NANO (NANO)–It has been a trying week for NANO.
While the entire landscape of cryptocurrency reels from over 50 billion USD being wiped off the market capitalization, NANO continues to see a price decline outpacing the industry. The one bright spot came in the release of NANO’s mobile wallet, a long-awaited feature in the community to simplify the process of off-exchange coin storage and sending. While the iOS and Android apps met expectations for their appearance and ease of use, the launch itself was marred when it was discovered that Android wallets held a security flaw.
Despite the vulnerability being corrected in less than 24 hours, the botched launch has led to division among the investor base. While most laud the NANO team for following through with the release of high-quality, mobile wallets (albeit with the aforementioned security flaw that was corrected for), there is a vocal base that wishes the team would have delayed until all security issues had been cleared.
Neither side is entirely in the right. Yes, the NANO team should have been more thorough in reviewing the app, especially in relation to a flaw that could put user funds at risk. But that’s also inherent in participating in cryptocurrency. All of these projects, from Bitcoin to NANO, are a work in progress. Endless delays are no better than being thorough to the point of stagnation. It was unfortunate that the positive press and double-digit price gain NANO experienced in the wake of the mobile launch was eroded by reports of the Android wallet having a security risk. For NANO holders, it is beginning to feel as if the currency cannot catch a break.
If there is solace to take in the experience of the NANO investor base and community, it can be found in the sheer utility of the currency. While all users of NANO know of the fast transfer speed (which comes at zero monetary cost), the currency is finally gaining recognition against its peers in terms of transaction usability. Anything Crypto, a website which compares exchange speeds and costs, has published their rankings for the fastest coins on Binance. Unsurprising to the NANO community, their currency came in first, with the shortest block time confirmation of 3 seconds (ahead of Stellar Lumens XLM at 5 seconds and Ripple XRP at 10s).
Having the technology’s usability vindicated in a comparison with its peers is a strong statement by NANO, but it also highlights the use of the coin for non-investors in the industry. By emphasizing the speed and zero cost of transferring NANO, the currency opens an outlet for intrinsic value beyond what is offered from speculating prices on exchanges. Ignore marketplace transactions for a moment, and consider the implications of NANO for investors. Litecoin, which has almost universally been accepted as the currency for moving crypto between exchanges, has derived much of its utility from being faster and cheaper than Bitcoin. Given the low transaction cost and speed of LTC-based transactions, the currency has built a reputation for being favored in crypto-based payments and for users looking to move funds from one exchange to another.
NANO could fill the same role, albeit to a greater extent. According to Anything Crypto’s chart, Litecoin transfer times average around 10 minutes on Binance, with a fee of 0.01 LTC. The real limitation at this point is NANO’s availability across exchanges. The coin has developed a notorious reputation for difficult initial implementation, and is currently offered through only a handful of outlets. However, as NANO’s presence grows across the landscape of crypto, the inclination twoards NANO-based transfers for speed and zero cost will become more compelling.