These days, they came to show a crypto project called The Myanmar Dollar. The person who asked how he saw it asked, I want to know what to say. Now there is a person who donates with that Crypto.
At a glance, it is said to be newly invented for the sake of revolution. It's not even done on an existing Blockchain like Su Token, which has just been released. It is difficult to have enough community, technology and resources to develop a new crypto. It's not a problem to try because you'll only know if it's possible or not. It's over if people don't suffer.
There is no white paper or anything. I have the website address. It was redirected to a Facebook page, not a real website. To say good or bad, we must say that the information is incomplete.
However, in one of the comments, it was said that Nano was forked. So, without saying anything good or bad about him, I want to talk a little bit about Nano.
Nano is an interesting project with its own fan base, with a current market cap of over $550 million. It aims to solve the problem of Bitcoin's high energy consumption and slow transaction, typical of most of the later crypto projects.
Good technology. Instead of using traditional Blockchain, we use a Data Structure called Directed Acyclic Graph (DAG). Instead of using Proof of Work, it uses a method called Open Representative Voting (ORV), which is similar to Proof of Stake. Those who have coins can select a representative and have the new block confirmed by that representative. So the number 1 advantage is speed. There is no need to wait for this as in Bitcoin.
No need to dig mine, Can't even dig The number of coins to be released has already been released. There is no transaction fee as there is no mining fee. Therefore, the number (2) advantage is that you can transfer money for free without having to pay a transaction fee.
Because of these advantages, his community is very active. But there are also many disadvantages. In the author's personal opinion, I don't think it will become a really widely used cryptocurrency. There are 4 main points.
1. Because there is no transaction fee, there will be transaction spam. I have not found a solution that will solve this. If there are really many people using it, Spam Transactions will become a huge number.
2. Since we don't get mining fees or transaction fees, running the nodes is purely voluntary. To be fully decentralized and secure, we need as many nodes as possible. So there is a question whether it is practical to not have an incentive to run nodes.
3. Max Supply is limited to more than (133) million. Store of Value like Bitcoin is good to have Max Supply. The rarer the more valuable. There is no transaction fee. The presence of Max Supply in a project aimed at becoming a fast payment system is wrong from an economic point of view as it leads to deflation.
4. Payment only. It is not Smart Contract technology, nor is it prepared to be added in the future, so there will be no other utility. It's not easy to get the desired adoption over the other projects in front of him with just quick faith.
The project that is based on Nano will also have these advantages/disadvantages. As usual, because it is a financial matter, it should not be, Decide for yourself whether you should do it or not. Only knowledge. We do not provide financial advice.
Don't turn a blind eye to saying these things at this time. Although human life cannot be saved with this knowledge, It can help to preserve small assets that will not exist.
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