It was an eventful weekend for the NANO crypto, which saw a series of news, events and significant goals for the project.
Colin LeMahieu answers questions
Announced through a post on the official Reddit page of the crypto, the founder of the Nano Foundation, Colin LeMahieu, on July 18th organised an AMA (Ask Me Anything) to answer various questions including those related to the latest v19 release.
Many questions concerned the listing of the crypto on other exchanges such as Coinbase, Kraken, Bittrex, Poloniex, Bitfinex, Gemini:
“Is the team in contact with the biggest exchanges such as Coinbase, Kraken, Bittrex, Poloniex, Bitfinex, Gemini…about adding NANO?
Is there anything we can do as a big community to help NANO get listed on those exchanges?”
Colin LeMahieu’s answer:
“We’ve reached out to all the major exchanges and we focus on region/fiat pairing/prestige/fees. It’s important to note all exchanges contain non-disclosure agreements on any integration progress information for purposes of preventing insider trading. Exchanges always look at how much money they will make off a certain listing. Every time someone builds a project that integrates Nano it makes these discussions far easier so every little bit helps.”
Another very interesting question was about the NANO burn rate.
Considering that so far 1,150,000 NANO have been spent in 2019 by the developers’ fund, following this pace the resources could be exhausted in 15-20 months.
“Do you think Nano will be in a self sufficient / community led environment by this point? If not, how will the project progress in the future? What is the plan for once the development fund is exhausted?”
The founder has reassured that there are no problems in this respect and that the project is progressing optimally.
“[…] Our exchange and media payment policies reflect our focus on making sure the protocol is developed to a point of of being self-sustaining as an open source project. We’re in a really good position right now and development is progressing well. The goal has always been to keep the scope of the protocol focused and get it in to a maintenance cycle like any of the other major open source projects out there. Limiting our feature scope and focusing on being the most efficient currency also ties in to this as it gives us a solid core feature people want to maintain.”
As for Appia, a kind of POS for NANO payments, the founder reiterated that it is a separate project from NANO and that they are finishing to build the prototype that will be intended for final consumers.
There are many questions about anti spam systems and how PoW (Proof of Work) can be a solution to the problem. The founder was very positive about the solution:
“I’m very confident of the anti-spam measures long term. The throttling trio is dynamic-PoW/bandwidth limiting/Memory-hard-PoW and we only have the last one to implement. Anti-spam is essentially a QoS/flow-control problem which is an extremely well-studied networking discipline going all the way down to the transport layer. Getting the basics of each of these put in is the first step and we’ll make improvements as necessity and time directs.”
He was sceptical about the adoption of NANO by the Forex market, as he explained that it involves a lot of work and that from what he was told, the industry prefers to have several platforms to rely on and avoid trading on only one.
Another news involving NANO was the celebration of Nano Center‘s first birthday, created to spread NANO’s crypto to the public through direct support to all those who develop, finance and implement NANO in their projects.
These include a sponsorship of a Spanish team, E-Sports, Nano KPI, and support provided to the Nano Foundation of Venezuela to expand the adoption of cryptocurrencies.
Finally, there is also an update on network performance: thanks to the latest release, transactions are transmitted and fully confirmed with an average of 0.27 seconds.
The team, despite the fact that the price of the crypto has been steadily decreasing in recent months, a price that is around $1, is committed to improving the network and performance.
Finally, one of the most curious questions was about a hypothetical dinner with important people, alive or dead, and who would Colin choose.
“I’d probably invite Cecilia Payne-Gaposchkin and Adam Smith“.
This was Colin LeMahieu’s answer