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So, I wanted to write here, because I think Nano community is open-minded, and can think it through - I really like it, and tho I don't have it (only tested it a few times from faucets).
As I see both of those CCs are focusing mainly on low-cost payments and microtransaction/micropayments, and "fun to use".
Even tho Dogecoin can be though as "meme" and "silly", it's actually used and adopted in many places - far more then Nano (ofc, it's also older and have easier codebase to implement - sharing it with bitcoin), but as I will outline, I think that there are a few things that Nano/Nano community can learn from them.
Dogecoin:
- no leader - it's the main thing that makes cryptocurrencies decentralized. There is no leader only participants that are driving the development and services
- easy to implement codebase - Nano should think, about having some function (like JSON-RPC) similar to Bitcoin's - this way more services could implement it - maybe it is now, but it wasn't
- more liquidity - a real winner in cryptocurrencies we can only see, by their behaviour in bear market - Doge is always around 25-35 position on cmc or coinpaprika, because it's really liquid - around 10-11M USD (or equivalent) is sitting in the order books of exchanges around the world (at the bottom I have added a comment, where I have compared it on actual data)
- consistent output of 30-40K transactions per day - this is ofc related to better adoption (there is 0 stress tests on Doge)
- almost 0 fees - these Nano have better, but Doge is also good in it - although there is a "default" fee of 1 Doge in standard client - you can set in reality as low as 1 sat/byte, so it's usually around 250-500 "dogetoshi" - neglible at best (6e-9 USD)
- inflation - to be used as "money" it must be dispersed and spended, and to be spended - it must have a little inflation to encourage spending instead of hoarding. Currently Nano have quite stiff supply, which can hinder it's later growth, and will encourage mainly speculation (fixed supply assets always have rampant speculation and often end in pump and dumps, if they aren't needed or used for anything in real world)
- decentralized nodes - 1K nodes
Now Nano:
- it has 0 fees - that's a huge plus for micropayments in any kind (although Natrium hinders it a little, giving only 6 decimals to use - it should be at least 8, like with other bitcoin-based currencies - fortunately other wallets seems to handle 8 decimals on Nano)
- instant txs - also a huge plus
- decentralized nodes (although Doge also has it - even more because it has about 1K nodes)
- quite vibrant community
- slowly being adopted in a few services - which is a plus
Liquidity comparison:
Nano: https://coinpaprika.com/coin/nano-nano/#!liquidity
Doge: https://coinpaprika.com/coin/doge-dogecoin/#!liquidity
The trend is evident, if you switch to 1y or max on market depth history - Dogecoin have almost 100% growth in this period (from June 2019) and Nano 50% decline.
Looking at the data from vcdepth it's even more apparent:
https://vcdepth.io/coins/doge-doge
https://vcdepth.io/coins/nano-nano
As I say, I think Nano can learn from Doge's some, especially regarding exchange's liquidity - that's preventing a lot from happening right now. Binance is the only source, and market maker for Nano, but there should be more - through the ecosystem.
What Nano team should do in my opinion is: take part of their funds from dev premine, and use it for liquidity purposes. Cryptocurrencies can't be "run" like startups, and Nano holding shouldn't be treated as equity or cash equivalent, dumping it straight on the books. Binance is making a lot to provide all of their coins with liquid markets (their MMs are one of the best on the market), but I think team can increase liquidity easily by a factor of 2-3x, just by hiring specialistic company, that will manage it. I know coins, that have done it - and it's the main thing that helped them stay relevant. Developing protocol is important, but without liquid market - it doesn't achieve anything (because it won't be used by more people). Especially I would try to improve USDT markets - they are basically USD pairs.
PS. I'm not a developer, but I research CCs on daily basis, because it's actually my work. I think my comparison is right, because Doge have achieve much more then being only "meme" currency, and Banano did not (it's only meme currency without liquidity, acceptance, or being really used anywhere).
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