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.
What is the NANO coin?
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 Brief History
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
What are the Benefits of NANO?
NANO has several Benefits, and those benefits are divided in terms of technology and transaction wise.
- Everyone has its blockchain: NANO is the only cryptocurrency that has its blockchain technology with the name of Block-lattice architecture. So, each individual is assigned his blockchain with the name of the account chain.
- Less data requirement as compared to its contemporaries: The architecture automatically settles the account balances. Usually, other cryptocurrencies track all the transaction amounts. Whereas NANO creates its block every time, which automatically replaces the older and replaces it with a new and updated balance.
- Real-time and instant: One of the biggest challenges that cryptocurrencies are facing is slow speed. However, NANO requires no waiting time for the update of the network ledger. The information is smoothly processed by the owner and automatically updated to a more significant block-lattice, resulting in lower time in transactions.
- No transaction fees: NANO charges zero fees on any transaction and exchange, which is a great advantage over many other cryptocurrencies.
- Lower consumption of energy: Energy consumption has been a significant concern for the cryptocurrency ecosystem. Bitcoin mining takes a lot of electricity from more than 159 countries. Proof of Work (POW) consensus of Bitcoin consumes an estimated 27.28TWh annually. NANO eliminates this hassle and consumes lower energy.
- Any fund transfer requires two parties to fulfill the transaction – One sender and another receiver. Once the transaction is performed, all transactions are sent to User Datagram Protocol (UDP) packets, which help maintain lower computing costs and easy transfer to funds even if the receiver is offline.
- To complete the transaction, the receiving party has to sign a block to confirm that the party has received funds. Without confirmation, the transaction is still considered unsettled and pending.
- Once the transaction is confirmed, it cannot be reversed.
- Once the transaction is performed, funds are immediately deducted from the sender account and remain unsettled until the receiver signs the block and confirm the payment.
Perspective and takeaways
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:
- Positive feedback from Crypto experts: The founder of Litecoin Charlie Lee, tweeted an appreciation post for innovative technology and white paper of NANO.
- Android wallet: NANO’s ability to build an Android cryptocurrency wallet for investors has gained a lot of attention since most people are Android users. The testing for this wallet is currently in process, and many investors are expected to use it.
- Twitch support: Twitch is an online game streaming platform by Amazon. This platform is now accepting NANO coins as currency to perform transactions resulting in increased volume and popularity.
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
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.
How to buy and Store NANO in Atomic wallet?
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.