Nano was originally named RailBlocks, and it aims at achieving what all the cryptocurrency are primarily developed for: replacing the fiat currency.
Nano is unique in the sense that it seeks to revolutionize the cryptocurrency blockchain by providing a free transaction (no fees) system. This, in turn, helps in reducing the energy consumption and ease of convenience when purchasing or selling the nano cryptocurrency.
Nano uses its own dedicated novel technology known as Block-lattice architecture by using a complex yet efficient algorithm called Direct Acrylic Graph (DAG). This algorithm allows every user to have their own dedicated blockchain called as account-chain.
The normal transaction period involved in buying/ selling cryptocurrency takes a large amount of time. This process involves a high level of confirmation and also a substantial amount for fee charges for making any sort of transactions.
Hence, the primary focus of Nano is to reduce the amount of time and transaction fee involved in order to make the whole process as simple and convenient as possible.
Nano was originally released under the name of RailBlocks back in February 2016. Nano was founded by Colin LeMahieu who was a Bitcoin enthusiast himself.
The name was changed to Nano in 2018. While studying/ working for Bitcoin exchanges, LeMahieu soon realized that the Blockchain platform itself had several crucial drawbacks.
The main drawbacks he wanted to eliminate were the amount of transaction fees that were charged for purchases and sales; and was the time it took for confirmations. These two aspects were the main focus when he created Nano aka RailBlocks and looked to reduce both the inconvenient process to a minimum level.
Owing to its free transaction fee for micropayments, Nano was hyped as something that would change the whole market of cryptocurrency and the way it operated.
When Nano was first announced officially, it was popularly referred to as the “Cryptocurrency killer.” This was mostly because Nano took all the basic functionality of a normal cryptocurrency but eliminated its negative aspects, providing a much more efficient alternative that people couldn’t refuse.
According to Colin LeMahieu, the founder of Nano cryptocurrency, the primary objective has always been to provide the most efficient and convenient cryptocurrency and ultimately make Nano the #1 choice for any kind of digital money transfer.
Nano was the first of its kind in employing a “block lattice” structure instead of using a traditional blockchain platform that Bitcoin used.
The block lattice structure can also be seen as a multi-dimensional version of the traditional blockchain. This multi-dimension platform allows the nano users to make any micropayments without having to worry about the hefty amount of additional transaction fee that other cryptocurrency imposes on its users. T
he initiation of making the whole transaction a cost-free process also saves a giant amount of time for its users, since the confirmation time for payments takes up most of the time when making payments through a cryptocurrency.
Nano works on the principle of allowing or providing each user their own unique blockchain. What this does is allows all the users to connect intermittently with the main network individually.
This allows the user to have more power over their transactions and also a much more secure method to make any kind of transactions. From its inception, Nano has only looked to do away with the old and inefficient blockchain platform-based cryptocurrency and the way it functions.
The Nano cryptocurrency also makes the use of the decimal system, similar to what a Bitcoin does where one-millionth of one Nano (eight decimal places) is the least transferable unit.
The unique and first of its kind technology that Nano employs called as block-lattice structure allows the system to assign every user with their own unique blockchain. The feature is not available in any blockchain platform-based cryptocurrency.
This greatly reduces the time consumption for making any kind of micropayments. The individual blockchain assigned is called an account-chain.
This is the primary and the most crucial feature of Nano. This feature is what distinguishes Nano from any other type of cryptocurrency available.
The transaction fee that other cryptocurrencies impose on their users are high, to say the least. Not to mention the time factor involved in confirming the transaction fee process.
There is also a wide and vital concern about the increasing amount of charge that the Bitcoin network imposes and also the massive drawback of scalability issues. With Nano all that problem of scalability and transaction fee is eliminated, making nano smarter and obvious choice.
Whatever the process may be, everyone would surely agree that time consumption is always a vital aspect. Less time consumption means more productivity, and this is what Nano achieves.
An average of 164 minutes is spent on completing a transaction process in case of Bitcoin. The Nano eliminates this time consumption by eliminating the need to update for all minor updates.
Due to the fact that every user has their own dedicated account-chain, the need for storing all unnecessary data is eliminated. With every new transaction, the older blocks of data are replaced with the new block created and store it on the individual account-chain.
The first step is to create an account by making a transaction. You can do this by buying either Ethereum or Bitcoin from any exchange that accepts your banking card as a valid payment option. You can purchase BTC or ETH from Coinbase exchange (or any other exchange).
The second step is to transfer all your BTC or ETH from the Coinbase wallet to any other wallet that lets you exchange your BTC or ETH currency to Nano. You can use any of the below-listed wallets:
After conversion, you can store and spend your nano cryptocurrency using any of the nano wallets listed below:
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