nano main

Nano Tokken Report – 16th Dec’22

Nano is an efficient blockchain network.

The CMP of XNO on 16th December 2022 is $0.7494.

The Problem Statement:

The global banking system has been completely threatened by Bitcoin. We started to notice a gradual transition away from government-backed currency toward modern cryptographic payment systems working in a secure and trustless manner after it hit mainstream markets in 2009.

But why isn’t Bitcoin used frequently?

Due to high fees on its network and a significant increase in transaction delay, Bitcoin’s scalability is constrained. Its use of a proof-of-work (PoW) consensus process, which depends on miners employing energy-intensive equipment to confirm transactions, presents the biggest hurdle in scalability.

The environment is being damaged by Bitcoin mining. There’s a need for a viable substitute for Bitcoin that is more environmentally friendly.

Someone is trying to solve these issues. Let’s understand it.

What is Nano?

Nano is a fast, energy-efficient blockchain network that was created to make Zero-fee, safe, and trustless money transfers possible.

By the name of RaiBlocks and with the ticker symbol XRB, Colin LeMahieu, a software programmer, developed Nano currency in 2014. 

The project did, however, change its name to Nano (NANO) in 2018 and its token name from NANO to XNO in 2021.

How is it Unique?

Nano uses a system called Open Representative Voting (ORV). Owners of nano choose the representative nodes that cast votes for each transaction. Each node inside the network can independently cement transactions.

ORV achieves finality time significantly faster than Bitcoin since it allows for each transaction processing, usually in less than a second. 

Cryptocurrency mining, which is energy-intensive on typical PoW blockchains, is not necessary for ORV consensus and this makes Nano eco-friendly.

Tokenomics:

The native token of the Nano is XNO. The total supply of XNO is 133 Million & ~100% of the total maximum Supply(133 Million) is in circulation. It has a market capitalization of $99 Million. The current Coinmarketcap ranking of the Nano is #173.

 

 

 

 

Competition Analysis:

Nano vs Bitcoin: 

Nano compared to Bitcoin is faster, and more affordable to use for transactions.

Bitcoin works on the Proof of Work mechanism, where miners compete to solve a puzzle to get a reward, it consumes a lot of electricity and only a few big players can participate in Bitcoin mining. 

Nano uses a system called Open Representative Voting (ORV) where its token holders choose a representative that can validate the transactions. Due to this, transactions in Nano are affordable and don’t harm the environment.

 

 

Team, Community, and Media:

Colin LeMahieu, a highly skilled software developer and engineer with years of experience working for well-known tech firms like Dell, AMD, and Qualcomm, developed Nano.

More than a dozen more people work with Nano Foundation, including the current director George Coxon, a degree in evolutionary anthropology and is a seasoned account executive.

Conclusion:

Nano has been trying to solve fundamental problems like scalability and high transaction fees that even some of the large projects failed to solve. Nano has built an ecosystem where one can perform transactions quickly and affordably. Additionally, Nano provides easy integrations with NANO payments, enabling businesses to receive payments in cryptocurrencies instantly and free from validation bottlenecks. This system gives Nano the opportunity to become a mainstream payment option.

Pros:

1) There are no transaction fees.

2) Nano has high transaction speed and it reaches finality time less than one second.

Cons: 

1) Nano’s adoption is slow.

2) It doesn’t support smart contracts or dApps.

 

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Avalanche

Avalanche Report – 9th Dec’22

 

Avalanche is a smart contract platform.

The CMP of $AVAX on 9th December 2022 is $13.48.

 

Problem Statement:

Bitcoin has a transaction speed of 7 TPS and Ethereum has a transaction speed of 20 TPS. 

Ethereum supports dApps as well but the challenge is scalability and speed. 

Just think how a billion people transition to web 3.0. There’s a need for a solution in scalability.

The Ethereum Merge isn’t going to speed up Ethereum transactions. At least, not by much. Before the Merge, the Ethereum blockchain released one new block every 13 or 14 seconds. After the Merge, that number is expected to fall to 12 seconds.

So currently someone is trying to solve these issues. Let’s understand it.

 

What is Avalanche?

The Avalanche blockchain aims to combine scaling capabilities with rapid confirmation times, with the help of its Consensus Protocol. 

Avalanche works on the Proof of Stake mechanism. In this mechanism, the nodes are rewarded for validating and adding new blocks to the blockchain.

Avalanche was launched as an open-source project in 2020. It can handle 4,500 transactions per second. Avalanche intends to be quick, secure, and affordable.

 

How is it Unique?

Avalanche has 3 built-in blockchains.

Exchange Chain (X-Chain):

It is used to send and receive funds on the Avalanche network, which is the X-Chain’s only function. Additionally, transaction fees are fixed at 0.001 AVAX.

Platform Chain(P-Chain):

It is used to facilitate validator actions and stake AVAX. To receive their AVAX incentives on the P-Chain, users can become validators and collect rewards.

Contract Chain (C-Chain):

This Avalanche chain contains DeFi apps and this is also the chain used for smart contracts. The majority of Avalanche dApps are present here and are MetaMask compatible.

 

Tokenomics:

The native token of the Avalanche is AVAX. The total supply of AVAX is 720 Million & ~43% of the total maximum Supply(310 Million) is in circulation. It has a market capitalization of $4.2 Billion. The current Coinmarketcap ranking of the Avalanche is #18.

 

 

 

 

Competition Analysis:

Avalanche vs Ethereum:

The cost of gas for Ethereum (ETH) has risen in recent months. Fees for a single transaction have increased from less than $1 to occasionally over $500. Earlier Ethereum used to work on the Proof of Work mechanism(Currently working on the Proof of Stake mechanism). 

Avalanche processes around 4,500 transactions per second, compared to Ethereum’s maximum of roughly 15 transactions per second.

 

 

Team, Media, and Community:

Emin Gün Sirer, a professor at Cornell University, and Kevin Sekniqi and Maofan “Ted” Yin, Ph.D. candidates in computer science at Cornell University, started Ava Labs in 2018, which launched project Avalanche.

Sirer is an expert in the field of cryptography; six years prior to the publication of the Bitcoin whitepaper, he created a conceptual peer-to-peer virtual money. Additionally, he worked on Ethereum research and scalability solutions for Bitcoin.

Ava labs is backed by investors such as Polychain, Andreessen Horowitz, and Balaji Srinivasan.

 

Conclusion:

Due to their high transaction speed and low cost, blockchains like Avalanche are attractive to Decentralized Finance (DeFi) platforms searching for Ethereum alternatives. When it comes to scalability and performance, DeFi platforms already have a long list of competing platforms, but it has to be seen if it will be able to compete with other blockchains like Solana and Polygon.

Pros:

1) It has high transaction speed and is scalable for dApps

2) The project is led by experts and backed by the world’s prominent investors.

Cons:

1) Due to the different subnets in Avalanche, it might face challenges around security and interoperability.

2) Avalanche has a lot of competitors like Solana, Ethereum 2.0, etc, and Avalanche’s competitors have more transaction speed upto 50,000 TPS.

 

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Filecoin main

Filecoin Report – 2nd Dec’22

Filecoin is a decentralized storage network.

The CMP of FIL on 2nd December 2022 is $4.55.

The Problem Statement:

In this digital world, the data is increasing rapidly and people want to store their data somewhere apart from a hard drive or a device.

But buying a hardware device to store more data can be costly. 

So people prefer cloud services, where the service provider offers digital space in a customized manner.

But the problem arises of centralization where few big organizations have their monopoly and data of the users.

What is Filecoin?

Filecoin (FIL) is a decentralized peer-to-peer network that acts as a storage cabinet on the internet.

Filecoin is an open system that is supported by a blockchain that keeps track of the commitments made by users of the network.

According to the project’s creators, if enough people use it, it might replace other online data storage options as the fastest and cheapest option.

Furthermore, because it wouldn’t rely on a central authority, governments or other entities couldn’t censor the exchange of its files.

How is it Unique?

Developers can build cloud file storage services like Dropbox or iCloud on the Filecoin platform. Anyone can sign up for Filecoin and begin storing their data or start making money by making space available for other people.

It’s risky to save your documents on another person’s computer. To prevent this, Filecoin divides up data in a manner like data shredding. But when requested, it rearranges the data since it understands how it fits together.

Also, it is safer than centralized cloud storage companies because there is no single point of attack. In 2012, Dropbox was hacked and 68 million passwords of the users were leaked on the web..


 

Tokenomics:

The native token of the Filecoin network is FIL. The circulating supply of FIL is 330 million. The FIL token is inflationary. It has a market capitalization of $1.5 billion. Currently, it has a coinmarketcap rank of #30. 

 

 

 

 

Competition Analysis:

Filecoin vs Arweave:

Filecoin is a decentralized peer-to-peer network that acts as a storage cabinet on the internet.

The governance of Filecoin is handled by the community. It was started in 2014 and the network has over 20,000 users.

Arweave is a decentralized storage network that aims to provide a platform for the indefinite storage of data. Arweave also incentivizes the developers from the network fees they earn and the project is backed by investors like Andreessen Horowitz, Union Square Ventures, and Coinbase Ventures.

 

 

Team, Media, and Community:

“There’s a ton of storage in the world that’s not getting used. Think of it like Airbnb. You had people with rooms that weren’t being used; Airbnb built a marketplace for them.” —Juan Benet

Juan Benet, who also founded the Interplanetary File System, created Filecoin. American computer scientist Benet attended Stanford University for his academic training. 

He joined Y Combinator in the summer of 2014 after establishing Protocol Labs in May with the goal of assisting additional projects in addition to IPFS and Filecoin.

Conclusion:

The worldwide inefficiencies of file storage and retrieval can be greatly reduced with the help of Filecoin. Additionally, it gives the consumer more control because they are less likely to be constrained by agreements with large corporations.

Filecoin is already functioning in the real world thanks to a working mainnet and a comprehensive set of utilities. The adoption of the Filecoin ecosystem within the cryptocurrency community, as well as its ability to draw in new users, will determine its success.

Pros:

1) A decentralized peer-to-peer network

2) Incentivizes the computers that store the data of users.

Cons:

1) Mining of their crypto isn’t profitable for everyone.

2) There’s no free trial to users for its services, as this may lack user growth.

 

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trust wallet

Trust Wallet Report – 26th Nov’22

Trust Wallet is a mobile cryptocurrency wallet.

The CMP of TWT on 26th November 2022 is $2.09.

What is Trust Wallet?

Trust Wallet is a mobile cryptocurrency wallet that supports dozens of popular native crypto assets in addition to popular tokens on the Ethereum, Binance, and TRON blockchains.

Trust Wallet is a non-custodial multi-crypto wallet app where users have complete control over their digital assets, and it can range from cryptocurrencies to non-fungible tokens (NFTs). It currently supports more than 65 blockchains and 4.5 million digital assets. 

Viktor Radchenko created and launched Trust Wallet in November 2017 and it quickly gathered a huge user base. In 2018, Binance acquired Trust Wallet.

How is it Unique?

Trust Wallet was designed so that users can get easy and instant access to their digital assets using the mobile app. 

Users can now access web 3.0 dApps, there is no need to connect to a desktop device or leave the Trust Wallet app. Users of dApps can communicate with the application directly on the blockchain. Also, there’s no requirement to sign in to use dApps. One can access dApps like PancakeSwap, OpenSea, 1inch, and Uniswap.

Trust wallet also gives rewards to its users for using in-apps and its services. Its native token is TWT. TWT holders have voting rights and they can participate in governance and development of features of the Trust wallet.


Tokenomics:

The native token of the Trust wallet is TWT. The total supply of TWT is 1 billion & ~42% of the total maximum Supply(416 Million) is in circulation. It has a market capitalization of $874 million. The current Coinmarketcap ranking of the Trust wallet is #48.

 

 

 

 

Competition Analysis:

Trust Wallet vs Metamask:

Trust wallet supports multiple blockchains and storage of 250,000 digital assets. Users can easily exchange tokens or even purchase cryptocurrency using a card, thanks to a built-in exchange facility.

Metamask only supports tokens and cryptocurrencies built on the Ethereum blockchain. But one can connect Decentralized exchange and swap tokens. MetaMask does not charge any additional fee apart from gas fees for transactions.

 

 

Team, Media, and Community:

Trust Wallet was developed and founded by Viktor Radchenko in 2017 in Mountain View, California. Viktor had previously started Trucker Path in 2013 a company behind one of the most popular apps for truckers and logistics firms. 

Radchenko continues to work on the platform as a member of the Binance team despite the fact that Binance purchased the platform in July 2018 for an unknown amount. 

Conclusion:

Trust Wallet has been focusing on transitioning users from web 2.0 to web 3.0. It has been trying to make an ecosystem of blockchain networks and other digital assets ranging from cryptocurrencies to NFTs. It is trying to be more user-centric by adding all the features and giving voting power to its users for the development of the new features. Although Trust wallet has more than 10 million active users still it isn’t the most popular wallet. 

Pros:

1) No subscription or any additional charges to use the wallet.

2) A huge database of digital assets is supported.

Cons:

1) Trust wallet isn’t as secure as a hard wallet.

2) There is no option to recover wallets as there is no customer support

 

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steem img

Steem Report – 18th Nov’22

Steem is a blockchain-powered decentralized Social Media platform. 

The CMP of STEEM on 18th Nov’22 is $0.166.

 

The Problem Statement:

Today’s social media platforms are centralized and few large tech companies control the world. The users give data in exchange for using social media. 

Another more significant challenge is monetization, almost all big social media platforms don’t pay anything to the content creator. The creators of these platforms are the core reason people use Social Media. 

Steem is trying to solve these issues. Let us understand it.

 

What is Steem?

Steem is a new blockchain-powered social media model where contributors get rewards.

Steem is the unit currency that can be used to trade on cryptocurrency exchanges and can be converted into other assets like Bitcoin, etc.

Steem is a blockchain network that helps other social media dApps to run on the platform as well. Today there are over 300 dApps built on the Steem network.

 

How is it Unique?

There are many parts and features of the platform:

Steem Dollar:

A Steem dollar is given as a reward to the content creators on the platform. Its value is equivalent to 1 USD. Steem dollar provides an annual interest of 10%.

Steem Power:

The importance of a user’s vote on the network is influenced by STEEM Power. For whatever categories the post was listed in, if a user votes on the posts, then these are moved up toward the top of the feed.

Steemit:

Steemit is a dApp first launched on the platform on July 4, 2016. It is popular among English speakers worldwide and they also a significant number of people creating content in the Korean language.

Aim of the Platform:

1) To offer carefully curated news and commentary.

2) Creating an opportunity to make money.

3) As a resource that provides responses to queries from users.

4) Providing a reliable cryptocurrency equivalent to US dollars.


 

Tokenomics:

The native token of the Steem network is STEEM. The current circulating supply of STEEM is 394million. Steem is an inflationary token and it has a yearly inflation rate of 9.5%. The inflation rate decreases at a rate of 0.01% for every 250,000 blocks, or about 0.5% per year. The inflation will continue decreasing at this pace until the overall inflation rate reaches 0.95%. It has a market capitalization of $65 million. 

 

 

Competition Analysis:

Steem vs Ethereum:

Steem uses the DPoS consensus mechanism and it has a claimed transaction speed of 10,000 TPS. Steem blockchain is designed for dApps, especially in the Social Media space. As it rewards the content creators for creating and posting content on its platform.

Ethereum works on the Proof of Stake mechanism(Before merge it used to work on Proof of Work). Ethereum has a transaction speed of 15 TPS. It hosts decentralized applications (dApps), and the dApps can be generic and from all categories. dApps was first introduced by Ethereum. 

 

 

Team, Community, and Media:

Ned Scott, along with blockchain developer Dan Larimer, launched the first dApp on the Steem blockchain on July 4, 2016., called Steemit. 

Ned Scott worked as a business operation and financial analyst at an American Food importing company, Gellert Global Group.

Dan Larimer is a software engineer and serial entrepreneur who had an interest in blockchain technology.

In 2020, Justin Sun, Founder of Tron acquired the Steem network. Earlier Steem was working on the Proof of Work mechanism and after the acquisition, Justin Sun shifted the technology to delegated proof-of-stake to increase the transaction speed and scalability of the platform.

 

Conclusion:

Steem is now going in the right direction by improving the transaction speed and solving the problems of scalability. Earlier all profits were taken by a handful of large social media companies but now Steem is trying to give the power back to the people and creators. It has over 300 dApps built on the platform. Only time will tell if it will be capable of taking over the social media giants in the future.

Pros:

1) Steem is censorship resistant because of blockchain technology.

2) It rewards the creators and contributors of the platform which helps everyone in the ecosystem grow.

Cons:

1) Its rewards system is good for a few whales and they own the most power.

2) Many users didn’t agree with the decision of Justin Sun’s acquisition so they created a hard fork named “Hive”.


 

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