What is Nano (NANO)?

Future of NANO Cryptocurrency and know how to buy NANO

#1 - What is Nano?

Nano: The Basics

Nano is a cryptocurrency that shares the same vision that any other cryptocurrency does- to replace fiat currency, yet seeks to revolutionise blockchain technology on the whole by delivering zero-fee transactions in real time without the energy consumption and work-intensive overhead characteristic of Bitcoin inter alia. Initially named Raiblocks, Nano was created by Colin LeMahieu, a software engineer with years of experience at companies like Dell, AMD, Qualcomm. It was launched in 2015 as RaiBlocks and rebranded in early 2018 as Nano. The value of NANO (XRB) surged 40% in the 24 hours following its rebranding. Nano uses a Direct Acrylic Graph (DAG) algorithm but employs its own novel technology called block-lattice architecture which essentially meaning that every individual is assigned their own blockchain, called account-chain.

#2 - What are the Benefits of Nano?

Technology:

Each individual is assigned their own blockchain

Nano is the only cryptocurrency which employs its own technology called the block-lattice architecture. Each individual is assigned their own blockchain, which is called account-chain. Amount of data required to be stored is much lesser than its contemporaries

The architecture records account balances, unlike other blockchain technologies which track all transaction amounts. Every Nano transaction creates its own new block which replaces the older one before it on the users account-chain. The end result therefore, is a new block which records the updated balance of each user. Instant and real-time

An issue commonly faced is the latency of transaction time which stands at an average of 164 minutes in case of Bitcoin. In the case of Nano, there is no waiting for the network ledger to update. The information reflected is updated by the owner and then is updated asynchronously to the bigger block-lattice resulting in lower transaction times. Fee-free

Another point for concern with crypto users is the increase in transaction fee on the Bitcoin network and scalability concerns. Nano eliminates those concerns as it is a zero-transaction fee currency as no fees to be paid to the miners and hence, the exchange is free. Lower energy consumption

Energy consumption has become a major talking point in the crypto ecosystem because Bitcoin mining is consuming more electricity than 159 countries. Bitcoins Proof-of-Work (PoW) consensus uses an estimated 27.28TWh annually and a 26 KWh per transaction.

Transactional Process:

Any transfer of funds requires two transactions - a sender's and a receiver's transaction. All transactions are sent in User Datagram Protocol (UDP) packets which help in maintaining a low cost of computing and allow transfer of funds even if the receiver is currently offline. For a transaction to be completed, the receiving party signs a block confirming that the funds were received. Until such confirmation, the transaction is pending and labelled as unsettled. After confirmation by the receiver, a transaction cannot be reversed. Once the transaction is broadcasted to the network, the funds are deducted immediately from the sender's account balance and remain pending until the receiving party signs the block and confirms their acceptance.

#3 - How to Buy and Store Nano?

How to buy Nano:

To create an account, the user has to initiate an open transaction. This transaction becomes the first one in each account chain. It is created upon receiving the block of the first transaction. The sending address must have an already opened block and hence, an account balance. The receiver of funds has to create a block on his own account to accept and confirm a transaction. Once this block is created and broadcasted to the network, the account balance is updated.

Exchanges Nano is listed on:

Post its rebranding, the Nano has been listed on a number of exchanges including Binance, Kucoin, RightBTC, Bit-Z, Mercatox, OKEx and CoinFalcon exchanges.

Of course, it’s easier to trade at one place using CoinSwitch, the largest cryptocurrency exchange. CoinSwitch will actively help you make the right decision by providing the prices for a NANO coin on the crypto exchanges it’s sold in, all at one place. It supports more than 140 coins and 45,000 pairs of cryptocurrencies. You can choose whichever pair you want with your NANO cryptocurrency, and CoinSwitch will facilitate the comparison in various exchanges.

What’s more - with CoinSwitch, the largest cryptocurrency exchange out there, you need not create or rely on the wallets specific to the exchanges. Instead, all transactions can happen to and from your very own private wallets, the benefits of which we’ve spoken about here earlier.

Nano Compatible Wallets:

A user has multiple options to hold and access his share of the Nano cryptocurrency such as:

The official web wallet hosted on raiwallet.com RaiWalletBot, a telegram bot that allows users to access, send and receive Nano coins on the telegram app A desktop wallet A hardware wallet which works like a ledger

Nano is also supported by an upcoming android wallet which is currently in beta testing.

#4 - What is the future of Nano?

Past trends

With the volatility involved in cryptocurrencies, quick recovery from a drastic loss is a major selling point for any such currency’s survival. This was exactly the story of Nano, whose price doubled within a few days, at the end of February 2018 after the entire cryptocurrency market witnessed a massive downfall towards the end of 2017.

In April 2018, Nano underwent a recovery again and was seen to be giving tough competition to the top coins in the Asian market. Its trading price rose while that of the others fell. The Nano coin currently holds the 19th position and has witnessed a steady uptrend.

Complete Analysis of NANO | Live NANO (NANO) Price Charts & Predictions

Price History

Date Open High Low Close Volume Market Cap Jun 01, 2018 4.21 4.25 3.93 4.08 10,555,100 560,968,000 Apr 01, 2018 5.64 5.76 4.89 5.19 8,988,260 751,580,000 Jan 01, 2018 21.80 29.59 20.16 29.57 55,211,700 2,905,250,000 Nov 01, 2017 0.112332 0.112332 0.095818 0.100834 137,750 14,968,000 Sep 01, 2017 0.162990 0.170096 0.154139 0.170096 179,508 17,764,600 Jul 01, 2017 0.072344 0.073108 0.050515 0.062672 48,636 6,258,840 May 01, 2017 0.016533 0.017836 0.013789 0.016189 6,607 1,027,760 Mar 07, 2017 0.009104 0.009104 0.007643 0.008675 23,600 -

Why Nano looks promising in the near future

Positive Feedback from Crypto Experts:

Charlie Lee, the founder of Litecoin, posted an appreciation tweet for NANO's white paper basis and its innovative technology and functionality as a cryptocurrency, from his personal Twitter account. The market sentiment for these coins is heavily influenced by positive words such as these. Android Wallet:

NANO’s attempt to develop an Android cryptocurrency wallet has been seen as a major move by the market since a majority of the people use Android. The alpha testing for this wallet is ongoing and a significant number of traders are expected to use it post its release. Twitch Support:

Twitch is the renowned game streaming platform from Amazon. This platform has started accepting NANO coins as a valid currency for payments resulting in its increased popularity since the platform has more than 10,000 subscribers currently.

#5 - How is Nano different from other cryptocurrencies?

Nano seeks to eliminate the very problems that recur in the blockchain technology used by the top traded cryptocurrencies like Bitcoin, Ethereum et al. It actively addresses the issues of high transaction fees, latency in transaction time, high energy consumption that the top players are grappling with at present.

All of this is achieved via giving its users their own blockchain - something no other cryptocurrency had so far come up with.

#6 - Should you Invest in Nano?

The lucrative partnerships that it is looking at, the prospective listing on Coinbase and the launching of the Android wallet could really work in favour of Nano if they materialise well. Nano could well become a future darling if it functions as well in practice as it does on paper because the problems of scalability and latency that persist could be significantly taken care of by Nano.

However, it is interesting to note that the biggest selling point of Nano i.e. the zero transaction fee is also the very reason behind its inability to be listed as easily on crypto exchanges, which is a major factor standing in the way of its popularity. Exchanges make money by charging a fee to swap money from one currency to another or make transactions and Nano makes it difficult for these sites to make money out of supporting it since there is no fee and exchange is free.

Frequently Asked Questions (FAQs)

Q.What is Nano crypto?

A. Nano is a cryptocurrency that focuses on providing payment solutions. It is designed to provide fast transactions and a high level of scalability.

Q. What is the current price of Nano?

A. Currently, as of August 27, 2019, Nano is trading at $1.03.

Q. How does Nano coin work?

A. NANO uses Proof of Stake, where the participants vote with a weight equal to the amount of wealth they possess in a given cryptocurrency.

Q. What are the top Nano wallets?

A. Nano wallets are the ones, which store Nano coins. The list of top Nano wallets is available here.