Nano - a cryptocurrency similar to bitcoin, but faster, more functional and more accessible for transactions. The project aims to replace fiat currencies by offering a coin that people can use in everyday life for daily payments.
Contents:
What is Nano?
Nano uses a blockchain grid, a data structure that allows users to manage their own blockchain. It allows the network to add blocks without conflicts and send them for confirmation. These blocks are structured in such a way that they contain all information about the account. Each block includes a small amount of user-generated PoW information that allows the network to process transactions instantly and consistently.
The platform confirms transactions, using the ORV consensus mechanism, which is achieved by votes of representatives, regarding the validity of individual blocks, used on the network. Each account in the project network can choose a representative to vote on its behalf. All rep accounts are set to online nodes and vote to confirm the transaction. The larger the sum of the balance of accounts that delegate authority to representatives, the higher the chances of becoming the main representative. When these votes are distributed among the platform nodes, they are counted and compared. Once the node receives enough votes, the block is confirmed.
Platform feature
The project is designed to be fast. So fast, in fact, that most nano transactions reach absolute finality in less than a second - compared to several minutes or even longer for many other major cryptocurrencies.
This speed makes the token suitable for commercial payments, as merchants and retailers no longer need to worry about transaction delays when accepting payments.
What other features does the platform have:
| No fees and high TPS rate | Given the high fees for Bitcoin, Nano is a much better option for day to day transactions as it charges zero trading fees. The absence of transaction fees is not a temporary subsidy. The platform has included zero fees in its protocol. In addition, the network takes only 0.14 seconds to confirm transactions. |
| Low energy consumption | The Nano platform has developed its own algorithm for confirming transactions, which relies on a voting system, and not on heavy technical equipment and PoW. |
| Intuitive user interface | Natrium – the official wallet of the Nano ecosystem. Users can download it through the media store on iOS and Android to exchange Nano coins freely. The wallet is easy to use and convenient for beginners. |
| Complete decentralization | The network has achieved decentralization by evenly distributing the total supply of Nano coins. It can be seen from the list of platform representatives that no group has more than 50% of the votes, which proves that the company's voting system cannot be manipulated. |
| Friendly attitude towards developers | The company is open source, which attracts talented people from all over the world who voluntarily contribute their skills to create an ecosystem. In addition to being open and free to use, Nano's development framework and lightweight protocol are also attractive to developers. |
These features are provided by its unique architecture. Unlike many cryptocurrencies, the project is built around a similar ledger technology, called Directed Acyclic Graph (DAG). This framework is very robust and it can scale to support 1000 transactions per second with the right hardware.
Project tokenomics
The original max feed was set much higher, but any remaining nanos over the current limit of 133 million were permanently burned. In total, about 39% of the original genesis supply was distributed.
Nano is unusual in that its entire supply is already in circulation, which means it is completely diluted. The token is also highly decentralized and well distributed, with the vast majority of nano accounts, holding less than 100. As of December 2020, about 20% of all nanos in circulation (~26 million) are held in one of the Binance cryptocurrency exchange-linked cold wallets. A total of 5% of the circulating supply was retained for the further development of the project, this was allocated to the so-called "developer fund". Since nano cannot be mined, the most popular way to get some of them - to buy it from one of the over 50 exchange platforms that support it:
- Binance;
- OKEx;
- Huobi Global.
These exchanges are currently among the most popular Nano exchanges for crypto trading pairs, while it can also be bought with fiat on Kraken and Binance.US.