Nano is a low-latency cryptocurrency running on a unique blockchain design that offers unlimited scalability and no transaction fees.  Nano aims to be the digital money for the modern world. The cryptocurrency maintains high performance and practicality as a decentralized cryptocurrency.

Since it is lightweight, Nano (NANO) sets itself up for seamless application in everyday financial transactions as secure and swift at no extra fee. Nano’s peer-to-peer network deploys a block-lattice structure that simplifies a decentralized transfer of value.

Nano Developers

Nano was built by software developer Colin LeMahieu, who previously worked for big tech companies including, Dell and Qualcomm. LeMahieu is the CEO of the Nano Foundation, while George Coxon is the foundation’s COO. The team comprises over a dozen other employees. 

Nano started as RaiBlocks and the native coin as XRB. The project was developed in 2014 and released in 2015 when users could claim bits of XRB by completing a CAPTCHA challenge. The users were rewarded with XRB for their time and work in completing the challenges. Within two years, from October 2015, RaiBlocks had released over 94% of total XRB to users across the globe. 

In January 2018, the project rebranded to its current name Nano (NANO) reflecting the simplicity and speed of the network.

Operations

To achieve instant transaction settlements, Nano deploys Block Lattice for its network structure. Unlike blockchains that require all nodes to reach consensus to validate transactions, Nano’s Block Lattice allows each node to control their blockchain and update the account chain. This way, the account chain is instantaneously updated across the Block Lattice resulting in faster and secure validation of transactions. It is only in conflicts that nodes intervene to resolve and reach a consensus on the validity of the transactions. 

Nano’s Open Representative Voting (ORV) is the consensus mechanism that allows individual account holders to vote for the representatives who will securely validate transactions even when the delegating account is offline. Nodes with 0.1% or more of the total network voting power are designated as Principal Representatives – Network leaders whose votes are broadcasted throughout the network by the Rebroadcasting Representatives. Transactions that acquire over 50% of the online voting weight are confirmed.

Compared to the resource-intensive Proof of Work (PoW) consensus model, ORV is resource-conserving and energy-efficient since the blocks and votes are lightweight. Also, there are no fees or rewards for creating new blocks on Nano’s blockchain. Instead, nodes contribute voluntarily and enjoy a secure and stable network. 

Additionally, when initiating a transaction, the sender has to perform a PoW task. This limits spam attacks where a malicious node sends multiple unnecessary transactions aiming to overwhelm the network, known as Sybil attacks. This is especially important given such attacks could be indefinite as Nano charges no transaction fees.

Nano’s ledger technology, the directed acyclic graph (DAG) structure, is efficient and powers Nano to process more than 1,000 transactions per second (tps).

Application

Nano network’s lightweight nature opens accessibility to its cryptocurrency for several applications. Combined with zero-fee transactions, NANO tokens are built to be the digital money for the modern world. 

NANO is adopted as a payment method in nearly a dozen payment and development platforms including Wirex, CoinGate, Brain Blocks, Metal Pay, Crypto.com, and Snapy.io. 

The Nano Community has also built multiple wallets for the NANO token. These include Natrium and Canoe for mobile users and, Nanovault.io and Nanowallet.io for web users. The community has also developed a collection of browser extensions that further advance the utility of NANO. The Nano Tipbot is an extension that allows users to swiftly send NANO to Twitter users. Nano Donate is another extension that enables donations on supported websites. 

NANO has also been adopted for in-game purchases through NanoQuake, for its speed and zero-fee features.

Everyday applications like commercial payments, which require instantaneous and no-fee transactions can easily leverage NANO for their operations.

NANO Token Economics

NANO has a maximum supply of slightly over 133 million tokens, all of which are in circulating supply, unusual for many crypto projects. The tokens have a market cap of $1.3 billion, making NANO among the top 100 cryptocurrencies. NANO is fully diluted, well-distributed, and decentralized as a majority of token holders have 100 NANO or less.

Buying NANO

NANO cannot be mined. Therefore, you need to purchase it from any of the tens of NANO-supporting exchanges. Some of the top exchanges that offer multiple trading pairs for purchasing NANO are Binance, Kraken, OKEx, and Huobi Global. 

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