The Obvious question
When looking at Nano and all that it has to offer, one can’t help but wonder why it has not experienced significant traction and adoption. I mean, it fits the green narrative, has zero fees, and has tremendous scalability. These are all such key defining factors and Nano just so happens to sport all three! There is a strange dynamic that tends to set the pace in the Crypto world. Once a Crypto project has been around for a number of years its fate often tends to be set by what it has or has not achieved in its time. In other words, the market assigns an unspecified timeframe by which it either validates or ignores a project. Given the correct incentive, this assessment can be readjusted at the drop of a hat. For instance, look at all the projects that suddenly rocketed from obscurity when DeFi first hit in 2020.
I guess this is what many Nano enthusiasts are wondering right now. Has Nano somehow been overlooked and will the market later choose to validate this project? There is still a fairly healthy amount of liquidity on exchanges, which is a good indication that Nano is still relevant. There is also a number of outspoken voices within the community that continue to speak out in support of Nano and its DAG technology.
Nano Is Not A Blockchain
Well, Nano doesn’t actually make use of blockchain technology. Nano is a Directed Acrylic Graph, more commonly known as a “DAG” and is a lot more scalable in nature than linear-based blockchain technology. This is obviously the core reason behind Nano’s tremendous scalability. Although Nano does not have smart contracts it can still be built upon to some extent. Looking at the benefits of Nano, it becomes clear that the primary motivation behind this coin is value transfer. Many would most likely argue that this particular use case is no longer an element poised for growth. However, BCH has been pushing the narrative of digital cash for some time now and continues to do so. Stablecoins are exactly that and we have seen an explosion in the stablecoin market capitalization over the past year or so.
Regardless of tech and other developments, value transfer will always be an important part of life. It is an essential service that everyone makes use of in everyday life. Given the right exposure, Nano could still perform reasonably well, considering the community is most likely the strongest aspect of this project. Doge is a prime example of how a single personality and a committed community can defy logic. Be careful of making laws as to what will succeed and what will not. In the early days, a white paper meant so much and now it is barely mentioned. Don’t be surprised if the “good use case” narrative also begins to fade.
I personally look for good projects with good use cases, teams, and roadmap progress. However, I am also aware that other factors can drive a coin. A good use case and idea is a great starting point but it is also not a guarantee of success. At the end of the day, it all comes down to dedication. It all depends on who gets behind the project and how much effort goes into the process of creation. Many great ideas become nothing, while many simple ideas become great.
Given The Right Face
Imagine for a moment a personality similar to Elon promoting Nano as a green, feeless, and highly scalable alternative. Nano is not a stablecoin and therefore can see significant market cap growth and subsequently price appreciation. However, that is rather unlikely, and yet I still believe that Nano is a bit of a “wildcard”. I am not really super bullish on Nano but I do realize that it could surprise! As a result, I gather free Nano from faucets and other opportunities, just in case.