Colin LeMahieu
@ColinLeMahieu
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Software engineer and inventor. Founder of nano(Ӿ): decentralised, open-source, feeless currency. $xno
London, UK
Joined November 2014
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A big congratulations to the team working tirelessly the last few months to make $nano happen!
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7 years ago today nano became a live network. Since then, over 46 billion dollars have been processed through nano without a single fee being paid.
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Has anyone else being targeted on
@reddit
by a single moderator with a blanket ban on a whole team? The entire nano mod team was banned from r/cryptocurrency, even those who have never posted there. Anyone else being censored?
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*This* is what cryptocurrency was meant to be. $nano
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@elonmusk
@MuskUniversity
These factors are best satisfied by $xno. Native nano transactions complete in < 1 second.
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I'm excited to share that next week I'll be full-time on RaiBlocks. We've got some incredible things in store for 2018 and can't wait to share more with you! $xrb
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Big thank you to
@DNB_NL
for inviting me to present in their meet-the-experts discussion and Q/A on the future of the cryptocurrency industry. Lots of very good questions this morning and I hope everyone enjoyed it!
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Universal block canary has been released! Check your services to see if they’re handling them correctly and let us know of any issues.
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Speed matters and nothing beats $nano
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Doing final tests on universal blocks and putting together a writeup!
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Looking to release the second Universal Block canary this Sunday. This will signal wallets to start generating universal blocks instead of the old style. Universal blocks will allow higher TPS, simplify code, and simplify hardware wallet integration.
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$nano has used this consensus strategy from the start, 5 years ago.
I did NOT invent 99% fault tolerant consensus; Leslie Lamport did. I just wrote an explainer and adapted it to a blockchain context. Please fix, Trustnodes.
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It’s amazing to see people showing kindness and helping others through the power of $NANO. Thank you and keep up the good work!
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$nano will survive the hype-market contraction by offering a needed good, instant global value transfer, faster and cheaper than all its competitors.
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With BTC inflation at 1.76%/yr, holding $1.5B in BTC contributes $26.4M toward energy consumption. Fuel cost for a Falcon 9 is 200k per launch so equivalent to 132 launches in cost and carbon emissions.
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The fastest decentralized currency just got another upgrade. Let’s finish the digital money revolution.
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For most of this year I’ve been researching a new PoW algorithm that fits the performance requirements of Nano. We’re excited to share this short preview and we’ll be releasing a thorough technical document as well as a library implementation in the near future.
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A ton of work done last year despite world events. Very thankful for the NF team and everyone involved!
Year In Review: Take a look at the highlights of 2020 that make $NANO the world’s most efficient currency to date!
#cryptocurrency
#blockchain
#yearinreview
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Nano can be moved between exchanges instantly and without fees. Just putting that out there.
Coin fees for the past hour:
Bitcoin fees: $5.04 / €4.59 / £3.88 for next block
Ethereum fees: $0.34 / €0.31 / £0.26 for next block
Litecoin fees: $0.22 / €0.20 / £0.17 for next block
Nano fees: $0.00 / €0.00 / £0.00 fully confirmed in 0.2 sec
#Bitcoin
$BTC $ETH $LTC $NANO
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Today we’re releasing version 11 which includes Universal Blocks. Let us know how it goes!
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Very glad $nano was given away for free following comments at
#Consensus2018
about what constitutes a security.
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The future of currency won’t be based on technology who’s costs rise so rapidly with such trivial throughput. The sooner the industry gets away from this delusion, the sooner we’ll arrive at decentralized money.
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The Nano structured network overlay is a method to reduce network resources and involves creating a distributed hash table (DHT) with the available network nodes. With this, flooding of votes and transactions to the network can be done more efficiently.
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It started with years of thought and design followed by a ton of teamwork in the last year to get the ecosystem where it is today. Very excited looking forward!
Today marks 5 years since
@ColinLeMahieu
began creating $NANO. It has been a remarkable journey so far, and we are incredibly proud to share it with the
#nanocommunity
of contributors that have helped bring the protocol to life!
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The fastest in decentralized money. No compromises.
🔥
#Nano
demolished its previous beta stress test record today. 1465+ CPS, and still not saturated. Almost DOUBLE the previous record. Conf-times less than 1 second. All on consumer hardware, with zero fees 😱
#cryptocurrency
#Bitcoin
#scalability
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Natural market incentives involve eliminating an inefficiency and profiting on the improvement. Artificial incentives i.e. subsidies/rewards are an extra-market process designed by planning groups. With efficient consensus, $nano doesn't need to plan network subsidies.
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@elonmusk
Every species has cyclic population except humans.
Prosperity doesn’t require growth.
Capitalism doesn’t require growth.
Aiming for a balanced population doesn’t require “degrowth”
High populations increase resource contention leading to famine and wars.
There is no
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Blockchains can’t sample the real cost of running the network e.g. they don’t know server/bandwidth/storage costs. Because of this, finding “the right incentive” is a fool’s errand. It will always be either too high, encouraging rent seeking and centralization, or too low, making
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I felt this was a good time to write about the benefits gained from nano focusing exclusively on currency. Decreased resource usage, decreased non-technical attack surface, and improved decentralization.
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I’m incredibly proud of what’s been built so far and even more excited about what we’ll all build going forward.
Nano’s fundamentals have been our strength and in this turbulent space they’re what’s required to win.
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@KevinNegocios
Yahoo in 1995 was the best but very quickly Google won because it was better. Bitcoin doesn’t solve a problem better than anyone, Nano is better in every way.
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$nano guards against reusable hardware attacks by: 1) consensus is remotely reassignable disconnecting it from a physical presence. 2) market cap > mining hardware capex; tying consensus to market cap gives a stronger resistance to attack.
shows how easy it is to 51% attack some of the smaller PoW coins. For some coins, 100% of the hashrate can be rented from NiceHash, which removes the capital costs of the attack!
For example, Bytecoin (marketcap ~$1B) can be 51% attacked for $557! 😲
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Real, usable money.
13 transactions between 11 countries across 6 continents, all in 1 minute.
This is the power of
#digitalmoney
, this is $NANO.
#cryptocurrency
#sendnano
#nanoisthefuture
#remittance
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For PoW systems there’s an unfortunate feedback loop in price drops. Low price -> low mining rewards -> turn off some miners to lower cost -> lower hash rate -> longer transaction confirmation -> lower price.
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I’ve said it before: Bitcoin is holding back decentralized money as a complete technical failure.
Incapable of serving the world at scale, unattainably high cost of operation, centralized, energy wasting: pointless.
Watch their cultish, gambling followers deflect, misdirect
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@cryptoXshark
@ZackShapiro
@troyretzer
@devinus
@nano_isam
@Mrlutavo
@Kedrin_nano
@IcarusGlider
@Nano_Things
I watched cryptocurrency for a few years and saw many of the inefficiencies weren’t being solved. I think the reason 1500 is them exist is because people *know* the possibilities but none of them really focused and knocked a particular solution out of the park. I’m hoping we can.
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@jack
If you want decentralized digital cash, bitcoin can’t get you there.
Every company that’s tried and dumped bitcoin has told you why:
Too slow
Too expensive
PoW consensus isn’t decentralized.
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Focusing on development may be boring but it gives undeniable results.
Recent V21 (DB12) beta stress tests: 750+ CPS & still not saturated. Average max somewhere around 1100-1300
Compare that to v19 where saturation occurred at ~200 CPS, & v20 where saturation occurred at ~350 CPS. Massive progress 🔥
#Nano
#Bitcoin
#cryptocurrency
#scalability
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Every time I tell people it used to be 1000xrb per click they cringe 😂
In 4 days (March 5-19, 2016), 1.525% of the total $NANO supply, 5189123 coins, was airdropped via faucet in lots of 1000 per private key (or 1 per additional claim on a previously used privkey).
That giveaway is valued at $90-million USD today, 22 months later. $XRB
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The point was to not need PayPal.
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@PeterSchiff
@WarrenBuffett
Currency that has additional uses is detrimental: stable supply and demand gives stable price. Assuming supply is fixed, aggregate demand will have less variance when there is only one demand factor instead of many. Would love to talk with you about $nano some time.
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When looking at it from a business perspective: currency and native payments are the only viable use-cases of cryptocurrency. Everything else is solved better elsewhere and $nano is positioned to do exactly this.
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Lots of news in the digital money world of $nano.
Check out the newest $NANO Digest:
⚡️45+ new
@binance
fiat pairs
⚡Nano on
@brave
browser
⚡️
@TrustWalletApp
in-app USD gateway
⚡️
@swapzoneio
launches nano swaps
⚡️
#SpendNano
at and
@coinsbee
⚡️New team member joins NF
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Merry Christmas everyone!
Wishing the
#Nanocommunity
a very merry Christmas!🎄
Thank you, to each and every one of you who have supported $NANO this year!
#cryptocurrency
#nano
#blockchain
#xmas2020
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😄
Introducing our self-service kiosk. Available immediately.
Supports sub-second
#cryptocurrency
$NANO natively alongside EMV. No transaction fees for crypto.
@kappture1
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Block rewards and transaction fees disincentivize holders and users through inflation and overhead. By being more efficient than traditional currencies, $nano offers an economic incentive to the entire ecosystem.
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My music listening strategy: find songs I like, play on a loop until I hate them, repeat.
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Big thanks to the LBX team who put a lot of hard work in to listing Nano and putting together this event. Good luck everyone!
LBX and
@NANO
are delighted to offer the world’s first NANO/GBP pair!
To celebrate this partnership we have launched a London treasure hunt - with the chance to win a Ledger Nano containing £5,000 of NANO!
#RealCryptoHunt
$Nano $NANOGBP
Read more here;
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Notice that the centerpiece of every orange coin discussion happening right now is an inordinate focus on profit derived from network costs.
It's masked as a technical discussion but in reality, it's purely financial and rent-seeking.
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More places connecting $nano every day!
We're delighted to announce that CycleBit adds NANO, bringing instant and fee-less digital money to its growing cryptocurrency payments ecosystem! With NANO available on Cyclebit POS machines, the Crypto Community will truly grasp what it's like to
#paywithcrypto
!
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Happy New Year everyone! I'm excited for 2019!
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Since mining is completely unnecessary for decentralized money, it’s a shame this power isn’t going to something needed like powering homes.
Update on our next facility! 🥳
Sazmining's 2nd
#bitcoin
mining facility running on 100% Renewables is officially going up in Paraguay!! 🔥
This couldn't have come at a better time 👇
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Absolutely nailed it. Such an amazing engineering achievement!
Falcon Heavy side cores have landed at SpaceX’s Landing Zones 1 and 2.
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There is *no* *reason* this much energy needs to be consumed to come to decentralized consensus.
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Just landed in Chicago for
#voiceofblockchain
. Looking forward to appearing on tomorrow's scalability panel alongside
@jimmysong
,
@kylewarmour
,
@marco_peereboom
and
@hmichellerose
!
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The need for currency to be energy efficient has driven a lot of
@nano
design.
@FXStreetNews
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Nano is digital money.
“Altcoins” as a word will become a relic of crypto’s beginning.
In time the -crypto prefix will go too, as this infrastructure swallows the accounting of the world.
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Yes they can, this is the fatal flaw in the transaction fee game theory: maximum profit happens at high congestion, not with high quality of service.
Could a handful of miners conspire to drive fees up by spamming the network (since they receive the fees back anyway) and they want to make your transactions more expensive in the long term? What prevents this for either bitcoin or litecoin?
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It would take over 30 years for everyone in the world to do a single Bitcoin transaction.
Bitcoin is not decentralized.
No network/asset/technology other than
#Bitcoin
can become the neutral global 24/7 settlement network for the world. Anything else is just not “neutral” or decentralized enough.
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I wrote an article about the economics behind generating consensus and the issues when considering economies of scale.
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If all of bitcoin’s 21m coin supply was evenly split and sent to all 8 billion people on earth, only miners would have Bitcoin.
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Had some ideas for a type of vote compression in the Nano protocol. Thoughts?
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Huge improvement.
Piotr has been working on vote hinting improvements for
#Nano
. Here's a screenshot of the difference it makes on a heavily desynchronized local dev environment (~2M backlog). Mean recovery CPS: 17 -> 500+ 👀
More stability, faster recovery, better anti-spam 💪🏾
#cryptocurrency
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Once it’s used, it becomes unusable.
Cumulative coin fees for the past 24 hours:
-> Bitcoin: $1,457,988.03 ($4.33/tx) paid in fees
-> Ethereum: $2,615,146.59 ($2.28/tx) paid in fees
-> USD Tether: $499,994.78 ($2.01/tx) paid in fees
-> Nano: $0.00 ($0.00/tx) paid in fees
#Bitcoin
$BTC $ETH $USDT $NANO
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Nano’s optimal confirmation time is limited only by internet latency.
@deadalnix
@atxmj
@MKjrstad
@Ghostbanned7
It’s doing 3 global round trips in 400ms.
1 to propagate the transaction, 2 more to confirm it.
It’s entirely possible, it’s happening currently.
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@RetirementRight
Bitcoiners are rent seekers.
They extract rent from fees which are collected based on congestion which is why they keep throughput artificially low.
They extract rent from inflation which is why they use an incredibly inefficient algorithm for consensus to justify the waste.
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Having a browser extension that does this is something I’ve wanted since Nano started. Freemium pay-to-clear-ads.
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Smartest minds of the subset of people still wasting their time on Bitcoin.
No one wants to ascribe their profession career to a polluting wasteful piece of technology that has no trajectory towards scaling to solve the problem it was designed to solve.
Discovering such vulnerability on Lightning after so many years having the smartest minds looking at a handful of scripts and their interactions is the best illustration of why we should keep highly skeptical about adding new opcodes to Bitcoin.
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An orbiting Nano faucet, very clever
@WeNanoApp
!
@WeNanoApp
has included the ISS satellite simulation which literally travels all across the world and pays out $NANO to user falling under its scope. This is very much better than the Blockstream Bitcoin Node satellite😂
More bullish on $NANO🚀
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Merge the ascending bootstrap client feature branch.
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It’s looking like parasitic data is going to be permanent problem going forward. Nano isn’t immune but this issue was considered early in design and a large degree of mitigation in place. More is planned.
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Since we’re helping services upgrade today we won’t hold our usual dev space this week but will resume next week.
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@AaronRDay
The most important thing is left: peer to peer electronic cash.
Actually decentralized.
Actually no inflation.
Actually usable by everyone in the world not through intermediaries.
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Space invaders working well with $nano! What do you guys think? A full nano arcade soon?
@nanoissuperior
@jamescoxon
Pay Cryptocurrency to Play Retro Space Invaders Game in UK Bar
►
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Widening the pipes > paying rent-seeking miners for priority on slow networks.
Wanna see something crazy? 👀 The
#Nano
beta has officially passed 1000 CPS during a stress test 😎 This is real 1st layer scalability
#Bitcoin
#cryptocurrency
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@Rainmaker1973
Overpopulation being a problem and growth reaching <0.1% can both be true.
Your argument is poorly formed.
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Can’t wait to see everyone there!
Tomorrow innovation meets creativity at the Nano UK Meetup! We're eager to meet everyone, share what we've been working on, and explore the $NANO tech with you. Full details--including a detailed event agenda--can be found on our web app here:
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A brief introduction:
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This can be disproven through counterexample:
- An Excel spreadsheet (non-scalable)
- Publicly editable (non-secure)
- Hosted on a single FTP server (non-decentralized)
Is worse in every way compared to
#nano
. In fact, most blockchains are an improvement over this example.
"The blockchain trilemma" means that there's always a tradeoff between:
1. Scalability
2. Security
3. Decentralization
Which two would YOU prioritize? 🤔
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I wrote a bit about distilling down to the essential components of cryptocurrency consensus:
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@criptobastardo
@KevinNegocios
BTC costs too much to use, plain and simple. The only reason the revolution of decentralized money has stalled is because we get stuck on old tech.
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Easier than ever to use the fastest currency around.
Millions of
@brave
users can now seamlessly purchase, deposit, and convert $NANO following the cutting edge in-browser integration with
@binance
that makes accessing
#DigitalMoney
easier than ever.
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$nano and the chain-per-account data structure was picked so determining conflict can be done in constant time and memory. An arbitrary DAG requires graph traversal to find conflict leading to a memory and compute time explosion that gets worse with depth.
A Monte Carlo over consensus rules will not end well. There's no replacement for thoughtful, careful design.
TL;DR iota's tangle is a confused pile of nonsense. Now they're trying to fix it by Monte Carlo, instead of thoughtful analysis.
Blockholm syndrome in action.
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Just yesterday a grandma came up to me and sighed "I wish I could stop using money liquidity services and make illiquid mediums of exchange a centrepiece of my life".
I said, bitcoin's already been invented though you'll have to change your view on currency as a concept and
You cannot use bitcoin as money. What you can do is to stop using money (liquidity services) altogether and use bitcoin as an illiquid medium of exchange instead. 2/2
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In order to succeed as a data interchange standard, blockchains would need to solve the problems past attempts with databases, XML, or webservices failed to solve. Without this, attempting to get the industry to adopt a slower, more expensive platform will fail.
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Always making progress.
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Followup to comments I made on the scalability panel for $nano. Cryptocurrency value is not derived from how much labor went in to producing it.
No, Marxism Does Not Explain Bitcoin's Value via
@forbes
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Having spoken to the mod personally. He requested we give him special treatment and require the mods to approve any comment tagging him personally.
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No comment about one organization defining the validator list (UNL) making it not decentralized or holding ~50% of the m0.
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If you ask a business that wants to accept cryptocurrency what they need to make that happen, integration with accounting tools is high on the list. We’re aiming to be seamlessly integrated in to the entire business stack from top to bottom.
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@PeterSchiff
I think there’s an argument to be made that currency should not have other uses. Currency should have stability on the supply *and* demand side. “Other uses” influences demand outside of its currency purpose.
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