nano coin token
nano coin

Beginners Guide To NANO Coin

In just a few months Nano (XRB) token has shown a great deal of progress if compared to many others who are listed in Cryptocurrency world. It won’t be wrong to say that, it’s the basic structure of the token which appeals to users and lead to increase in popularity and increases benefits.

Understanding Nano coin

Nano coin formally known as RaiBlocks as per most Nano is a Cryptocurrency which is known for its low expectancy and trust-less-ness. After all the same depends on a piece cross-section design that is different and original with each record having its blockchain. Accord originates from the designated evidence of stake (PoS) voting.

Nano serves its clients with great adaptability in addition to direct exchanges that too without any charges. That absence of expenses is conceivable on account of the negligible assets required by the system, including no necessity for high-control mining equipment.

As indicated by its site and team members, the Nano so far has handled more than 4 million exchanges or transactions. Significantly more noteworthy considering that the unpruned record is only 1.7 GB.

Also read: Understanding the Concept of Walton Chain (WTC)

  • Details of Nano Coin

List of exchanges where you can buy XRB  – Bit-Z, Binance, RightBTC, OKEx, CoinFalcon, BitGrail, Kucoin and Mercatox. NANO can be bought using cash on BitFlip exchange.

NANO can be exchanged for significant cryptocurrencies like – Ether, Binance Token, Tether USDT, Doge, Bitcoin and fiat currency.

Ticker – XRB

NANO was officially rebranded from RaiBlock on 21st 2018 – official announcement from the team https://hackernoon.com/nano-rebrand-announcement-9101528a7b76

  •  The major problems Nano is trying to solve

The problem of scalability – Users are always concerned about the increase in transaction fee

Energy consumption – Energy consumption is soaring high with Bitcoin mining

Computational matters – The latency of transaction time which is 164 minutes on average.

  • Must know Nano token (XRB) facts 

  1. Nano token (XRB) then known as RaiBlocks were first time distributed in October 2017.
  2. With already at its maximum supply of 133,248,290 XRB and the same cannot be mined.
  3. If a website claims to mine XRB, basically they are mining some other Cryptocurrency and then pays out to the user using XRB.
  4. While the team is continuously trying to add more names to the list, currently XRB can be traded on Kucoin, Bit-Z, Bitflip, Bitgraill, and Mercatox.
  • Nano coin Consensys

Based on account balances, the team of Cryptocurrency feels that giving more weight to the vote of those who have more balance makes sense, as with the more significant amount of funds in the system already there are better reasons to be more honest: protecting their assets.

Rebranding of NANO 

It was on January 21st, 2018, that the team of RaiBlocks announced the rebranding of its product as NANO, with a clear statement of eliminating any confusion in pronouncing the name.

As per team, the decision of rebranding was not the one they took in most lightly manner. Preferably with the grown attachment with name RaiBlock in the community and among the team member, the rebranding was a tough decision, were-in in it was important that both advantages and disadvantages of the same were considered good.

One of the main reason, the team went with the rebranding was because RaiBlock was a bit of a mouthful of a name and different people use to pronounce it differently.

Advantages of Nano for users 

Undoubtedly the block-Lattice structure of Nano, individuate the same from other conformist blockchain used by other cryptocurrencies. With every account having its account-chain blockchain which serves as transactions and balance history, it is only account owner who can make updates in account-chain.

In simple words updates are non-concurring and prompt, taking into consideration snappy exchanges. Since blocks must be included by the record’s more established, moving assets requires two exchanges rather than one. The sender must consist of a send exchange while the collector needs to finish an accepting exchange.

Why use Nano?

  • Lack of fees – as we know Nano works with a lightweight protocol, thence lack of charges
  • Scalability – with the use of logarithms of data sets using tree-like structures; undoubtedly transaction are exceptionally versatile
  • Immediate purchases – while transactions are handled on imitating basis, we must add to the list that all deals taking palace are managed independently, with each fitting with a UDP packet, which assists in avoiding block-size associated problems.

How Nano is an update over existing cryptocurrencies?

Undoubtedly Bitcoin is one of the most popular Cryptocurrency we know about, however, Nano still holds a significant advantage over the same regarding transaction time. As we know a simple Bitcoin transaction needs hours of processing, after all the average block processing time is ten minutes, and a deal has to be within a block. Blocks have to be mined, and most of the time it happens that several blocks have to be added before a transaction can be finally considered complete. Whereas in Nano, every single operation is a block, which means the network can instantly process that block/transaction.

Also with the use of PoS, an attacker would need a minimum of 50% of the voting power, which means they would need more than 50% of XRB tokens. Which means, this process would end up being pretty expensive, and the same would be counted as an unwise decision as well.

And not to forget the delegated PoS system allows working with minimal energy consumption, which means full nodes can be run using low-power and without the use of expensive hardware.

How to buy Nano coin (XRB) & where to store?

Purchase of XRB using fiat currency is not possible, thence it is essential that one access to another currency like Bitcoin or Ethereum using Coinbase or more and then trade the same for XRB, via one of the different exchanges like Kucoin.

  • Nano wallets 

Nano Wallets are easily accessible and can be downloaded from the official site. They have an online electronic wallet, official iOS, and Android applications and furthermore a work area customer so you can pick which one suits you best.

  • Ledger hardware wallet 

Can be used to hold NANO cryptocurrencies.

What’s on the roadmap for Nano Coin?

  • In the year 2018, as the mentioned in the list, the team plans on developing light wallet. Also, add chain pruning to reduce the size of chain.
  • Incoming, age Nano team plans on reaching out to a larger population of unbanked people, and wish to assure them that the payments they will be receiving would be secured at their exchange point.
  • Becoming an internet standard which is controlled by a diverse grouping of people from various areas instead of a single person or a small group.
  • Team plans on adding IPv6 multicast to the transaction broadcasting so that anyone who wishes to can see the announcement for a transaction.
  • The team wishes to see XRB accepted current payment providers just like they have taken fiat currency.
  • Adding more names to the list of exchanges and enhancing the block experience is definitely on the list as well.
  • Mobile wallets for iPhone and Android devices are under testing stage.

Trend for Nano XRB price 

Represented as XRB on various exchanges, Nano had been stable rather be more accurate static at its lowest rate since inception.

In fact, it was in the second half of 2017, when we could notice any spike in the price. On 12th December it made a high of $4.02, and it is since then, that the same continues to gain with an all-time high of $33.14, currently at a price range of USD 15.08.

The rebranding of the product from RaiBlock to Nano can be stated as one of the many reasons that same has caught the limelight. In fact, with the ever increase in the number of people adopting cryptocurrencies, the current market cap of Nano is close to $ USD 2,009,943,844.

Charlie Lee, founder of Litecoin- endorsing NANO coin

As we all know Cryptocurrency communal is still new and small compared to all the other sectors, we can find in the world of technology and finance. Thence, with only a few active names, every word holds its value and credibility. Same has happened recently. Litecoin creator Charlie Lee can be quickly listed as one of few who is heard and followed when it comes to an understanding and accepting new and upcoming cryptocurrencies.

As the crypto world knows, Charlie Lee has always freely expressed his interest and concern related various updates and issues in the crypto world. And for this token known as Nano, Charli Lee has used Twitter to shake the crypto market with most unexpected.

It was on 28th Feb; Lee talked about Nano coin while appreciating its block-lattice technology.

I took a look at Nano currency recently,” Lee tweeted. “Pretty neat. Every account has [its] own blockchain. It focuses on fast and free transactions for payments. Uses [proof of stake] for double spend protection and [proof of work] to fight spam. The challenge is to keep it decentralized.

And it was then that the value which was as low as $13.56 as of 5:00 pm eastern Thursday went up to a scorching height of $17.19. However, this was not all, as after going through the whitepaper of the same. Charli Lee raised a few question to the team of Nano developer about its nature of operation on a Reddit thread, which was answered by Colin LeMahieu – lead developer of Nano.

Our take on the project 

Unquestionably, in just a few months Nano (XRB) token has shown a great deal of progress if compared to many others who are listed in Cryptocurrency world. It won’t be wrong to say that, it’s the basic structure of the token which appeals to users and lead to increase in popularity and increases benefits.’ Being only Cryptocurrency using block-lattice, the same allows its users to make transactions without paying any fee to miners, that too on instant basis.

Also, with a simple aim to replace conventional shared memory data, Nano coin aims to setup message passing model in which users have their own blockchain which only syncs with their primary network. In the end, with all the various solutions Nano is representing, the same might become the first to replace fiat currency for everyday uses.

 

What are your views on NANO coin? Let us know your thoughts in the comment section below!

About Achal 137 Articles

I am an entrepreneur and a writer with a bachelors degree in Computer Science. I manage the blockchain technology and crypto coverages at Coingape.