Editors Note: This article was kindly contributed by Twitter user https://twitter.com/MrCryptoNano
Over the last few days BTC mining centralization has been in the news due to Bitmain allegedly achieving over 50% of the entire BTC network hash rate, entering a position that allows it to censor specific accounts and rollback blocks among other things. Now, none of those are expected to happen since it would not be in Bitmain’s best interest, but nevertheless the issue of decentralization and censorship resistance has once again been brought into the forefront of cryptocurrency enthusiasts minds.
But on the shadows of this news, a smaller cryptocurrency achieved its own milestone in regards to decentralization: Nano. With Binance removing it’s voting power (a whooping 21% of the total supply) from one of the official representatives, for the first time since the inception of the coin the developers have less than 50% of the total voting power (around 31% at the time of this writing). Now, this does not make Nano instantly decentralized and most of the power is still in the hands of a few. Binance, the aforementioned official developers and the nanowallet.io representative have close to 2/3 of the total votes, but this change is signal of a larger trend.
One cloud that has always hanged over Nano is whether the incentives within the network are enough to make it truly decentralized, both by having a large amount of available delegates and by making users distribute their voting power. So far the numbers of delegates available has been growing consistently, while new wallets now automatically choose a representative from a pool of 44 default options, instead of the original list of 8 official ones. All these new delegates are maintained by respected members of the Nano community, most with no affiliation to the Nano foundation.
In the midst of a bear market it is easy to let the price drop across the board convince us that the crypto dream is failing, or even that it’s over. But if we take a step back and remind ourselves what brought us here, we will see that technological advancement continue at a high rate and that most projects are moving towards their goals. Let’s take this Nano achievement as a reminder that even during the bad times, we continue to move forward.