this post was submitted on 03 Jan 2022
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Are there any flaws or problems with Nano? (mander.xyz)
submitted 2 years ago* (last edited 2 years ago) by Sal@mander.xyz to c/crypto@lemmy.ml
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I have been reading about cryptocurrencies, and I find Nano to be the most appealing on the basis that it appears to be a minimalist approach to digital cash - which is what I would like. I want to be able to pay online easily without needing a third party. I don't really need smart contracts or any other fancy crypto stuff to be tied directly to the digital currency.

The mechanism of decentralization via Open Representative Voting appears to be much less wasteful than the competitive PoW algorithm that bitcoin uses, so that is quite sensible.

I was concerned about the concept of the public ledger allowing others to look into your wallet and trace back transactions, but learning about trust-less mixing has dissipated those concerns.

I see people speaking wonders about Nano in nano-related forums (of course), but outside of those I get the feeling that people either pay little attention to it or generally dislike the currency... I have read many claims about spam attacks, but those appear to have been dealt with successfully looking at the recent updates and discussions on the official forum. So, are there any obvious negatives that I am missing?

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[–] onlooker@lemmy.ml 3 points 2 years ago* (last edited 2 years ago) (1 children)

Well, there was the DDOS attack a few months back that greatly slowed down all transactions that were normally very quick. From what I understand it had to do with someone exploiting Nano's lack of fees and flooded the network with a ton of transactions, each only being worth a few cents. Someone correct me if I'm wrong, I'm admittedly a bit fuzzy on the details. I think it's since been fixed by patching the network nodes.

Right now, though? This is purely subjective, but I think the selection of wallets is still not great. I mean, sure, there's a bunch available and Nault gets recommended a lot, but it looks like it's an Electron app, which I am not a fan of. Still, it's better than wallets like Atomic, Exodus, Vola and WeNano, which don't have the source available. The situation with Android wallets kinda sucks, too. We do have them, but they all depend on Google's services. And, consequently, none of them are on F-Droid.

That said, I can't think of anything fundamentally wrong with Nano. The wallet situation might not be great, but it's nothing that can't be fixed.

[–] Sal@mander.xyz 1 points 2 years ago (1 children)

Using a wallet without having the source code available seems like a terrible idea! I thought all wallets had to be open source to be trusted.

In your opinion, which is the crypto currency with the best wallet available? I have tested Nault and Natrium and I think they get the job done well, but I don't have a reference to compare them to.

The situation with Android wallets kinda sucks, too. We do have them, but they all depend on Google’s services. And, consequently, none of them are on F-Droid.

I downloaded the .apk for natrium directly off github, so it is possible to install it without the Play Store. However, I suppose that a fully de-googled phone would break the app if it lacks google services (which I think a de-googled phone does). That's too bad.

[–] onlooker@lemmy.ml 2 points 2 years ago* (last edited 2 years ago)

In your opinion, which is the crypto currency with the best wallet available? I have tested Nault and Natrium and I think they get the job done well, but I don’t have a reference to compare them to.

It depends on what you're looking for and I imagine the definition of "best wallet for crypto X" is going to be different from person to person. For me personally, a good wallet must be open source and have more a method of recovery (from seed, from file, etc.). There are other features I look for in a wallet, but it absolutely must have those two to start with or I just will not use it. Other features I can take or leave.