 Volterra convolution algebra on a finite interval

Truncated convolution makes $L^1(0,1)$ a commutative nonunital Banach algebra. The Tonelli theorem gives $\Vert f\ast g{\Vert }_1\le \Vert f{\Vert }_1\Vert g{\Vert }_1$, and the Fubini theorem gives associativity over the integration simplex. Its unitization is $\mathbb{C}\oplus L^1(0,1)$ with norm $|\alpha |+\Vert f{\Vert }_1$ and product $(\alpha ,f)(\beta ,g)=(\alpha \beta ,\alpha g+\beta f+f\ast g)$. The constant function one has convolution powers $t^{n-1}/(n-1)!$, of norm $1/n!$. Thus it is a nonnilpotent quasinilpotent element in this unitization.