Quick Facts

Approximate Market Cap$373,421,422
Year Established2015
FounderColin LeMahieu
Symbol/AbbreviationXNO
UtilityAsset

Due to strong demand and limited scalability, higher average transaction times and costs incurred in key markets cryptocurrencies. This resulted in a disappointing encounter.

Nano is a type of software that allows for fee-free cryptocurrency transfers. Its one-of-a-kind design makes it a challenger in the area of economies that demand very rapid and frequent value exchanges.

Nano might compete to be the preferred cryptocurrency for non-programmable micropayments. In this sense, it complements Bitcoin and Ethereum while competing with IOTA.

What is Nano – Definition

Nano is a P2P cryptocurrency. It uses a novel block-lattice architecture, with each account having its own blockchain.

Nano provides near-instant processing efficiency and infinite scalability. Each user has their own blockchain, which they may update independently of the rest of the network. As a result, transactions are completed quickly and with a minimal workload.

Nano is a decentralized cryptocurrency and has an open-source code. NANO is the name of the Nano network’s native cryptocurrency. It may be sent easily using the WeNano app.

Open Representative Voting is a variant of delegated PoS used by Nano. With this approach, nodes divide a “vote weight” depending on their account balances.

Nano’s protocol is incredibly light. All transactions match within the necessary minimum.

Pros and Cons

Pros

  • No fees
  • Completely decentralized
  • Eco-friendly

Cons

  • Does not support smart contracts
  • Not widely available on exchanges
  • High competition

The History

Colin LeMahieu, creator of the Nano Foundation developed Nano. Launched in 2014 as RaiBlocks, the project was renamed Nano in January 2018.

From 2015 until 2017, the NANO cryptocurrency was released via an online faucet method, which allowed anybody to pass a captcha and claim it for free. During this period, a total of 126,248,297 NANO were delivered via faucets.

In October 2017, 207 million NANO were withdrawn from circulation and delivered to an address with a private key that was allegedly destroyed. That implies that no Nano coins may be produced by the protocol.

How Nano Works

Nano’s main breakthrough is a novel data architecture called Block Lattice. In this architecture, each account has its own blockchain. This allows users to update their accounts without relying on the entire network to do so.

The separate blockchains are referred to as “account chains.” Only account holders have the ability to alter their blockchain.

On Nano, a transaction occurs only when:

  • The sender publishes a block that debits their account for the amount to be transferred;
  • The receiver posts a corresponding block to their own account.

The account balance is entered directly into the ledger. It doesn’t document the value of a transaction. The verification involves a comparison of the balance at the transmit block to the balance of the previous block.

Advantages & Disadvantages

Advantages

Speed

With an extremely randomized ledger capacity of only 1.7GB, the Nano network has handled 4.2 million transactions.

Feeless

There are no fees involved with Nano, and no miners are required.

Decentralized

DAG and DPoS are used to create a completely decentralized cryptocurrency.

Eco friendly

Nano has an eco-friendly focus. This is due to the fact that NANO does not require the mining, printing, or minting of new tokens.

Disadvantages

Availability

Nano is not widely available on exchanges, with only a few exceptions.

Competitiveness

As a result of the growth of stablecoins, there is big competition in the form of quick payments.

Nano in the Global Crypto Market

Nano is one of just a handful of emerging “third-generation crypto­currencies.” It’s also the only one that can provide the technology and capability required for broad adoption and real-world usage as a currency.

Nano’s objective is to focus on one item and execute it well, better than any other alternative. Payments are the function it has chosen.

Nano had previously only been offered on smaller, lesser-known exchanges. However, it will soon be added to the largest cryptocurrency market, Binance. This inclusion to Binance will offer Nano the awareness and liquidity it requires to rise from a Top 20 cryptocurrency to a Top 5 coin.

FAQ

Can users mine Nano coins?

Users can earn Nano using techniques such as faucets. They can’t mine Nano in the same manner that they can mine other cryptocurrencies such as Bitcoin and Ethereum.

Is there a Nano wallet?

The currency presently has two web wallet choices, NanoWallet and NanoVault. It also has three mobile options. Canoe, NanoBlocks, and the NanoWallet Company.

Is Nano scalable?

Yes, the Directed Acyclic Graph (DAG) block-lattice design gives Nano its high network scalability.