What is Nano (NANO?)
Nano serves as a cryptocurrency which can be used for trading, peer to peer transactions, micropayments, and B2C. They offer cryptocurrency NANO to make the digital payments possible in the whole world. Nano is the fastest way to pay for everything be it sharing the cab with your friends or you need to pay for digital assets in small amounts. The USP of Nano is that it has zero fee policy which is not very common among the cryptocurrencies. According to Nano, it is the fastest and almost free way of transacting to pay for every service in the world.
Three basic main features of Nano is
- Nano processes instant transactions
- Nano has Zero fee policy
- It is infinitely scalable
You can grab Nano wallet from their website to start the payments. Nano wallet apps are available for the iOS, Android, Windows, MacOS and Linux. And if you want to start a node of the Nano you can head over to Github and grab their Linux build for the node processing. You can run a node of Nano and earn tokens for processing the transactions on the Nano blockchain.
The original inception of Nano is to improve on the offerings of bitcoin by offering a service which has no fees at all and is infinitely scalable to process tens of thousands of transactions. In December 2017 the fee for the Bitcoin transactions rose to some bizarre rates, that is why Nano has a chance of creating an audience for itself.
How it works
The main innovation of Nano is block lattice. We’ll learn more about it in a bit. First, let’s see the use cases for Nano system. Nano can be used as;
The ideal trading pair – it can be used as an instant means of transactions and Nano has zero fee policy that makes it ideal for the cryptocurrency traders who frequently buy and sell many cryptocurrencies.
Peer to Peer Payments – it can also be used as means of peer to peer payments, so you can pay your friends and family using the NANO coin. Paying rent and splitting bill of the taxi will be very easy using NANO.
Micropayments – it can also be used as a means to pay for subscription services. Through NANO you can pay for small amounts to the digital assets. Subscription and content services can be paid by NANO tokens.
Business to the customer – Nano can also be used seamlessly to check out in your neighborhood store or on the online store. These types of transactions have never been so seamless and easy.
The biggest difference between bitcoin and Nano is that it uses the proof of stake instead of proof of work for its consensus algorithm. If you don’t know what proof of stake is let me tell you, in the proof of stake system you don’t have to work and earn coins all the coin in this consensus mechanism is already created at the time of starting. Nano is built upon the DAG algorithm; DAG stands for Directed Acrylic Graph.
The Team At Nano
To make a good company you need a good team with a lot of experience in the same domain that the company intends to work. Fortunately for us that they have listed their team members on their website so we can easily see them and analyze them. Many other crypto coins don’t list their team on their website so we need to dig a little deeper to find the team of those coins. But here is all good.
Nano was founded by Colin LeMahieu in 2017 and he is also the lead developer of the platform. He has been working in the software industry for the past 10 years before founding the raiblocks. He is more interest in the space technology and physics that is why he started the development on the NANO.
They have a team of 13 members as listed on the website. Russel Waters and Roy Keene is also working with Nano as the Lead Developer.
Exchanges to trade on
Nano is available on many exchanges. Because it has direct competition from bitcoin and some of its features are better than bitcoin that is why it has become so popular in the crypto market. It once reached approx 2 billion USD in the market cap once. That is why almost every exchange wants to trade this coin. So here are some main exchanges where Nano can be found for trading.
Nano coin exchanges
These are some main exchanges that allow trading of NANO coin. Many of these exchanges have more than $1 million USD trading volume for the last 24 hours. Binance alone has more than $15 million USD in trading volume for the last 24 hours. you can sign up for these exchanges to start trading on these platform or you can use your own private wallet to connect with these exchanges such as Metamask or EAL. You can also use any hardware wallet to connect with these exchanges.
The price of Nano has been fluctuating since the February 2018 and it has dropped significantly since then. Nano was trading steady till December and suddenly in December its price spiked and reached a maximum price $34.43 USD on January 2018. And its market cap spiked at $4.5 billion USD. Since then it has been on a curve of downfall.
The current price of Nano is $2.87 USD per NANO and the trading volume for the last 24 hours is $17.7 million USD which is significant it shows that more NANO tokens are in circulation than everyone anticipates. The current circulation of NANO tokens is 133 million. The current market cap of NANO token is $382 million USD which is not bad at all it is under 40 in cryptocurrencies by the market cap.
If we have to predict the price of the NANO token in the near future we can say based on the trends in the market and its potential to reach new heights as it has done before. So it’s safe to say that it can reach those heights once again.
Roadmap to the future
They have started their journey in 2014 but at that time they only started it as a part-time project as they couldn’t leave their jobs to start the project. But in 2017 they started working full time on this project and had their ICO.
After that, they have continuously released an update to their platform. They completed the Universal blocks update recently. They have also planned updates for ledger pruning, vote distribution, and Security audit features.
They have their wallets available for various operating systems. They are also planning to release the hardware wallet for more security. One of the standout features is that they will release the smart cards which will ease the shopping or renting experience for the users of Nano.
They want to improve the adoption rate of their technology in the near future that is why they are thinking about the point of sale devices and enter the global markets with this cryptocurrency.
Overall it has much potential than everyone anticipated initially that is why many investors came on board for this project and invested in the idea.