Rating: NANO | Rank: B | Risk: Medium

Rank: B

Risk: Medium

  • Overview

Project Name: Nano

Established: February 2016

Registered address: N/A

Official website: https://nano.org/en

Launched in 2015 by Colin LeMahieu as RaiBlocks, Nano is a low-latency payment platform that requires minimal resources, making Nano ideal for peer-to-peer transactions. With Nano, each account has their own blockchain as part of a larger directed acyclic graph.

  • Community

Most fans of NANO come from all over the world, the Telegram group and Reddit channel are relatively active among those communities. It is particularly important to mention that NANO has organized daily discussion posts in its own Reddit channel, but with not much interaction. Affected by the recent drop of the cryptocurrency market, the discussion in the NANO community is mainly related to the price, while the official content release is mainly related to technical progress and other related information. Overall, the interaction in NANO’s social channel is not that much, the official team’s disclosure are mostly about the update information, technology weekly report, and the frequency is relatively high.

According to the information from nano-faucet.org, currently the holding addresses of NANO is 588,992. The top 10 currency holding addresses has taken 38.93% of the total, and the top 100 currency holding addresses are less than 60%. It should be noted that in addition to the Developer Fund and four other private addresses, the other five all belong to the exchanges, including Binance Colder Wallet, BitGrail Trustee, Binance, KuCoin, and Mercatox 1. Besides the exchanges’ addresses and the top ten addresses, NANO tokens are relatively evenly distributed.

  • Token Analysis

According to Coinmarketcap data on November 22, the current price of NANO is $1.17, which is 90% lower than the price a month ago. Comparing the price trend of NANO and BTC, we found that those two trends are basically the same in the past month, so the price decline of NANO is mainly affected by the continuous decline of the whole market. Although the team has been constantly updated about their technology, the price continues to decline.

In addition, currently NANO ranks 36th in the global cryptocurrency market , and it has been listed on 16 crypto exchanges. The transaction depth is mainly concentrated on the Binance exchange. From the performance of the latest month, the price trend of NANO is continuing to fall, especially on November 20, the price once fell below $1, and the trading volume also increased slightly. However, as its price continued to fall in the past two days, the trading volume began to fall slightly.

  • Information disclosure

The NANO team mainly disclose relevant information on their social channels such as Medium or Twitter. Recently, the team mainly released news about the NANO node version update and NANO Blocks wallet development progress. Mostly are about the NANO node agreement, voting and other updates,  and some specific functional content such as NANO Blocks wallet.

In addition, the Github of  NANO didn’t update their projects that much, the main project aka Wallet Raiblocks last updated within 1 day, but most of the other projects have not been updated for half a month. Several NANO projects are mainly written in C++ and C. Some projects are using Rust, and no locking tokens related code has been found in their Github.

  • Conclusion

In general, with a block lattice structure, zero transaction fees and high scalability are two major advantages of NANO. However, because NANO does not provide direct monetary incentives to perform verification, and does not use traditional consensus algorithms (such as POW or POS), it could be said that NANO is  more centralized to the cryptocurrencies such as IOTA.

Besides, the interaction between officials and followers in NANO social channel was not that good enough. On the other side, despite the exchanges and the top ten addresses, NANO’s tokens are relatively evenly distributed. In the past month, its price has been affected by the continuous decline of the market. Although the team has been constantly updated on their technical product, the price has continued to decline. As prices continued to fall in the past two days, the volume of transactions also began to fall slightly. It should be mentioned that the NANO project team has been iterative in the technical version, and the progress is relatively smooth, the subsequent development needs further observation.

 

 

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Rating standard

AAA>AA>A

Excellent project with high value, Highly recommended

BBB>BB>B

Quality project with upper middle value, Normally recommended

CCC>CC>C

General project which have certain potential

DDD>DD>D

Low quality project with not much value, Not recommended

E

Fraud or scam project with no value, Strongly not recommended


 

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