Recap of Exclusive AMA: NANO x StealthEX
Q1: What are some of the most exciting developments happening in the Nano ecosystem right now & what are your thoughts on the new Nano cryptocurrency sign and ticker?
Forest Horsman: Great question! There are always a lot of different things happening around Nano, whether it’s new merchants accepting Nano, exchanges, and wallets integrating Nano and development updates on the nano node software. We actually launched a page recently where you can keep up to date with everything Nano.
We’re seeing some exciting improvements recently when it comes to development, please keep an eye open for more updates by following us on X.com/nano or our news page.
As for the nano currency symbol and ticker – I think it’s a great step towards making Nano more recognized in the real world, as well as making it comply with ISO standards. You can read more about the reasoning behind the symbol and ticker in our “Say Hello to XNO” article!
The symbol is sleek and modern, which reflects Nano’s vision of being a modern and user-friendly digital currency. Personally, I’m a big fan and I use it all the time when writing a certain amount of Nano.
Q2: How does Nano’s limited supply of 133 million coins influence its long-term value stability, especially in contrast to the inflation-prone Nigerian Naira? Following Nigeria, which country to be next for Nano?
Forest Horsman: One of the issues with fiat currencies is that a central authority can make the decision to print more money. This devalues the currency, as supply increases while demand stays the same (or even decreases). With Nano, no one can increase the supply. There is no mining or staking either. No more Nano can ever be created.
This can make Nano an interesting alternative as a store of value compared to fiat currencies, such as the naira, where the supply increases at will of central authorities.
With Nano’s fully circulating supply, the supply side of supply/demand is stable. This doesn’t make nano’s price stable, as demand can fluctuate significantly, especially in this early stage of nano’s usage. As more and more people start using nano, and demand for nano increases due to its potential for fast and fee-free global transfers, nano’s price can increase in stability. It would decrease speculation about nano’s price since it gets used more as an actual currency. It would require more value to be traded to impact the price significantly.
As for which country next – awareness and adoption of Nano is happening around the globe as we speak. Our reasoning for partially focusing on Nigeria to spread awareness can be found here. Nano can be used anywhere, by anyone. However, some countries have a friendlier regulatory approach towards cryptocurrencies. Some countries also have larger issues when it comes to inflation of the supply of local currency, or a less reliable banking system. These are countries where nano can benefit a lot of people, allowing them to instantly transact with anyone, even cross-border, for free. All while storing their value in a currency that has a fixed supply. We have set up a Community Programme, and now have Community Ambassadors in countries around the globe!
Q3: With the rise of blockchain and cryptocurrency projects, what sets Nano apart in terms of its technology and vision? What are Nano’s long-term goals and how does it plan to stay innovative in a rapidly evolving industry?
Forest Horsman: Many cryptocurrencies have the aim to do as much as possible, growing more and more complex, adding unnecessary features and try to function as much more than just a currency.
With Nano, our aim is to do one thing and do it well. Be a decentralized currency. The most efficient currency ever created.
This aim can only be achieved through simplicity. And that vision is what allows Nano to be transferred with zero fees, in less than a second, to anyone in the world. It’s what makes Nano decentralize over time, without printing more money, and with the energy consumption comparable to the output of a single wind turbine!
Nano is not made to benefit one business or one group of people. It is to benefit everyone who uses it. In the long term, the aim for Nano is to become even more efficient and sustainable, especially in terms of development. The Nano Foundation is planned to dissolve when Nano reaches a ‘commercial grade’ state. The aim is to have those that use Nano to contribute to the development of Nano.
Q4: Zero-fee transactions are a key feature of Nano. How does the network prevent spam and ensure the integrity of transactions without transaction fees, and what measures are in place to handle potential abuse or network congestion?
Forest Horsman: When it comes to preventing spam transactions, fees are the easy route to take. However, the issue with fees is that it exclude a lot of people from using the currency, especially if fees rise with congestion. We believe that a true global and decentralized currency should be accessible to all, allowing anyone to transfer value for free. That’s why Nano went for a fee-free approach. So instead of fees, Nano uses a revolutionary new approach that prioritizes transactions based on the balance of an account, the time since the last transaction, and a bucketing system. This bucketing system also means that, if transactions of a certain size are done to create spam, transactions of other sizes still go through normally. This great article by community writer SenatusSPRQ gives a great explanation. On top of that, a small Proof of Work needs to be generated to send a transaction.
Q5: As a global life project, how does NANO handle regulatory compliance and navigate legal complexities across different jurisdictions?
Forest Horsman: Each country has its own regulatory landscape that is ever changing. This does present us with many challenges, especially when it comes to adoption of Nano, merchants accepting Nano, integrations, and more. We try to adapt as much as possible to this changing regulatory environment, working together with those that make the changes to inform them about the importance and benefits of digital currency such as Nano. Additionally, we always try to keep up to date as much as possible with regulatory changes happening in this area around the globe.
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Q6: Currently, most projects and platforms are in English. How will project reach non-English local communities. Make it easy for people around the world to use your service. Do you have any plan to develop project in different language?
Forest Horsman: I love this question! We have many people in our community who love helping with translations. We encourage anyone who speaks languages other than English to help us out with translations of our website, articles, materials, and more. You can help us out with translations here.
There’s even a plugin created by FynCom that allows translators to get paid in Nano for every word they translate! We wrote an article about that here.
Q7: Will it be possible to keep the network running, growing and decentralized without charging fees in a hypothetical case of massive global adoption of Nano or as legal tender in one country?
Forest Horsman: The absence of direct monetary incentive to run a node might sound like a drawback when it comes to scaling the network and decentralizing, however surprisingly it’s the exact opposite. The lack of fees and direct rewards is what actually makes Nano sustainable in the long term and makes it decentralize more over time.
What we see is that businesses benefit from using Nano over other currencies because of the lack of transaction fees. To use the network to its full potential, businesses such as exchanges do want to run a node with good hardware and bandwidth, so that they can send and receive transactions without having to rely on a third-party node. The more adoption and use Nano gets, the more the network grows, and businesses run higher-end hardware to handle the demand.
Additionally, lack of this reward for validators (representatives in Nano’s case) means there’s no reason to centralise.
When there’s a direct monetary rewards, entities want to grow as much as possible to get as much of the reward as they can. We see this happen in Proof of Work based currencies such as Bitcoin, where mining has centralised over time to the point that just 2 entities own more than 50% of the hashrate. This works similar in Proof of Stake, where those that own the most, also earn the most, growing their wealth faster and therefore centralising the consensus over time.
With Nano, no direct monetary rewards combined with its Open Representative Voting consensus algorithm means there is no incentive to get a majority of the voting weight. In fact, the more Nano someone owns, the more decentralized they would want it to be! Everyone in the network is incentivized to decentralize it as much as possible. We actually see Nano decentralizing over time as well – check out this video by our Community Lead Vini Barbosa. It is a great visualization of the voting weight decentralizing over time.
Q8: There is a very high chance of vulnerabilities in today’s smart contracts, which allows Hackers to steal funds and cause severe damage to the project and its customers. Can you tell us about the options that “#Nano” has to help us avoid this situation?
Forest Horsman: Nano avoids this by not having smart contracts at all. Nano is purely a digital currency that can be sent, received, and stored.
Q9: Recently, many projects/platforms have brought environmental issues as selling points, how do we know those cases won’t happen on Nano ecosystem?
Forest Horsman: Nano is one of the most energy-efficient currencies in the world. A Nano transaction only requires 0.000112kWH of energy per transaction. This means that in its current state, the Nano network uses less energy than that output by a single wind turbine. And it uses millions of times less energy than Bitcoin transactions!
We believe that this efficiency is vital. Digital money shouldn’t cost the Earth.
Q10: It is absolutely critical in the early stages to offer the best liquidity and rates for the most popular token pairs on DeFi. So how does Nano provide capital efficiency where liquidity providers can also get the most incentives while keeping overall fees low for buyers upfront?
Forest Horsman: Nano is a currency, not an exchange. While Nano isn’t directly a DeFi platform, it’s instant, fee-less transactions can enhance liquidity and rate offerings when integrated into DeFi platforms, benefiting both liquidity providers and buyers.
Q11: As we know Nano is one of the early projects on crypto Industries that focused on digital money. So what do you think about hype of socialfi where people can buy or sell a “share” of himself or other people just by Twitter? What are actually they are “trade” in there?
Forest Horsman: I haven’t heard of SocialFi before however perhaps Nano could play a role in there.
Q12: The integration of Nano into various applications and platforms is an important aspect of its ecosystem. Could you provide examples of how merchants, gaming platforms, and other businesses are benefiting from integrating Nano into their payment systems?
Forest Horsman: Merchants, gaming platforms, and other businesses benefit from Nano’s instant transactions and zero fees, enhancing user experiences and reducing operational costs. Our blog contains articles highlighting businesses and merchants that use Nano, you can read through our articles here.
For instance, take a look at how FynCom uses Nano to deter robo-calls and reward customers, how Kakele Online uses Nano to power in-game transactions and play-to-earn functionality, or how small merchants in Nigeria are embracing Nano as the future of payments!
Q13: Most of the NFT games only focus on profit with P2E & features, as this is one of the main attraction of blockchain games. So, what is the main focus of Nano PLAYERS? Focus more on the player experience, or will the profit factor be more?
Forest Horsman: Nano is not a game, however, Nano has been integrated into many games for payments. You can see games where Nano is used as a currency here.
Q14: Sustainability is a key focus for Nano, given its energy-efficient design. Can you offer a comparative analysis of Nano’s environmental impact, particularly in terms of energy consumption, when compared to other popular cryptocurrencies like Bitcoin and Ethereum?
Forest Horsman: As mentioned in a previous question – Nano’s transactions use around 0.000112kWH of energy per transaction. This is millions of times less than Bitcoin and means the Nano network as it is currently can theoretically run on the energy output of a single wind turbine.
Check out this article on our blog to learn more about Nano’s efficiency!
Q15: How does Nano compare to traditional payment systems like Visa or PayPal?
Forest Horsman: To answer this question, one important aspect is to first understand what Nano is trying to solve. Visa and PayPal are centralized, custodial, and for-profit services. This means transactions via Visa and PayPal can be blocked or reversed, your money can be frozen, or you can be denied from using the service altogether. Moreover, Visa and PayPal need to profit, meaning there will always be some fees associated with transactions. It is not available everywhere in the world.
Nano offers instant, fee-less transactions. It’s decentralized, open-source, and provides a level of financial sovereignty not achievable with traditional payment systems.
- Transaction Speed:
Nano: Provides near-instant transactions owing to its block-lattice architecture.
PayPal and Visa: Generally have fast transaction times, but international transactions can take longer due to intermediaries.
- Transaction Fees:
Nano: Offers fee-less transactions, which is one of its primary advantages.
PayPal and Visa: Charge fees on transactions, which can be significant especially for cross-border transfers.
Nano: Operates on a decentralized network, promoting financial sovereignty.
PayPal and Visa: Are centralized systems, with control over transactions and user accounts.
Nano: Provides a level of privacy, although all transactions are publicly recorded on the blockchain.
PayPal and Visa: Have access to user data and transactions, which can be shared with third parties or governments.
Nano: Can be accessed globally by anyone with an internet connection.
PayPal and Visa: Have geographical restrictions and require bank accounts for full functionality.
- Merchant Adoption:
Nano: Merchant adoption is growing but still limited compared to established payment processors.
PayPal and Visa: Are widely accepted by merchants globally.
- Fraud Prevention:
Nano: Transactions are irreversible, reducing the risk of chargebacks.
PayPal and Visa: Have established anti-fraud systems but face challenges like chargebacks and identity theft.
Nano Foundation x StealthEX AMA Winners
StealthEX: Thank you everyone for being here, and we hope that you enjoyed the AMA!
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