Nano is a widely talked-about crypto platform, but it still hasn’t reached its full potential.
Let’s discuss the unique features and history of Nano!
What Is Nano?
Nano is a low-latency crypto coin operating by a unique technology that allows each user to have its own unique blockchain enabling fast transaction speed and scalability. The platform’s native token is NANO.
The technology that the platform relies on is called block-lattice. It is similar to IOTA’s tangle since it also utilizes an acrylic graph. Each blockchain on the block-lattice is called an account-chain and only the user has the ability to make any modifications on the account-chain.
History of Nano
Nano was launched in 2015 by Coin LeMahieu and was originally called Railblocks. The name Nano was adopted in 2018.
In March 2017, the price of the coin was $0.009. NANO experienced steady growth for the next year reaching $0.21 by the end of November.
After this, the crypto coin experienced a large price surge as in a month the coin went from $0.37 to $37.62. At that point, the market cap was well above $5 billion.
In a downward spiral NANO fell down to $0.87 six months later. Since then, the value of NANO experienced slight movements, however, overall it has shown to be quite steady. The current price of the currency is $1.37.
Advantages of Nano
Since every single user has their own blockchain, they also verify their own transactions and, instead of the large system, only their blockchain is updated. The stored data is in much smaller amounts compared to other crypto coins such as Bitcoin, Litecoin, Bytom and so on.
Since Nano transactions don’t take place on the main chain of the system, the Nano network is much more scalable. The block-lattice is far more lightweight than the average blockchain.
- Transaction Quality
Because of its unique system Nano transfers differ from other crypto coins. Since the information stored on each blockchain is much less than in traditional systems, it allows transfers to take place in a matter of seconds.
This solves one of the most prominent issues of Bitcoin, which is transaction speed. The average BTC transaction takes about 164 minutes, Nano, on the other hand, is instant.
Along with speed, the transaction fees of the network are also impressive. All transactions on the block-lattice cost a total of $0.00, which means that there are no fees. As Bitcoin transaction fees are increasing year by year, Nano offers free transfers.
- Low energy consumption
As previously mentioned, the Nano network differs from the traditional Blockchain in many ways. While Blockchain requires miners to verify transactions and create coins, block-lattice doesn’t have any miners. This way Nano protects its system from mining attacks.
At the same time, this unique network allows Nano to use less energy than blockchain. This resolves the issue of large energy consumption by mining pools and the blockchain network in general.
- Reliable Coin
Nano is currently ranking #50 among the TOP 100 crypto coins with a market capitalization of over $183 million. The daily trading volume of the coin is above $17 million. This makes the NANO digital currency more reliable and safe for investors than most of the other 4,000 coins on the market right now.
Storing and monitoring your coins is crucial, in case you’re planning to invest in NANO or any other coin. A crypto tracker can always help you with this mission. If you are not sure about using these tools, take a look at this educational cryptocurrency tracker guide.