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Banks have been our trusted financial middleman throughout history, but we've been seeing more and more that banks are broken, and the current financial system is not as good as it could.
Cryptocurrencies were built as a solution for this, but the traditional cryptocurrencies, like Bitcoin, are far from perfect.
Introducing Nano, with its innovative "Block Lattice" technology, that allows transactions to be processed almost instantaneously and without any fees.
Nano is "the digital currency" designed to work on a global decentralized world.
Did you Know?
Nano transactions are instantaneous
Nano is almost instant. When you send a transaction, it will reach the destination within less than a second. And the transaction will be final by then, which means that nothing or no-one can cancel or revert that transaction. Adding the fact that transactions are feeless too, this makes Nano super user-friendly allowing for services like PlayNANO to provide clean and simple user interfaces.
Unlike many cryptocurrencies, where sending a transaction and having it final takes from a couple of seconds, to a few hours, Nano transactions are almost instant. This is achieved through the Block Lattice, a data structure in which each user address controls its own blockchain.
What is Nano?
Nano is a cryptocurrency, alternative to Bitcoin and other cryptocurrencies. As a cryptocurrency, Nano is a decentralized network of nodes that allow the execution of peer-to-peer (P2P) transactions between any two individuals, without the need of third-parties or authorities, like banks. Imagine digital coins and banknotes, that you can send digitally to anyone in the world, without the need of a bank or any third party service, as if you were delivering these coins in hand to the other recipient. The network is also cryptographically secure, which, simply put, means that no one can hack the network, or steal your money.
How can I use Nano?
To use Nano, you must have a wallet, that is composed of a private key, or seed, and a public address. There are many ways in which you can create a wallet. By creating an account at PlayNANO, a wallet (or address) will be generated for you. You can use that wallet to receive Nano and to send Nano to anyone you want, you'll just have to put their wallet address in the destination address, and the amount you want to send. PlayNANO connects to the Nano network and sends the transaction for you.
By Nano's version V21.1, there were 4444 commits
Nano released it's V21.1 version back on July 14th, 2020. By that time, the Nano currency development had exactly 4444 commits.
Simply put, a commit happens when developers change the code enough that it deserves "a name" for those changes. This means that, since it's initial commit, back in May 2014, the developers oh this currency had made 4444 important changes, improvements, and fixes to its code. That's a lot of work put into this amazing currency that Nano is.
Nano has a max supply of 133,248,297 NANO
Currently, there are exactly 133,248,297 NANO in existence. No new currency will ever be generated again. There is no inflation in Nano.
Initially, there were 340,282,366 NANO in existence. Then 126,248,297 NANO were distributed using a free public captcha-faucet. At that point, 7,000,000 NANO was also reserved by the Nano Foundation which was dedicated to continuing working on the development of the Nano protocol and later focused on Nano's global adoption. After these two distributions, the remaining undistributed supply of 207,034,069 NANO was burned. And that's how we got to the current supply of 133,248,297 NANO.
Because sometimes users forget their keys or send Nano to unexisting addresses, some of that Nano is actually gone, and we will never be able to get it back again. Making Nano actually a deflationary currency, but only by a tiny percentage.
1 NANO = 1000 knano = 1000000 nano
Nano is a very divisible currency. When you think about USD, the minimum amount you can have on your wallet is 1 cent coin, or $0.01. Nowadays, banks and some services allow is to use smaller units of the USD, but in the end, your money in your account is still rounded to that last cent.
Well, cryptocurrencies are a bit more divisible than that. For example, each Bitcoin can be divisible up to 8 decimal places; 1 Bitcoin = 100000000 satoshi, and satoshi is Bitcoin's lowest unit. You can't divide a satoshi.
With Nano we'll go even further, each NANO can be divided into as much as 30 decimal places, with its unit "raw". To be clear about the 30 decimal places: 1 NANO = 1000000000000000000000000000000 raw. Nano has more named subunits, like the knano, where 1 NANO = 1000 knano, and the nano (notice the full lowercase), where 1 NANO = 1000000 nano.
Nano was created by Colin LeMahieu
He began working on its development back in 2014, and since then has been the face, name, and brain behind Nano. Who is he? Colin LeMahieu.
Colin had a Bachelor's Degree from St. Cloud State University (Minnesota) in Computer Science, and about 7 years of experience as a Software Engineer, for companies like Dell, AMD, and Qualcomm, before he started working on Nano.
He started Nano because he wanted to address the limitations of blockchain transactions, like Bitcoin, which often caused unfeasible levels of fees and slow transaction speeds when the system was under heavy load.
Although Colin still works on the development of Nano, he is also the CEO & Founder of the Nano Foundation, which is now focusing on the global adoption of Nano.
Nano is Feeless
Nano is feeless, which means that, whether you send 0.001 NANO, 1 NANO, or 1000 NANO, the full amount that you sent reaches its destination. Adding the fact that transactions are almost instant too, this makes Nano super user-friendly allowing for services like PlayNANO to provide clean and simple user interfaces.
Unlike many other cryptocurrencies, which force the users to pay fees in order for its transactions to be processed, Nano's fees are, and will always be 0. Other cryptocurrencies use these fees as a means to reward the nodes that are securing the network, but for Nano, this is simply not necessary. Nano uses an innovative consensus mechanism called Open Representative Voting (ORV) that simply removes the need for transactions to pay fees to secure the network.
Since transactions are fee-less, Nano could be a target for Spam attacks. To prevent this, Nano forces users to process a small PoW for each transaction. This prevents users with bad intentions to spam the network while allowing normal users to use the network freely.
Nano is green
If we look at all the infrastructure necessary to run government currencies, its banks, their servers, employees that go to work on their cars, and much more, we can see that its impacts on the environment are quite heavy. Even with cryptocurrencies like Bitcoin and others, we see huge impacts on the environment, with, for example, Bitcoin consuming more in energy towards its mining operation than the entire country of Switzerland.
Well, Nano is green. So much so that the entire network could be run by the energy generated by a single windmill.
Due to its technology and the way it was built, the Nano currency doesn't need any mining and is very lightweight, which requires minimal resources from nodes to run its software, making Nano's footprint very very low.
Nano uses Proof of Work
Nano was built to be feeless (as in, when you send 1 NANO, the receiver receives 1 NANO and not 0.99999 NANO), and also instantaneous (as in, when you send Nano, it takes less than 1 second to reach the receiver). Because of this, Nano could be prone to Spam Attacks, where users with bad intentions could abuse the feeless and instant properties of the network to send thousands or millions of transactions in short spans of time, with the objective of affecting the nodes that run the network.
Nano uses Proof of Work
Nano was built to be feeless (as in, when you send 1 NANO, the receiver receives 1 NANO and not 0.99999 NANO), and also instantaneous (as in, when you send Nano, it takes less than 1 second to reach the receiver). Because of this, Nano could be prone to Spam Attacks, where users with bad intentions could abuse the feeless and instant properties of the network to send thousands or millions of transactions in short spans of time, with the objective of affecting the nodes that run the network.
To prevent that, Nano achieved a solution, to use a small Proof of Work (PoW) associated with each block. In most cases, this PoW takes less than a second to generate. Which makes sending transactions still almost instantaneous for normal users, but makes users with bad intentions waste a lot of resources and time in order to try and spam the network.
