Nano (formerly Raiblocks) has been on a massive price tear over the past few days. The price of NANO tokens has gone from a low of $7 last week to flirting with $15 as of current market prices.
This is no doubt a positive development for a community that is still suffering from the effects of the Bitgrail “hack” that occurred in early February. The result of this hack was a large scale FUD fever as everyone tried to lay blame on Nano.
However, there were two developments recently that have given a renewed optimism in the Nano technology. One of these was the interest that Litecoin founder, Charlie Lee has shown in NANO. The other were rumours that were circulating that NANO could be added to Coinbase.
Let’s take a closer look at these developments and what they mean for NANO going forward.
Charlie Lee Quizzes Nano
Charlie Lee had a number of questions that he posed to the NANO team. Most of these questions were around the technicals of the Nano network including how it can scale appropriately as well as withstand sustained spam attacks.
What he liked the most about Nano was that they were able to transfer value effectively and in a manner that was rather fast and cheap. The Nano team maintains that if it is relatively inexpensive to validate a transaction, then more nodes and vendors are likely to take part in the process. Charlie went on to say
I like what I see so far. Dev team with their heads screwed on straight. Good visions of doing transfer of value only and doing it right. Still not sure how it can achieve it without tradeoffs. But so far, I don’t see any glaring holes in the approach
Moreover, as the cost of validation decreases, so does the operating cost of the network and lower merchant transaction fees. Charlie also had some suggestions for the team that could improve on the security of the network.
Nano on Coinbase?
If there is one thing that most cryptocurrency traders know, it is the value of a Coinbase listing. Coinbase is one of the largest “fiat gateway” exchanges in the world. When a coin is listed on Coinbase there are millions of investors who can buy it an push the price up.
This is exactly what happened to Bitcoin cash last year in the Coinbase rally. It even happens on the rumour that Coinbase may add a cryptocurrency. It happened at the beginning of this year when Ripple rallied above $3 on that were circulating that Coinbase may add it.
This is what appears to be happening with Nano. The rumours started after there was a meeting with Colin LeMahieu, Garry Tan (angel Coinbase investor) and Zack Shapiro who is part of the team at Coinbase. After the meeting, Garry Tan tweeted that:
Just witnessed the first $Nano transfer to Android mobile wallet with the Nano Core team @ZackShapiro @ColinLeMahieu – in a time of crazy crypto money grabs in crypto this is a very ideologically pure team focused on enabling instant free payments pic.twitter.com/H3ayY0AZJQ
— Garry Tan (@garrytan) February 21, 2018
Although it is important not to get carried away with the rumours, the mere fact a member of the Coinbase team has seen the capability of Nano is positive. This comes at a time when Dan Romero who is a VP at Coinbase has stated that they would consider adding new cryptocurrencies.
Potential for Strong 2018
These are no doubt positive developments for Nano and bode well for the community as a whole. The technology has the endorsement from some leading figures in the cryptocurrency ecosystem and they are constantly working on improving it.
It may take some time, however, for the Bitgrail FUD to clear out of the market. Many are hoping that either the missing Nano can be located or the Bitgrail investors can be compensated.
Should you invest in Nano?
Based on the amount of interest that has been generated in Nano as well as the active development that is taking place, it could be considered part of a strong Altcoin portfolio in 2018.
Disclaimer: These are writer opinions and should not be considered investment advice
Featured Image via Nano.org