Nano Coin review

Nano Coin review

By lidson | lipson | 13 May 2020


 

 

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Hello all, today i'm gonna present you nano coin.

 

 

What is Nano Coin?

Nano (NANO) is a popular cryptocurrency that’s known for having no fees to send or receive as well as for its instant transfer speed. Nano Coin has ranked itself 71st in CoinMarketCap. The market launch launched in 2017 was realized in January 2018. Also known as RaiBlocks.

 

Nano Coin History

Nano was originally known as Raiblocks (XRB). The Nano team changed the crypto’s name from Raiblocks to Nano in January 2018. Colin LeMahieu, Nano’s creator, announced Nano (then Raiblocks) to the world in October 2015, on the popular cryptocurrency forum Bitcointalk. Unlike other crypto assets, which usually begin with distribution methods like Initial Coin Offerings (ICOs), airdrops, and Proof-of-Work mining, Nano used a CAPTCHA faucet system to initially distribute Nano. That’s right - those annoying CAPTCHA verifications you see when using the Internet were how you could’ve earned Nano in the early days!

 

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However, it wasn’t until the latter half of 2017, during the 2017 crypto bull run, that Nano became more popular. At the time, Bitcoin was struggling with scalability issues (ability to handle many transactions at once). It was getting to the point where Bitcoin transactions were taking hours or even days to go through! Transaction fees weren’t much better, with the average transaction fee towards the end of December 2017 hitting ~$55 per transaction. With that in mind, the community quickly took notice of Nano, which allowed users to send crypto to others both free and instantaneously. In the span of about a month, from early December 2017 to early January 2018, the price of a single Nano coin increased by more than 100 times (10,000%+). Nevertheless, while some users were able to benefit from the drastic price increase, many users weren’t as fortunate. In February 2018, Bitgrail, one of the only exchanges where you could purchase Nano at the time, got hacked and users lost $170 million in Nano coins. Time and time again, users who choose to leave their crypto on a centralized exchange end up losing their crypto due to hacks, exit scams (exchanges running off with user funds), and general mismanagement.

 

Nano Coin Block Lattice

While we’ve discussed Nano’s basic characteristics and a brief overview of its history, the way Nano works is quite interesting. Instead of a blockchain that all nodes (computers or servers) on a network have to store, Nano uses a block lattice system. In this system, each individual only stores their own blockchain (called an “account-chain”). Since each account is only responsible for its own account-chain, or history of transactions, users don’t have to wait for their transaction to be added to a shared, universal blockchain by every node in the network. This allows transactions to happen very quickly as well as asynchronously.

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Each block in an account-chain also contains the account-chain’s balance, meaning that one only has to store the latest block and not one’s entire transaction history of blocks (let alone that of the entire network). This lets users use Nano without having to download transaction histories that are monstrous in size (e.g. Bitcoin’s blockchain is ~250 gigabytes in size, as of writing). As long as the NANO in all account-chains adds up to the NANO balance in Nano’s genesis account-chain, which initially contained all NANO, users can be sure that there isn’t anything suspicious going on, like counterfeiting of NANO. To make sure that this is the case, each Nano account-chain chooses a Representative to vote on the validity of Nano transactions. Each Representative’s voting weight is the sum of all account-chain NANO balances delegated to it. Since blocks are incredibly small in size, Representatives are able to confirm transactions near instantaneously.

 

 

 Main advantages of Nano:

 

  • Fee-less  - Nano is fee-less, making it practical and inclusive for everyone in the world.

  • Eco-friendly -Without relying on mining, printing or minting, Nano is sustainable digital money.

  • Instant- Digital money should be quick and easy-to-use, Nano is ready when you are.

 

 

Where is Nano Coin Used

Nano places an emphasis on being used as digital cash, as opposed to being used as “fuel” for smart contracts like Ethereum or some other cryptocurrency use case. As such, the Nano team has put a lot of work into making Nano usable for various purposes. For the full list of where you can use Nano, check the site Use Nano.

 

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One of Nano's featured merchants where you can use Nano is Travala, a cryptocurrency travel booking service.

 

Where to Buy Nano Coin?

You can exchange for nano coin on for example: Binance, Kraken or KuCoin. Also you can use Exodus crypto wallet or atomic wallet, which has an in-app exchange feature, to exchange cryptocurrencies like Bitcoin and Ethereum for Nano.

Nano socials:

 

What do you think about nano coin? Let me know in the comment

 

 

 

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lidson
lidson

Hi, I am crypto enthusiast and I just enjoy writing articles about crypto or something related to crypto.


lipson
lipson

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