About Nano

Nano Review: Mining Guide, Price & Analysis of Nano Cryptocurrency

Nano is a cryptocurrency that offers users a decentralized payment system. The goal of the developers is to make money more efficient and promote equality. They do this by removing the need for central institutions in transactions.  This is very appealing. Moreover, it aligns with the original vision for cryptocurrencies.

Additionally, Nano helps users save a lot of money. This is because transactions using Nano are entirely free. This is because users do not pay hefty fees demanded by central institutions. Therefore, it means anyone can use Nano.

Formerly RaiBlocks, Nano sees relatively great success in the markets. Many people align with the values of this coin. Nano is an eco-friendly coin. This is because its Proof of Work algorithm does not require too much computing power. Moreover, transactions using Nano are instantaneous. This means that it can support a wide variety of industries.

How Nano Works

Nano bases its structure on a block-lattice architecture. Each account operates its own blockchain. This blockchain is equivalent to the account’s transaction or balance history. This makes updates on the network instantaneous. 

Moreover, each blockchain’s update happens asynchronously. This results in speedy transactions. Additionally, this gives the network scalability. This means that it can still operate optimally even under intense loads.

On the Nano network, each transaction happens in two distinct actions. First, the sender publishes a block to initiate the transaction. Then the receiver has to publish a matching block to receive the funds.

Once the network confirms the sender’s block, it remains in a pending state. Here, it is irreversible. This means that the receiver can confirm the transaction at a later time when they are online. 

The protocol that Nano operates under is light-weight. This means that the platform uses the least amount of computing power possible. It does this by using stateless messages to communicate. This further improves transaction speeds.

Further, Nano uses a Directed Acyclic Graph structure. This allows the network to have extreme scalability and speed. Additionally, Nano will enable developers to launch their own applications on the network.

Can Investors Mine Nano Coins?

No, it is not possible to mine this coins. Nano does not rely on mining to maintain a consensus. However, the company uses an Open Representative Voting consensus. This consensus is similar to the Delegated Proof of Stake consensus. But it is different. For starters, users do not have to stake any coins in this process.

Here, users select representative nodes. The work of representative nodes is to vote on each transaction. After this, all the nodes then cement each transaction according to the votes. Only account holders can sign blocks into their blockchains. 

Nano account holders can delegate their voting rights to representatives. Hence, they have full control over who is in charge of maintaining consensus. Moreover, they have full control over the decentralization level of the network. This ensures the network does not trend towards centralization in the future. 

Additionally, there is no monetary incentive for this process. This removes the possibility of one person dominating the mining power of the network.

The Team behind Nano

Nano has a great team of experts behind it. The founder and CEO of the project is Colin LeMahieu. He is a visionary young man with vast experience. He was previously an LLVM Software Engineer at Qualcomm. While there, he rewrote the Hexagon packet checker to give more specific error messages to assist developers. Additionally, he previously worked at National Instruments, AMD, and Dell.

By his side is George Coxon. She is the COO at Nano Foundation. Additionally, she is the Director of Appia. Previously, George worked at Nonsense Agency in London. Here, she was a Senior Account Executive. Hence, George has tons of experience in day to day operations of an organization.

Further, the team consists of Adam Edwards, Andy Johnson, Zach Hyatt, among others. All these individuals have vast experience in diverse sectors. Therefore, the project is in safe hands.

Nano Coin Performance

Nano holds the 90th rank in market cap share. The coin has a market cap of $135,088,014.  This is not extremely high. But it shows that the coin has the potential to do better. All Nano needs is to see better adoption in the markets.

At the time of writing this, the coin has a 24-hour trading volume of $6,785,238. This shows that the coin has high liquidity. Additionally, it is good to note that the coin is in full circulation. The total supply of Nano coins is 133,248,297. This whole supply is in circulation.

This makes the coin achieve high decentralization. Additionally, it ensures the coin’s value remains high. 

Privacy and Security

Nano has excellent security features. To prevent DDoS attacks, the network uses Proof of Work consensus. The consensus is only in use to prevent individuals from flooding the network with transactions. This implementation makes it very expensive to attack the network in this manner. This is because that would require heavy computational power.

Additionally, the ORV consensus helps to prevent Sybil and double-spending attacks. Creating many nodes on a single machine gives an attacker no added advantage. This is because the voting system depends on how much balance an account has. 

Further, the network prevents 51% attacks. The voting system depends on the account balance of a user. Hence, people with the most assets in the network have more control. It makes no sense for such people to attack a network in which they have a high stake.

Our Take on Nano

Nano poses a fascinating value proposition. The real value of this coin is in its minimalistic nature. By not depending on mining, the coin saves a lot of computational power. Additionally, it means that users can have cheap hardware and still use Nano. Further, the platform is fee-less and involves instant transactions.

However, the platform faces a lot of competition in the market. There are better-established coins with much more value. It is hard to see how Nano will dethrone them. As it stands, all indications point to the coin maintaining its value.

Advantages

• It involves instant and secure transactions.
• The coin involves no transaction fees.
• It is eco-friendly.

Disadvantages

• Nano faces a lot of competition from better-established coins like BTC.

How to buy Nano Coins

If this coin is appealing to you, then you can add it to your portfolio. The best way to do that is to buy it. You can buy this coin on several exchanges. These include Binance, Huobi Global, Poloniex, HitBTC, and OKEx. The current price of Nano is $1.01.

You will need a wallet to store your coins. Some of the best wallets you can use include Ledger, Canoe Wallet, Guarda Wallet, and Natrium.

Final Verdict

Nano coins show a lot of potential. It is easy to see the cryptocurrency community get behind this project. This is because it has an excellent decentralization level. Additionally, the governance of this coin is community-based. Further, Nano’s architecture helps save on computational resources.

However, this coin is facing stiff competition from better-established cryptocurrencies. This coin’s value may go either direction. Nonetheless, this coin is currently holding its value. With more adoption, Nano may see more success in the markets.