What is Nano (XNO)
3 min readTable of Contents
Nano (XNO) is a cryptocurrency that offers unlimited scalability and free transactions for users, making it different from other crypto coins such as Bitcoin and Ethereum differs. In this guide you will find out how you can invest in Nano and what you need to consider. Read on here to find out everything about Nano Coin!
What is Nano
General Info: Nano is a peer-to-peer electronic money system. The decentralized, open-source cryptocurrency project uses the consensus method called Open Representative Voting (ORV). For this purpose, a so-called “directed acyclic graph” (Directed Acyclic Graph – DAG). The blockchain also uses a distributed registry with a block-grid data structure to work without intermediaries.
Evolution: Colin LeMahieu, a software engineer, developed RaiBlocks (XRB) in 2014. As described in the white paper, the XRB coin aims to solve Bitcoin’s problems . Such as high transaction fees, poor scalability, high latency and energy inefficiency. All of this should no longer occur with the new blockchain. RaiBlocks was renamed Nano on January 31, 2018. This is how RaiBlocks Nano and the XRB Coin became the Nano Coin (XNO).
The most important facts: At the time of writing, the Nano cryptocurrency had a market capitalization of around 704 million US dollars and there were 133,248,298 Nano Coins in circulation. In terms of market capitalization, the Nano cryptocurrency is currently ranked 160th in the world.
An Italian crypto exchange called BitGrail announced its closure on February 9, 2018 after being hacked. Losses of over 17 million Nano Coin were discovered in the platform’s crypto wallets, leaving users unable to access their funds. The victims, with the help of the Nano Foundation, went to court and filed a class action lawsuit against BitGrail owner Francesco Firano. Firano was found responsible for the losses by the Florence court in January 2019. Because he had failed to create a meaningful protocol to ensure the security of the Nano Coin from customers.
Advantages
- Nano Coin transactions are free
- Scalable network
- Talented team with lots of experience
Disadvantages
- Nano Coin is not as popular as other crypto coins on the crypto market
- Criticism due to legal proceedings in the past
- Currently outside the top 100 coins based on market capitalization
Applications: Nano Coin has several possible uses:
- P2P transactions – Nano Coin makes it easy to pay friends, relatives and other people.
- Crypto trading – can be used as a trading instrument
- Micropayments – ideal for small amounts, as the nano cryptocurrency enables fast and cheap transactions
How does Nano Coin work?
Nano Coin uses a mix of Proof-of-Work and Proof-of-Stake algorithms. This is a combination known as “delegated proof-of-stake” is known. If there are problems or contradictions in a transaction, the “delegates” to determine the legitimate transaction and separate it from the fraudulent one.
You must own Nano Coin to become a delegate. This serves as an incentive for the further growth of the nano community. Here you can find some technical information about Nano Coin:
- General Overview: Nano Coin (XNO) is a decentralized and sustainable digital currency that aims to solve the problems of traditional financial systems and even Bitcoin. The peer-to-peer digital currency was designed to enable easy transfer of value. It provides individuals with accessible digital money to easily connect to the global economy at minimal cost.
- Purpose: Nano Coin was developed with the aim of replacing fiat currencies in institutions and becoming a scalable solution. Nano Coin seeks to eliminate the problems of Bitcoin and offers fast, easy and cheap transactions.
- Applications: For example, Nano Coin is used for person-to-person transactions, crypto trading and small amount payments. You can also buy and sell other crypto coins with Nano Coin using it as a payment method. In addition, you can easily carry out transactions between companies and customers.
- Mining: The Nano protocol is unique and does not require mining. Due to its environmentally friendly function Avoided wasting energy through mining. For example, Bitcoin power consumption is significantly higher than that of Nano and many other cryptocurrencies.
- Additional information: Nano Coin has fan pages on Reddit and Twitter, which have played a large role in its popularity.
