Good day all,
Welcome to the latest edition of CryptoGod-1s blog on all this crypto. Today we will be looking at the cryptocurrency Nano.
What is Nano?
First published in 2014 as Raiblolocks by its creator Colin LeMahieu,, with October 2015 seeing Nano circulating for the first time in the public. Showcasing itself as an eco-friendly network, the carbon footprint of the Nano network is possible to offset via the energy output from a single windmill. There is also no mining associated with Nano, making it a lightweight network that requires little power from nodes to run.
Why choose Nano?
First and foremost, Nano offers the luxury of making transfers on their network without the need to pay any fees. That's right, free transfers! Nano is described as a low-latency trustless currency that is immensely scalable. Transaction times are roughly 0.14 seconds to confirm.
The layout of the network means each account is treated as its own blockchain, and each chain is tied together via a Direct Acyclic Graph (DAG). This basically ensures each account is responsible for updating its ledger instead of the single ledger system of Bitcoin or Ethereum. The DAG structures these ledgers as a block-lattice instead of a blockchain, with the order of transaction unimportant.
Currently, the limitation of Nano is its lack of ability to process decentralized apps. This means no smart contracts, unfortunately, although there could be provisions for them down the line. The upside is that you get a near-instant confirmation for your transaction no matter the size of it.
All-time high 2018
One thing to make certain to anyone looking into acquiring some Nano is that there is no new Nano left to be produced. All circulating NANO is the max amount there will ever be. This means there are no staking options available when you own Nano. The network has a maximum supply of 133,248,297.2 Nano coins and that limit will never be surpassed and by 2017, all of the Nano had been distributed.
In January 2018 Nano reached an all-time high price of about $37, and since then it has crashed to its current price of around $4.77 at the time of writing. The Covid related crash saw the price drop as low as $0.20. You can purchase NANO on both Binance and Huobi.
Faucets
There are a number of popular faucets for earning Nano online. Some of my favorites are WeNANO and playnano.online - https://playnano.online/?ref=rnabc123 These faucets have a simple interface and make the interactions seamless.
These faucets run on CAPTCHA-powered distribution, watching videos and even playing video games. Others will include surveys to complete or a quiz. This ensures the coin is distributed in a way to ensure no bot-based structure can acquire Nano.
Wallets
When it comes to NANO there is a selection of wallets available, assuming you do not keep your NANO on an exchange. The most common and reputable wallets are:
- Natrium (Online Wallet)
- Nault (Online Wallet)
- NANO Wallet (Online Wallet)
- Canoe Wallet (Online Wallet)
- Exodus Wallet (Online Wallet)
- Leger Wallet (Hardware Wallet)
Hope you enjoyed the read and enjoy using Nano. Have yourself a wonderful day.
Until next time.
Peace. CryptoGod-1.
*For clarity, I am a user of Nano but I have never received any remuneration or any other endorsement for writing this piece.
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