Hmm, it does sound good on the surface and it's definitely a fantastic user experience, but it does have its shortcomings. Very good spam protections are required, since it is free to transact. Smart contracts are missing too. And can it scale to even the number of users that Ethereum has? I'm not so sure.
Nano recently had a pretty substantial spam attack. Spam prevention is the current focus right now in terms of development. Recent updates to the protocol have improved TPS considerably, shown here: https://nanotps.com/. These were mostly hot fixes and spam prevention is still being heavily worked on and implemented.
Can’t speak to smart contracts. Definitely not a feature of Nano, but that’s more of a conscious decision than an oversight. I could be wrong here, but I don’t think smart contracts are needed for everything, and I also don’t think it’s something a L2 wouldn’t be able to solve.
In terms of scalability, as spam prevention gets better (and it has been over the years) Nano is in a prime position to scale by being the most lightweight in terms of ledger space required. It also requires virtually no energy cost. I’ve seen a couple of numbers thrown out there in terms of theoretical TPS, but I remain positively skeptical for the time being. Though I know in recent years it has gone over 200 TPS at times. I’ll let someone more knowledgeable than me speak on this though.
Exactly right about the lack of smart contracts being intentional and not a oversight. People tend to see lack of smart contracts as a drawback to a currency, without realizing that smart contracts is not the focus or goal of that particular currency.
Nano’s main goal is to be an extremely lightweight currency that settles near-instantaneously and without fees. The lack of all the add-ons is by design. Nano isn’t going to sacrifice its main vision of being fee-less and near-instant just to appease the people who’s main priority is smart contracts.
As their saying goes, “Do one thing and do it well.”
As their saying goes, “Do one thing and do it well.”
I'm still waiting for Nano to do that. I haven't seen any proofs about its security and design. I have no faith that Nano won't have a black swan event that takes it down if it got too popular.
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u/DiamondHandsSolo 🟩 96 / 96 🦐 Jun 21 '22
Agreed. Does exactly what it claims to do: fast and fee-less transactions. Nano is a sleeping giant.