Nano

What is Nano?

Nano coin or XNO is the official cryptocurrency of the Nano network. The latter represents a decentralized and energy-efficient payment network this ensures smooth crypto transactions without additional fees.

XNO strives to become medium of exchange used in everyday life. Nanocoin owners can use their coins to pay for goods and services, as well as for trading and exchanging foreign currency.

Apart from purchasing Nano from major exchanges, users can also earn it by completing challenges, playing games, mining, or even doing something simple like tracking your fitness journey..

There are a total of 133,248,297 Nano coins available, all of which are already in circulation. This is quite unusual for a cryptocurrency project. However, the fact that the circulating supply is equal to the total supply means that XNO is completely diluted.

Nano recommends that users store their Nano coins in supported third-party wallets, which can be found in Nano Hub.

Since XNO is a cryptocurrency, its price tends to fluctuate. To make an informed purchasing decision, check out the price history of XNO or the current price of Nano coins in the chart above.

What are the main features of nano?

Nano is a fully decentralized P2P payment network. It was originally conceived as a means solve the main problems facing Bitcoin such as scalability And high power consumption.

As discussed in the What is Nano section, the network itself is environmentally friendly as it uses a small amount of energy compared to other crypto projects. There are several reasons for this.

Firstly, Nano is a DAG-based cryptocurrency that uses block-lattice data structure where each account has its own blockchain. These personal blockchains are controlled by the account owner using private keys.

Usage DAG (Direct Acyclic Graph) The architecture allows Nano to perform 1,000 transactions per second without requiring large amounts of power. DAG is a blockchain alternative that records transactions as vertices rather than blocks.

Although the Nano token was the first DAG-based cryptocurrency, it is not the only one. Other alternatives include Byteball and IOTA. The former achieves consensus using its main chain of trusted witnesses, while the latter uses a Proof-of-Work (PoW) compound transaction mechanism.

Secondly, the Nano network is secured using a unique consensus mechanism called ORV, where transactions are confirmed by elected representatives. This means open, representative voting and is one of the key components of maintaining energy efficiency.

The DAG architecture, block-lattice data structure, and ORV consensus mechanism are the three main aspects that enable Nano to solve the high power consumption problem prevalent in Bitcoin. Ethereumand other crypto projects.

The lack of commissions on the Nano network increases the risk of transactional spam, which is countered by a special spam checking system.

Lost $170 million worth of nano coins.

The path to success has not always been easy for Nano. At the beginning of 2018, the Nano coin was listed on one of the exchanges: BitGrail suffered an attack that resulted in the loss of up to $170 million worth of XNO..

After the incident, BitGrail founder Francesco Firano tried to convince Nano to conduct hard forkHowever, he failed. One of Nano’s investors, Alex Brola, eventually filed a lawsuit against BitGrail. However, at the end of 2018, the lawsuit was withdrawn as the parties reached an agreement.

Who developed nano?

The Nano cryptocurrency project was launched in 2015 under the name RaiBlocks (XRB). Its founder and director is Colin LeMahieu – software engineer/developer with over 10 years of experience in the industry. Before founding Nano, LeMahieu worked for major companies such as Dell, AMD, National Instruments and Qualcomm.

Colin LeMahieu began developing the Nano crypto project in 2014. A year later he launched XRB through a crypto faucet. The latter refers to a startup type in which users can earn coins or tokens by completing simple tasks on the project’s website. In the case of Nano, users had to successfully clear a captcha in order to receive a certain number of RaiBlock coins.

The process of rebranding the project from RaiBlocks (XRB) to Nano (XNO) began in early 2018. The main reason for this change was to emphasize the aspect of simplicity and speed. After 24 hours, the rebranding choice was deemed successful due to a 40% increase in the price of XNO.

Nano is under control Nano Foundation is a non-profit organization promoting the growth and development of Nano. Its core team includes:

• George Coxon – director;
• Maulin Shah – General Counsel;
• Dimitrios Siganos, Thiago Silva, Piotr Wojcik and Theo are software engineers;
• Pim Koffeng – growth strategist;
• Xavier Lux – designer;
• Anina Ann Alexander – Community Leader;
• Forest Horseman is the head of social networks.

The Nano Foundation receives invaluable support from its board of advisors, who have worked with major projects such as Amazon and SEB. Advisors include Deepa Mardolkar, Andy Woolmer and Kyler Sherman.