Aral Balkan

I wish more people were looking into $NANO not because some dickhead billionaire wrote a tweet but because it actually is a sustainable and useful alternative cryptocurrency.

PS. Here’s a free/open Nano donation component we made for not-for-profits, etc., if you want to accept donations in $NANO: https://github.com/small-tech/svelte-nano-donate

You can see it in action here: https://small-tech.org/demo/svelte-nano-donate/

(Any donations on the demo go to Small Technology Foundation, same as on https://small-tech.org/fund-us)

#Nano

small-tech/svelte-nano-donate

A donation component for the Nano cryptocurrency built using Svelte (which you can use in non-Svelte projects also). - small-tech/svelte-nano-donate

May 13, 2021 at 11:50amWeb
Show threadShebang! May 13, 2021
@aral shit I thought we were talking about the text editor and I got excited for a moment.
Show threadAral BalkanMay 13, 2021
@shebang Haha, that little editor is a lifesaver sometimes :)
Show threadColin the MathmoMay 13, 2021

@aral Is there an ELI5 description anywhere?

Is it this?

https://en.wikipedia.org/wiki/Nano_(cryptocurrency)

A cursory reading of that raises *so* many questions for which I have not quickly found answers, so I'm interested in what reading you suggest before I enquire further.

TIA

Nano (cryptocurrency) - Wikipedia

Show threadAral BalkanMay 13, 2021
@ColinTheMathmo Not use what a ELI5 is but yeah, that’s the one :)
Show threadckeenMay 13, 2021
@aral explain like I am 5 (years old) @ColinTheMathmo
Show threadAral BalkanMay 13, 2021
@ckeen @ColinTheMathmo Haha, thanks – and not ironic at all :) (I’m not a huge of acronyms so I don’t go out of my way to learn and use them.)
Show threadminfuMay 13, 2021
@aral
The #Nano website doesn't seem to provide a good description of the product. Any other background research you recommend?
Show threadDeadly HeadshotMay 13, 2021
@aral How can a cryptocurrency be sustainable? Even without the environmental issues, the idea of depreciating returns for mining means eventually there's a point where mining has no (or negligable) returns and thus transactions are no longer processed!
Show threadRyanMay 13, 2021
@aral @dheadshot Mining operations scale up and down with profitability. Fewer mining machines makes blocks easier to mine (difficulty adjusts downwards); so the cost of securing the chain (also cost of *attacking* the chain) falls until it's below income from transaction fees. It's self-balancing, though not by any means stable.
Show threadDeadly HeadshotMay 13, 2021
@ryan @aral But mining is required to process any transactions, so eventually, there can't be transactions as it's not profitable to mine?
Show threadAral BalkanMay 14, 2021
@dheadshot @ryan Not all cryptocurrencies use proof of work mining for global consensus like Bitcoin does. (Nano, for example, doesn’t.)
Show threadAral BalkanMay 14, 2021
@dheadshot @ryan (Proof of work mining cannot be and is not sustainable.)
Show threadDeadly HeadshotMay 14, 2021
@aral @ryan OK, I'm reading about how $NANO works now. First obvious question: does the "Principal Representative" thing in ORV mean that rich accounts have more sway than poorer ones, allowing someone to hijack the network if they have more money?
Show threadDeadly HeadshotMay 14, 2021
@aral @ryan Is 1.15*10^77 max possible transactions (without collisions, assuming a perfect hashing algorithm) going to be enough for the lifetime of the currency?
Show threadDeadly HeadshotMay 14, 2021

@aral @ryan I realise this could be considered spam, but I'm about halfway through the simple version of the Docs and I have more questions:

1) What happens if the representative nominated by an account isn't online at the time of the vote (and neither is the account, so it can't update its representative)?

2) If Account A sends to Account B while B is offline, then goes offline itself, can B accept when it comes online while A is still offline?

Show threadDeadly HeadshotMay 14, 2021

@aral @ryan
3) Won't the PoW be less effective as AntiSpam for fast machines than for slower ones?

4) How does an account know to rebroadcast a transaction that wasn't accepted by some peers that were offline and what if it now isn't online?

5) "Forks in RaiBlocks are never accidental", yet it also says forks can be a result of "poor programming" - how is that not an accident? Does this mean that a piece of software can result in your account no longer being trusted?

Show threadDeadly HeadshotMay 14, 2021
@aral @ryan 6) So a "NANO/Nano" is 10^30 raw, a "nano" is 10^24 raw and a "nnano" or "nanonano" is 10^15 raw... Isn't that a bit confusing?
Show threadBzdataMay 14, 2021
@aral thanks for sharing. I’ve been looking for alternative currencies for donations at a nonprofit I work it. Everyone wants $btc but the cost of implementing is real tough for smaller orgs
Show threadAral BalkanMay 14, 2021
@bzdata You’re welcome :) Please, please, please tell them to stay away from Bitcoin – it’s an unconscionable environmental disaster. Definitely the last thing a not-for-profit should be involved with. Do let me know how you get on or if you have any questions if you end up using the widget :)
Show threadCHEMay 17, 2021
@aral
It is nice that NANO does not require mining for POW and not wasting energy.
It would also good if crypto currency does not require fiat to start using it for payments.
Why should I spend $ for NANO to send them to you, if I can send $ directly? And you, probably , will exchange NANO for $ to buy what you need. Me and you will loose something on exchange and time too.
@bzdata