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Nano Foundation Stir Mixed Reactions After Development Fund Account Changes

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The Nano Foundation has announced new changes to how the development funds would be stored. This news comes after a review of the internal security policy, and representative voting weights were conducted. The current development account of the Foundation will be split into multiple accounts with several private keys.

The respective voting weights will be delegated in a bid to reinforce the better performing principal representatives. The report suggests that after working closely with the community members and the service operators, the Foundation has been able to identify nodes with good performance on the network. The Nano development funds are scheduled to be moved on 16th November.

The Nano’s Community Reaction to the Announcement

Community members expressed their thoughts on the switching of the Nano development accounts. The Nano community seems to be happy with the announcement as they are awestruck with the Foundation’s discipline for transparency. 

Some community members are wondering why the Nano Foundation has decided to make these changes now given that since the account was founded four years ago, there has not been any problem. Most of the Nano users don’t get it how splitting the account would bolster security. Some even wonder why it was important to review the internal security policy. Does it mean that the security of the current setup has been compromised? That remains to be the bigger question. 

Contrary, some members believe that this doesn’t mean the current set up is insecure, and splitting the accounts is a thoughtful measure as it would spread out the risk. One of the members actually phrased this measure as a mitigative approach to avoid the incident that happened with Quadrigacx, where its founder died with security keys, and there was no back up for them to access the funds. Hence, splitting the account would ensure there is access to one of the security keys so that in case of death, there is still access to the seeds. 

These are responses in a discussion by the members of the Nano community. There is no official reason that has been issued by the Foundation for their decision.

What You Need to Know About the Nano Development Fund

The Nano Foundation is a nonprofit organization working to stimulate innovation and commercialization of Nanotechnology. Ever since it was started in October of 2015, the Foundation has been distributing tokens worldwide using CAPTCHA Faucet. The organization brings together major stakeholders with the aim of assisting the nanotechnology in connecting business and academia. 

The CAPTCHA system was opened on 1st October 2015. The CAPTCHA system assists Nano Foundation to distribute NANO fairly and in an eco-friendly way. The CAPTCHA faucet required the users to complete tests, and upon completion, the users would earn coins. Anyone with a computer was allowed to participate, whereby all that was needed was their attention and time. 

When the CAPTCHA faucet was closed, 39% of the planned supply had been distributed, and 7 million NANO was reserved for a development fund, approximately 133 million NANO was the circulating supply. The development fund, which is managed by the Nano Foundation, is reserved for adoption, development, and community-related activities. As of 5th November 2019, 58% of the reserve fund had been used. 

Nano’s Current Price Analysis

Nano’s price in October remained below the $1 mark, however as of the beginning of November, the coin reached the 1$mark, closing the day at $1.03. Though the coin has been undergoing fluctuations, it has retained its price above 1$ this month. As of 11th, the Nano coin remained stable throughout the day, never dropped below the 1$mark. This is quite promising for the Nano coin.

Wayne Jones
Wayne is a Blockchain enthusiast and expert in crypto trading. Currently, I cover trendy issues on digital currencies.

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