Nano

Nano is a zero-fee digital payment mechanism driven by Block Lattice Technology that enables instant payment transactions between users.

What is Nano (XNO)?  

  • Nano develops a decentralized asynchronous network based on the Block Lattice that enables instant and fee-free transactions between accounts.
  • Nano employs a distinctive and efficient consensus technique known as Open Representative Voting (ORV): voting is connected to network confirmation, and voting nodes (on the Nano network) are called to as Representatives.
  • Holders of Nano tokens distribute voting weight to elect network validators.
  • Nano is created on the Block Lattice structure of the Directed Acyclic Graph (DAG) Network. Each account in Block Lattice has its “own blockchain” for transaction tracking. Due to the fee-free nature of transactions, accounts are needed to complete certain Proof-of-Work (PoW) tasks in order to transmit a transaction, which prevents Sybil attacks. 

Key Metrics

TickerXNO
Asset NameNano 
Token Type/ProtocolNano Network
Total Token Supply 133,248,297 XNO 
Current Circulating Supply See CoinMarketCap
Market Capitalisation See CoinMarketCap
Token Creation Date October 2015
Can it be mined? No

Who is behind Nano (XNO)?  

Nano was established  by Colin LeMahieu, a highly skilled software developer and engineer with extensive experience working for renowned technology businesses such as Dell, AMD, and Qualcomm. 

LeMahieu, who self-identifies as an inventor, is interested in a variety of subjects, from space technology to physics and environmental sustainability, and is a well-known figure in the digital currency field. He started working on Nano full-time in 2017 and continues to serve as the CEO of the Nano Foundation, an organization formed to accelerate the development and acceptance of the Nano.

Colin LeMahieu also committed the largest share of changes to Nano’s GitHub repository.

Apart from LeMahieu, the Nano Foundation employs over a dozen more professionals, including George Coxon, a graduate of Evolutionary Anthropology and seasoned account executive who serves as the foundation’s current Chief Operating Officer.

What is the purpose of Nano (XNO)?

Nano aspires to provide a feasible alternative to fiat currencies. Nano offers numerous significant benefits over conventional payment currencies, including the following:

  • Fee-free transactions
  • Instant transactions
  • Scalability is limitless

As a result, Nano is a compelling alternative for peer-to-peer transactions and micropayments that is accessible to everyone. 

Insights

  • Nano is an eco-friendly cryptocurrency that does not depend on mining, printing, or minting, intends to solve the present incapabilities of today’s financial systems by lowering transaction costs and increasing transaction speeds.
  • Nano was first distributed using a unique CAPTCHA faucet system in an effort to distribute Nano “as equitably and organically as possible.” To earn NANOs, users were required to complete difficult CAPTCHA tests. Thus, rather than needing processing resources (such as Bitcoin) to mine coins, the faucet enabled anybody with a computer to participate simply by providing time and attention (vs. expensive computing resources).
  • Nano’s key features: 
    • Block Lattice –  is a data structure in which each account controls its own blockchain. Each account chain may be modified solely by the owner of the account and no transaction fees or block rewards are collected by Nano validators. The validators will protect the network, ensuring that the value of their NANO tokens does not decline. 
    • Voting and Representatives – Open Representative Voting is a distinctive consensus technique used by Nano. Each account may freely elect a Representative to vote on his or her behalf at any time, even while the delegating account is inactive. On nodes that stay online, representative accounts are set to vote on the legitimacy of transactions they see in the network. Their voting weight is determined by the total of their delegated accounts’ balances.
    • Proof of Work (PoW) – to protect against spam attacks. To begin a transaction on the Nano network, the sender must complete a Proof-of-Work task.

Risks

  • Nano does not support decentralized applications or smart contracts.
  • The Nano project and the NANO coin are gaining traction slowly, and the coin is only listed on a few exchanges.

News and Updates 

  • Facilitated by increasingly modern technology, NANO represents an instant, fee-less, eco-friendly alternative to traditional communal-blockchain-based cryptocurrencies.
  • Nano Foundation is now a member of CryptoUK the self-regulatory trade association for the UK crypto-asset industry, established to promote higher standards of conduct.
  • Nano collaborated with Karmacall, a pioneering solution that addresses the economic incentives of spam calls, by paying Nano a small amount. This use case can certainly increase the adoption of XNO in real life.

Disclaimer
All investments are speculative and involve substantial risk and uncertainty. Investors should understand the nature of digital assets including the terms of return and the risk of assets. We encourage investors to fully understand the assets and the risk associated with them prior to making any investment.  

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