Nano: Cutting Our Cost of Living through Currency Design

monram null
Community Contributor

If each of us stopped for a few minutes to reflect about our relationship with money in our daily lives, thinking of money itself as a means to cutting our cost of living would hardly cross anyone’s mind. Partly because we’ve been taught to think of shenanigans like inflation as pretty much a given, and partly because we live in a world riddled with rent-seeking middlemen whom, whenever there’s a payment to be made, will come out of the woodwork to try to get their cut.

But what if money could actually be engineered in such a way that it would cut our living costs by letting us bypass debasement, fees, and even borders? What if I told you this form of money already exists and has been in circulation for a few years?

Debasement: The Hidden Tax on Your Wallet

Before we go further on answering those questions, let’s dwell for a second on debasement and inflation. For a very long time, the value of money has been at the will of ruling entities and institutions. This power has often led to arbitrary decisions from these entities to increase the money supply (aka turn on the money printer, brrr brrrr), debasing the currency under their control and causing its purchasing power to plummet. This decrease in purchasing power results in an increase in prices across the board – a phenomenon known as inflation.

Cryptocurrencies: A Step in the Right Direction, with a Caveat

At first, cryptocurrencies emerged as a countermeasure against currency debasement, opting for a different approach through decentralized and often finite supplies that cannot be manipulated by single entities. While they charted a path away from fiat’s pitfalls, traditional cryptocurrencies not only failed to get rid of the rent-seeking middlemen, but also brought along their own set of challenges like prohibitive transaction fees and often slow, energy-hungry consensus mechanisms, which made them less appealing for everyday transactions and more as speculative assets.

Nano: The Digital Currency that Happens to be Digital

As the crypto space went further in its path, thousands of new projects emerged. While most of these have not contributed significantly to the development and credibility of the space, a handful of them are genuinely aiming to find the optimal form of money, and among these, a currency with a radically different approach to both fiat and conventional crypto stands out: Nano.

With its sleek protocol and eco-friendly consensus mechanism, nano is engineered to provide what many others have not – both zero transaction fees and an indisputable resistance to debasement through a maximum supply of 133,248,297 coins. In other words, zero fees and zero inflation. This unique tandem of traits positions nano as the perfect protection against unjust tax of currency debasement, and the high transaction costs prevalent in both fiat and crypto transactions.

The difference is clear: when you transact with fiat or conventional cryptocurrencies, you often pay a fee, and as seen with fiat money and many other cryptocurrencies, your purchasing power may decrease over time. With nano, you own and use a currency that is both inflation-resistant and cost-efficient. The absence of transaction fees makes it possible to send and receive money, even across borders, without losing a cent in the process.

Nano and the Cost of Living

Why is curbing the cost of living through a currency so transformative not just on an individual basis? A high cost of living puts a damper on economic activity, stifles savings, and investment, and widens socioeconomic disparities. Reducing it has rippling effects: it increases the disposable income of consumers, which can stimulate spending and investing, fosters higher savings rates, and provides businesses and consumers with greater financial wellbeing.

By eliminating transaction fees, nano leaves more money in the pockets of its users. This has profound implications, specially for the unbanked or underbanked populations, for whom traditional banking fees are always a barrier. For them, nano presents an open door to the global economy, free from prohibitive costs.

Additionally, by ensuring a fixed supply, nano guards against the erosion of wealth through inflation, protecting users from the dreaded debasement. Consumers and businesses alike can trust in the long-term purchasing power of their currency, fostering a more predictable and transparent economic environment.

Why Nano Adoption Matters

But nano’s capabilities to cut our cost of living is only directly proportional to its adoption as money. The more we are able to make and take payments with nano, the more middlemen we get to bypass, and the more we save on fees.

This is why advocating for nano in our local shops, and deciding to take nano payments in our own businesses is so important. We have the power to drive the adoption of a novel form of money that can drive down living costs through its feeless and anti-inflationary design. And not just a new form of money – we might as well be pioneering the dawn of a new age where fairness, efficiency, and democracy in monetary policy aren’t just ideals, but our everyday realities.

With nano, we can step closer to an economy that equitably serves, secures, and empowers each and every one of its participants. Ӿ

Nano Foundation does not endorse or approve products and/or services used or developed by third parties. Any links to third party software or sites are for informational purposes only. Nano Foundation bears no responsibility for the operability, accuracy, legality or content of third party products and/or services. Any questions regarding third party material should be directed to that party.