There is a new coin in town, and that’s the JP Morgan coin or JPM coin. This coin will be used for instantaneous transactions in the banking industry. As per the JP Morgan blog,
“JPM Coin is a digital coin designed to make instantaneous payments using blockchain technology. Exchanging value, such as money, between different parties over a blockchain requires a digital currency, so we created the JPM Coin.”
This coin is causing ripples in the crypto community since it is a direct competitor to most of the payments cryptos in the market today, including Nano (Nano). So what are Nano (Nano)’s chances going forward?
Well, for starters, Nano Coin (Nano) has an edge in terms of decentralization. The JPM coin may do everything that Nano (Nano) does, but it cannot shed off the centralization tag. The coin is owned by JP Morgan, which means it’s centralized. But does this matter? Well, to figure out whether it matters or not, one needs to understand the reason why crypto came into existence in the first place. Bitcoin came into existence due to the failings of a centralized financial system. As such, investors and crypto users are unlikely to choose centralized cryptos when there are clear decentralized alternatives.
A good example that demonstrates this is the coin by the Venezuelan government called petro. Following the failure of Venezuela’s currency, the government decided to launch its own crypto called the petro. However, it has failed to pick up, despite being backed by Venezuela’s vast oil resources. That’s because, it is extremely centralized. The same could happen to centralized bank cryptos such as the JPM coin. When presented with a choice between it and Nano (Nano) coin, and this coin, investors are likely to choose Nano (Nano) for its decentralization.
On top of that, Nano (Nano) has a more recognized brand name in crypto. Nano (Nano) has been in existence for some time now, and has already established a name in the crypto community. As such, on top of it being decentralized, Nano (Nano), investors and other parties looking to use crypto are likely to choose Nano (Nano) over newer and more centralized alternatives. This factor to a large extent places Nano (Nano) well over the JPM coin, as well as many other cryptos focused on the payments market.
Besides, Nano Coin (Nano) has capabilities that are quite rare in the crypto market. Nano runs on DAG technology, which allows it to scale infinitely without many problems. Given that scalability is a real problem for most blockchain projects, Nano (Nano) easily stands out. To make things even better, Nano is feeless. This makes it uniquely positioned to take over the cross-border payments market in the future. Once people realize that there is an easy way to send money fast, securely and for free, Nano (Nano) will have few competitors.
This coin may not be performing well now, but, it definitely has a great future ahead of it. It could dominate cross-border payments.