Table of Contents
If you know about Raiblocks that you must know about Nano Coin cryptocurrency because it is the new name of Raiblocks. Well, in case you have no idea about Raiblocks or Nano Coin, then don’t worry, we are here to help you out. Nano Coin is one of the many altcoins in the crypto market that was launched in 2018. But it’s not just any altcoin because there’s something special about it. Unlike other coins, Nano has shifted all its focus on the scalability of its blockchain. Today, in this article we are going to learn everything possible about this new coin that pretends to be the most scalable of all. Let start with the review of nano coin right away.
What is Nano Coin?
The cryptocurrency was founded in 2018 with the name RaiBlocks. It is recently that the coin is rebranded as Nano to make it sound less technical and more understandable.
The thing that makes nano unique is that it isn’t even based on blockchain technology but directed acrylic graph technology (DAG) and block-lattice architecture. Now if you are wondering that what’s the point of a cryptocurrency that is not even based on blockchain, you should read the amazing feature of Nano. By replacing blockchain technology with its block-lattice architecture, Nano coin cryptocurrency has overcome many scalability issues.
What amazes us is that DAG allows every account to create its own blockchain. Moreover, the crypto coin uses DPoS (Delegated Proof of Stake) consensus algorithm that ensures fast transactions while DAG ensures unlimited scalability and zero fees.
Instant transactions, Unlimited scalability, no fee, what else do you expect from a cryptocurrency? Nano has started attracting people after its rebranding and the adoption is already surging.
Advantages of Nano Coin Cryptocurrency
Instantaneous transactions – Making use of DAG technology along with DPoS protocol, Nano coin cryptocurrency ensures that all the transactions are processed immediately. This feature makes Nano suitable for daily use.
Unlimited scalability – Can perform 1000 times more transactions in a second than Bitcoin.
No fees – No matter what you are purchasing from a packet of chips to diamonds, there would be no fees. It is because there’s no need for miners for verifying transactions that there’s zero transaction fee.
All these advantages make Nano one of the interesting cryptocurrency projects in the market. However, there is still room for more improvements and adoption. The crypto coin is not available at many exchanges yet, so it is kind of trouble finding the best exchange for Nano. moreover, there’s no other use of the coin beyond this, no smart contracts, dApps or anything else.
Everything Else You Should Know About NANO
When launched in 2018 with the name of Raiblocks and symbol XRB, Nano was worth less than 0.10. At the current moment, Nano Cryptocurrency price is 0.63 with the market cap $83,816,065 USD. the cryptocurrency is listed among top 65 coins on Coinmarketcap. The maximum supply of Nano coin is 133,248,297 NANO and there would be no more coin mined or created.
In 2018, when every other coin surged to their all-time high, Nano also surged to $37.62 which is its all-time high till now. Nano was released through faucet which was then closed soon. So, if you are planning to buy Nano coin now, you can do so through any of the crypto exchanges that support it.
What Makes NANO Unique?
We’ve already talked about the amazing advantages of and how it is ideal in every way. Now let’s dig deep into it and see what is it that makes it so amazing.
So how does Nano process transactions instantaneously when even Bitcoin takes hours. The minimum time taken on Bitcoin to complete a transaction is 10 minutes, however, the time increases according to traffic on the blockchain. It can take from 10 minutes to hours and even days to validate the transaction. Whereas the nano coin cryptocurrency process and validate the transaction instantly because it creates a block for each transaction.
Nano is based on delegated proof of stake protocol which is why there are fewer chances of attacks on the network. Moreover, DPoS algorithm is energy efficient, unlike Bitcoin that is based on proof of work consensus. To attack DPoS system, one would need to own 50% NANO coins which is highly unlikely.
The unlimited scalability, zero-fee and high-speed transaction of Nano are what makes it best for daily purpose, cross-border and B2C payments.
How to Buy Nano Coin And Where To Store It?
If you are planning on buying Nano Coin, then we must tell you that the cryptocurrency is supported by only a few exchanges. At the moment, the major cryptocurrency exchanges that support Nano Coin Cryptocurrency are Binance and Bittrex. Moreover, there’s no option to buy the coin with fiat currency but you can check it out or post an ad on P2P platform like LocalBitcoins. If you have no problem exchanging Nano coin with Ethereum or Bitcoin, then we suggest you use Binance exchange. Binance has an excellent reputation in crypto exchange and is the crypto-to-crypto exchange. It lets you buy, sell and trade many other cryptocurrencies and guess what, you don’t even need to go through verification for all that. Binance allows you to trade even without KYC but there are some limitations. In case you want to trade in high amounts and don’t want any limitations on your account, there’s nothing wrong with completing the short KYC process.
After buying Nano from whatever exchange that you like, make sure you do not leave your coins in the exchange wallet. To keep your crypto coins safe you must use a private wallet as secure as Ledger Nano S. Ledger Nano S is a hardware wallet device that lets you store your crypto coins privately and it isn’t connected to any internet or servers so it is highly secure. Some of the alternatives to leger Nano are Trezor one and Keepkey. These hardware wallets can seem a bit expensive but they are worth it.
Articles You May Read
