What Is Nano and How to Exchange NANO at the Best Rates?
What is Nano crypto?

What Is Nano and How to Exchange NANO at the Best Rates?

By Swapzone | Swapzone Blog | 30 Sep 2021

2021 has been a wild ride for most cryptocurrencies. From Bitcoin hitting an all-time-high price of $64,863 to lesser-known altcoins recording an astronomical rise in value. Recently, Tesla’s CEO, Elon Musk, tweeted about his reversal of accepting Bitcoin as payment for purchasing Tesla. His take was that Tesla was concerned about Bitcoin’s environmental footprint. This tweet caused quite the commotion as prices of both Bitcoin and other altcoins crashed hard.

However, as the prices of major cryptocurrencies crashed, a little known altcoin seemed to swim against the current. During this time, NANO boosted the biggest gains, approximately a 98% increase in value. Compared to a year before, NANO is up by an impressive 1,314%. Turns out, Nano is eco-friendly crypto that many traders see immense potential or pumping opportunity in. Thanks to Elon Musk’s tweet, Nano’s price spiked from $8 to around $17. If you want to learn more about Nano coin, stick around for more information.

What is Nano crypto?

Nano is taunted as the “digital money for the modern world” as it’s secure, instant, and without fees. Additionally, it tends to address some of the major limitations of modern cryptocurrencies such as lack of adoption due to high transaction fees. The project initially began in 2014 under the name Raiblocks with a native coin XRB. However, it was rebranded to Nano in January 2018 to represent the speed it provided to its users.

Features of Nano Coin

Nano was designed with new consensus mechanisms, data structures, and features that are set to give it a competitive edge over other cryptocurrencies. Some of these major features of Nano coin include:

  • Minimal Block Size

Enables lightweight communication which results in superfast transaction confirmation times.

  • No PoW Mining

Nodes on the Nano network use considerably less energy on every transaction compared to other currencies on other networks.

  • Open Representative Voting

This feature ensures that Nano users can freely assign their voting rights to representatives on the Nano network. Therefore, they have explicit control over which representative has the power of consensus along with how decentralized they want the network to be.

What is Nano crypto?

How does NANO work?

Nano utilizes a very simple and easy consensus algorithm. It uses a variation of the delegated proof-of-stake consensus algorithm known as Open Representative Voting. Under this system, each account with Nano in it gets a certain ‘voting weight’ based on their account balances. This voting weight can be assigned to any node in the network. The user can choose which one at any time and can switch between nodes instantly, without any cost. When a node has enough voting weight delegated to it, it is assigned the role of Principal Representative. This means the node can now use the delegated voting weight to vote on which transactions the network should accept.

Benefits of NANO Coin

Some of the benefits of the Nano coin crypto include:

  • Eco-friendly

Nano relies on an energy-efficient consensus mechanism known as Open Representative Voting that utilizes minimal energy. Therefore, it’s on the front line in helping reduce pollution and energy consumption.

  • Zero Fees

If you’ve transacted cryptos such as Bitcoin or Ethereum then you know just how high transaction fees can get. However, when it comes to Nano, transactions are feeless which makes Nano crypto effective as a currency that can allow for tipping and micro-transactions.

  • Instant

Transactions on the Nano blockchain happen way faster than you can send a text message from your phone to another. Thanks to the block-lattice system utilized by Nano, users can pay for goods online or at the store without waiting for banking or credit card network approval.

  • Decentralized

There is no incentive whatsoever for centralization. The platform doesn’t rely on mining or staking Nano coin crypto for rewards. Therefore, the platform remains truly decentralized and even tends to decentralize more over time.  

Nano and Charity

A lot of philanthropic organizations have seen the benefits accrued from accepting and using cryptocurrency donations from donors globally. This has opened the door for Nano cryptocurrency to become the go-to crypto for charitable donations. For instance, Nano community members Alisha and NanoByTheBay successfully led a COVID-19 relief Twitter campaign. It helped them deliver about 5,000 masks and essential needs like food to over 1,300 people in India.

Additionally, there is a Nano Tip Bot that allows just about anyone to donate via social media such as Twitter or Telegram. The Nano Tip Bot is on-chain, feeless, non-custodial, and offers support for micro-transactions. Therefore, making it the perfect way to endorse active community members and NANO-supportive charitable causes. As the two community members pointed out, they utilized Nano because it worked well as a medium of exchange and anyone could do any amount, whenever, without any fees, and instantly.

Charities, for instance, can accept crypto donations in NANO at ease. As an example, NANO collaborates with NOWPayments – a crypto payment gateway that allows anyone to instantly accept crypto donations all while being non-custodial and absolutely user-friendly. 

What is the Future of NANO?

From a user’s POV (point-of-view), Nano is an ideal digital currency as it is feeless, instant when transacting, and has a great potential for scalability. Most popular cryptocurrencies are not capable of instant transaction times. Therefore, this is a major change over the common. Not to mention the fact that Nano is energy-efficient and doesn’t require expensive mining hardware. There’s also news that Nano might lead Mastercard cryptocurrency developments. If any of this is true, then there is a great future for Nano.

How to exchange NANO on Swapzone?

There are a lot of NANO crypto exchanges to choose from. Finding the right NANO cryptocurrency exchange might be a little more difficult than you’d like to think. However, at Swapzone, we understand how difficult it can be to make up your mind on which NANO exchange is the right one. Therefore, we have made it easy for you to purchase different kinds of cryptocurrency, including Nano.

If you want to help charities or use crypto in an eco-friendly way, you should definitely consider exchanging crypto for some Nano coins. Below is a step-by-step procedure on how to exchange NANO on Swapzone:

Step 1. Launch Swapzone on your browser.

Step 2. In the “select pair” tab pick the kind of cryptocurrency and amount you wish to exchange.

Step 3. In the “get up to” section, pick the NANO token.

Step 4. You will see different NANO coin exchange rate offers from different exchanges.

Step 5. Filter through the different exchange offers by price or transaction time.

Step 6. Once you locate an offer that you want, simply select the offer and click on “exchange”.

Step 7. Enter your correct wallet details and then click on “proceed to exchange”.

Step 8. Wait for the transaction to complete.

Step 9. Once the transaction finalizes, you will receive the NANO coins in your wallet. Simply rate the experience and leave behind an honest review. You’re done and ready to contribute to charities’ noble causes!

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