Moving from the Big Three

The best way you can increase the strength of the Nano network is to change your Nano representative.

Changing your representative differs depending on where you currently store your Nano.

If your funds are on Binance, you’ll first have to choose a wallet and withdraw your funds to a wallet that allows you to change your representative. Here’s the steps for that below:

  1. You can choose a wallet from the list here:
  2. You’ll have to store your new wallet account’s seed safely, here’s a good resource for that.
  3. Withdraw your funds to wallet (Learn how to withdraw from Binance here)
  4. Update your representative -> MyNano.Ninja/ is the best tool to find a trustworthy representative

If your rep is either Nano Wallet or Nano Vault, then more than likely you access your funds using one of those wallets. You’re in luck though, changing your representative is easy! The video below includes quick instructions for changing your rep on those wallets, and more

Why are representatives important?

It may seem odd that this best helps Nano, but Nano isn’t like most other digital currencies. Nano’s consensus is delegated voting weight based on the amount of Nano in each account. This means the Nano community collectively has the power to decentralize and strengthen the network if we choose to. With that in mind, getting as much Nano as possible off the three largest representatives is the single best way you can help Nano with immediate results.

This is important because the degree of decentralization (the point of a decentralized currency) is directly related to how votes are distributed among Nano’s representatives. The more representatives required to reach 51% of the total vote distribution the more decentralized and secure Nano’s network becomes. Currently, there are only four representatives that together make up 51% or more of the total distribution.

Our goal for now is to get that to six representatives.

From the NANO whitepaper

Assigning a Representative
Account holders having the ability to choose a representative to vote on their behalf is a powerful decentralization tool that has no strong analog in Proof of Work or Proof of Stake protocols. In conventional PoS systems, the account owner’s node must be running to participate in voting. Continuously running a node is impractical for many users; giving a representative the power to vote on an account’s behalf relaxes this requirement. Account holders have the ability to reassign consensus to any account at any time. A change transaction changes the representative of an account by subtracting the vote weight from the old representative and adding the weight to the new representative [sic]. No funds are moved in this transaction, and the representative does not have spending power of the account’s funds.

For live representative statistics, check here or here. Also look here for a decent representative if you still need to change your representative.

After you’ve moved from the Big Three representatives, that would you like to continue to see other ways to help Nano?