A new name isn’t everything, but a really cool new name can be something. That’s my take on Nano (NANO) after it successfully rebranded, dropping the old moniker of Raiblocks (XRB).
Much has happened across all of the crypto land ever since the February rebranding meet-up, especially the inevitable price slumps that have rocked all the major coins. But if anything came out of that rebranding, then it’s recognition that, here is a genuinely great cryptocurrency with a real-world use to it.
That position is likely not to change soon, what with the NANO team taking their time to craft a master plan that will likely see it get adopted around the world. If this works for Nano, then Bitcoin (BTC) will be out of the way. I’d like to revisit one of the concepts that came off Q1 and which I think have a greater bearing on the future of this cryptocurrency. Incidentally, both are captured in the Nano roadmap released in March.
In case you haven’t had time to find out, Nano (NANO) aims at becoming a global currency that will allow for instantaneous transactions. Not only that, but also be able to allow zero fees in all transactions involving its native coin. On top of this, it wants to have its operations done over a secure and decentralized network. In short, it aims at becoming the fastest, free way to make payments for virtually anything around the globe.
So, what is likely to shape Nano as it aims to supplant established coins like bitcoin and Litecoin? Some people have called it a game-changer while others have felt inclined to refer to it as “Bitcoin killer”.
The announcement of its updated roadmap
I won’t go into the details of the entire roadmap. You can find out more here. However, I’d like to single out just two of the concepts highlighted for focus in 2018 and beyond. I believe they could be key to the Nano platform.
The Smart Cards and Point of Sale
Smart Cards aren’t a new innovation, but integrating it with Nano makes it a crucial selling point for the NANO currency. With it, the platform has opened itself to use by literally millions of point of sale terminals worldwide. Are you getting the trend?
Smart Cards are essentially computerized cards that can run certain programs via supported terminals. Like I have said, these cards are used all over, with leading credit card issuers, governments, and companies being some of the common users. They are known for their high-end security protocols.
But they have so far not been widely integrated into ordinary POS terminals or used widely by the world’s unbanked population. That’s what Nano seeks to address. The majority of the population may not be able to secure a smartphone, but with the SC valued at $1, access becomes easier. In the end, there will be more users paying for everyday goods and services using NANO coins.
Vendors will only be required to run the necessary software needed to receive Nano payments. What the whole scenario boils down to, is simply an increased visibility of the digital coin any POS terminal. Even your local brick & mortar shop will be able to accept payments made in this currency.
While I find Smart Cards to be a very good way of reaching critical mass for global adoption, I think its impact is more in the present than in the future.
The Nano team has been cited as having spent the better part of Q1 trying to develop point-of-sale solutions for adoption by merchants. It is also revealed that this is targeted at all levels of transactions, right down to your local brick & mortar outlet.
Perhaps I should point out that Nano is already witnessing increased adoption across the world. More and more POS terminals are accepting it. By late March, there were roughly 250 locations that accepted NANO around the world. The Nano team knows that for it to get visibility, a partnership with several businesses around the world is vital.
If it has to become the top p2p payment option, then this aspect of Nano (NANO) roadmap must succeed.