NANO (NANO) to Shake Off BitGrail Troubles with Binance Competition
Binance trading competitions usually achieve a week of robust price and volume growth, but sometimes assets slide at the end of the active period.
NANO (NANO) will receive an additional boost after switching to a new ticker, through a Binance trading competition with a generous reward of 15,000 NANO:
Binance competitions have boosted assets like Ontology (ONT), but also controversial digital coins like Centra (CTR) a few months earlier. Still, the campaigns increase visibility and volumes, and for NANO, this may mean prices may move to a higher range.
NANO remains shaky, after problems with exchanges, wallets, and a general loss of hype in comparison to other hot projects taking the spotlight with more concerted marketing efforts. Still, the coin manages to keep some of the price gains, and is seeing volumes return for a push above $10.
The rules of the Binance competition encourage trading, but do not have a guaranteed effect on buying or selling:
“Users will be ranked in terms of the total NANO volume traded on their Binance account (including both Buys and Sells) across all NANO trading pairs during the competition period.”
In the meantime, as the NANO community and network grows, several technological challenges loom. One of them is the status of nodes, and the bloating distributed ledger. Some users estimate the need for expensive and dedicated computers to run historical nodes with the full history of transactions. Regular nodes would face disappearance, not being able to synchronize with the network in a few more months.
Users have asked the team whether they would be ready with the pruning solution. Also, NANO would need to set a governance system in place, to oversee improvements and updates. The NANO network also faces the paradox of trying to offer free transactions, while there are increasing costs for securing the network, with no equivalent of staking or a mining reward.