May 29, 2023
4 min read
NANO is one of the leading cryptocurrencies on the market, which tends to provide better digital solutions and instant transaction speed. In this article, we are going to know more about NANO currency and its main features.
NANO is one of the most popular cryptocurrencies across the world. It’s primarily known for its instant transfer speed and zero fees on transactions. The term “NANO” has been rebranded from its previous name, “RaiBlocks.” At the beginning of 2018, the company’s management named its cryptocurrency project as “NANO.” This started a new beginning of NANO. NANO differentiates from other cryptocurrencies in that it mainly performs transactions and aims to provide much faster and more flexible transactions.
NANO coin uses a mixture of proof of work and proof of stake algorithms. This combination is called “delegated proof of stake.” For example, two of the transactions collide, and one of them is fake, and the other one is legit. To solve this, delegates in it will automatically resolve the legit transaction and dismiss the fraud one.
To have a delegate, you must have some NANO coins in the wallet. This helps in attracting people to participate in the advancement and growth of the NANO community.
NANO, first known as Rai blocks, was invented by Colin LaMahieu, a software engineer with years of experience in the computer software field.
The main reason behind this initiative was that the original name didn’t resonate with the target audience company was focusing on. After the name change, they found a sudden increase in the number of transactions.
On some websites, you also might find NANO referred to as “XRB coin” XRB stands for Ex RaiBlocks, so it is also correct to refer to coins as both NANO and XRB. Since its inception, NANO shares one vision in its mind: to make peer to peer transactions more scalable and instant.
It is evident that many cryptocurrencies, including Bitcoin, find scalability one of the biggest challenges. This results in super slow trading and high time consumption. Many altcoins have tried to create a different blockchain version that improves the scalability of cryptocurrencies and NANO is one of them
NANO has several Benefits, and those benefits are divided in terms of technology and transaction wise.
Trading in cryptocurrencies is a risky business, i.e., its volatility. Quick recovery from a big loss is a unique selling point for the survival of these currencies. So, this gives a lot of attraction to investors to make good money.
The same was the case with NANO, whose price almost doubled within a few days of trading, whereas the entire cryptocurrencies market was on complete downfall at the end of February 2018.
In April 2018, NANO prices were rising to give a quick and fierce competition to the top coins in the Asian market. Its trading price was rising, whereas other major cryptocurrencies were on a declining phase. The NANO coin is currently ranking on the 19th position and recording steady uptrend growth.
Considering its upward trend and advanced features, it seems to give a big competition to major cryptocurrencies. It has got some great partnerships with different businesses to use NANO for transactions.
NANO looks quite promising in future takeaways, which are:
NANO website is a one-stop solution to know all about NANO. It provides complete documentation, white paper, and explains all the features NANO is currently offering.
NANO blockchain explorer is a way to check transactions and balance accounts. It provides precious information and helps a lot to understand the account balances.
You can view all the latest updates, news, technology, subscriptions through the NANO Reddit.
NANO Twitter is a great source of information regarding NANO. It has all the major updates and features that the company is going to incorporate.
NANO is listed on many wallets, including Atomic wallet. This wallet provides you a one-stop solution to buy, manage, and exchange NANO. Its private keys are generated from mnemonic seed, which makes your experience safe and secure.
NANO is a cryptocurrency that aims to provide digital payment solutions with its design focus on a high level of scalability and fast transactions.
Staking fundamentally involves committing your cryptocurrency assets to a specific blockchain system in order to earn rewards in return.
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