keep an eye on it in the weeks and months to come. Nano has been around for about four years, and its fundamentals are strong enough for the project to have survived the 2018 general calamity that was the cryptocurrency market. While it remains obscure and lacks adoption, there’s no telling how far it could get in the future. Remember, this is the crypto verse. Everything can happen, and things get turned upside down in a heartbeat.
Image courtesy of PixaBay.
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