Nano encourages the adoption of virtual currency in the real world
Like many other cryptocurrencies, Nano wants to address the major problems of Bitcoin. The platform stands out for its method of operation. Users have their own blockchain and transactions are quick, instant and free. Although some drawbacks remain, the benefits are considerable and the currency has a bright future.
Presentation of cryptocurrency
The nano course is of 0.500886 € with a 24-hour trading volume of 6,360,899 Euro. Find in these paragraphs the beginnings, the definition and the objective of this large-scale virtual currency.
The history of cryptocurrency
The Nano cryptocurrency, first called Raiblocks (XRB) was the initiative of Colon Lemahieu in 2015. This name change was motivated by the democratization of the project. The term Nano conveys simplicity. It was not until 2017 that the project launched its launch.
Cryptocurrency was launched without ICO or pre-mining. Today, the market has 133,248,289 tokens in circulation. The tokens were issued free of charge. Since its launch, tokens have been traded on Bitgrail. The latter was the target of a hack, resulting in the loss of 17 million Nano, or approximately $ 190 million on February 8, 2018.
What is Nano cryptocurrency?
Nano is a cryptocurrency that aims to improve transactions. The platform wants to make these financial operations infinitely scalable, free and instant. Nano wants to be an alternative to fiat by relying on an optimized Bitcoin code.
In this approach, the platform wants to remedy all the weaknesses of BTC, in this case the overconsumption of energy, the increase in transaction costs and the extended time of transactions. Nano claims to make transactions in just 2 seconds. This record places virtual currency ahead of Ripple in the ranking of the fastest cryptocurrencies.
Nano is a payment platform with an ultra-fast and free transaction system. Its main objective is to encourage the use of virtual currencies in the real market. Users define cryptocurrency as an improved version of Bitcoin.
The platform has added new features to its system. It has established a universal block that can identify account balances more easily. It authorizes micropayments. The platform wants to clear block size issues.
How does cryptocurrency work?
To summarize its mode of operation, the platform offers the user to create his own sending block. Likewise, the user who receives the amount creates their block. To do this, here is the operating mode of the platform.
Each user has their own blockchain. In this way, block updates are independent of the network. Each transaction made by a user, his blockchain adds a block without impacting the blockchain of other users. As part of a transaction between two participants, only the balances of the two affected accounts are verified.
This method reduces the size of blockchains without alternating network security. To achieve such a feat, the Nano blockchain uses a directed acyclic graph or DAG (Directed Acyclic Graph) algorithm with braided blocks (or block-lattice). The platform also uses the Proof of stake consensus.
The building blocks of Nano
Nano consists of an account which constitutes the digital signature. This account consists of a public key (containing information to be shared with other participants) and a private key (containing confidential information). To create an account, you must perform an opening transaction.
Nano also contains a register that contains account history. It is made up of a knot. It’s software that helps secure the network. The computer program manages the register and accounts. To install a new node, it is recommended to check and reduce the history.
Nano is a cryptocurrency that has not organized an ICO or pre-mining. There is no method of mining the Nano. The 133,248,289 units remain the Nano tokens put into circulation on the market. The team distributed by faucets and other captchas to avoid the massive collection of Nano by programming bots.
Due to the lack of mining, the Nano network has no need to use a multitude of resources. The platform consumes little energy. The 1.35 million Nano token transaction consumes the same energy as a Bitcoin transaction.
The pros and cons of this cryptocurrency
The Nano price is of 0.500886 €, too, an investment in cryptocurrency can be beneficial. The platform nevertheless raises some drawbacks.
The Nano system makes use of an innovative architecture that works on the DAG algorithm. The latter ensures the speed and security of transactions. Financial operations are 7000 per second and costs are zero
Environmentally friendly, the network works even with a limited energy resource. The platform is not exposed to any risk of inflation, because the token volume cannot increase and the nano course stabilizes at 1 dollar.
As the security level is not at its highest level, the risk of hacking is always present. Besides, the Nano network has already been the victim of a hack where 17 million Nano were lost. In the event of a Bitcoin depreciation, the Nano will be unable to outperform Zeus.
How to buy this cryptocurrency?
Know that the Nano price is 1 dollar. If you want to multiply your earnings by investing in this virtual currency, here are the procedures.
If you want to get Nano, start by buying Bitcoin or Ethers on Coinbase or Kraken. Continue the procedures by transferring them to an exchange platform that offers the purchase of Nano. Choose between Kucoin, HitBTC and Binance.
It should be noted that Binance has the most volume trading of nanos. The Kucoin platform is in second place in the ranking of Nano exchange platforms. There is also Nanex which constitutes the new exchange dedicated to Nano. The platform has the advantage of being fast and free of charge.
Store your Nano tokens
The best way to store Nano tokens is to use a wallet, in this case the Ledger Nano S. It is a perfectly secure electronic wallet that takes the form of a USB key.
The other method for storing your tokens is to use a desktop wallet. The program can be downloaded from the Internet. There is a version compatible with Windows, Mac and Linux. The Web wallet is available in 2 versions: Nanowallet.io and Nanovault.io.