Nano is decentralized, sustainable, and secures digital money focused on addressing the inefficiencies present in existing financial systems and It is a payment platform that aims to replace fiat currencies. Its transactions happen immediately and on any purchase, you have zero fees. Also, Nano can perform over 1000x more transactions per second than Bitcoin. That’s impressive.
Uniquely designed to provide simple peer-to-peer transfer of value, Nano empowers individuals with the most efficient and accessible digital money possible, connecting them to the global economy with minimal impact.
Nano provides an intuitive experience that feels like digital currency should - no fuss, no fees, no waiting. This is what an accessible and easy-to-use digital money experience should feel like.
Bitcoin's ledger is represented as a single linked list and Proof of Work is used to both maintain consensus and advance the ledger. Although this setup can maintain consensus in an open and distributed system, where anyone can join or leave at any time, the trade-off is that it's very slow and the maximum transaction throughput is limited to about 7 transactions per second.
To support feeless and near-instant transactions, Nano uses a different architecture called block-lattice. With block-lattice, every Nano address has its own blockchain and the blockchain can only be updated by the address. The Nano network consists of validators that store the full state of the network and users who own addresses. Validators have high storage and bandwidth costs since each validator needs to keep track of every address's blockchain, vote on transactions, and relay them to the rest of the network. Since new blocks do not create new NANOs and transactions are feeless, validators do not earn a reward for their work. When asked about disk space and bandwidth usage, the team has stated that both are being improved by pending protocol updates which are expected for deployment in late 2018. It will be possible to run ‘light’ and ‘pruned’ nodes then.
Sending and receiving Nano
To send NANO, an account needs to append a "send" block to its blockchain. Next, it needs to request votes from "representative nodes". Votes are essentially aggregated cryptographic signatures. After receiving votes, the block is ready to be published to the rest of the network, and the recipient can be confident that the money is sent. The whole process spans a few seconds. Since an address’s blockchain can only be updated by at most one address, updates can happen immediately without fear of conflicts. This is fundamental to Nano’s speed and scalability. To receive funds from a “send” block, the recipient needs to append a corresponding “receive” block to its blockchain and propagate the block to the rest of the network.
Network consensus is maintained through voting. If a node disagrees with the state of the network, it can start a vote by announcing the conflict to validators connected to it and these validators will relay the conflict to validators connected to them until the entire network is aware of the conflict. The voting process occurs over a predefined period where each node votes on a state of the network it believes is correct. The number of votes a validator has equaled the number of NANO it owns plus the number of NANO delegated to it. When a state has more than 133,248,289/2 votes (133,248,289 is the total number of NANOs in existence), it’s automatically accepted as the state of the network.
Since Nano supports feeless and near-instant transactions, the network is vulnerable to spam. A user can cheaply issue a large number of useless transactions and overwhelm validators. To protect against spam, an address needs to perform a quick proof of work problem to send a transaction
Nano's price today (October 03, 2021) is $5.50 with a 24-hour trading volume of $45,848,542. NANO's price is up 12.1% in the last 24 hours. It has a circulating supply of 130 Million NANO coins and a total supply of 133 Million.
Nano's ROI with 519% in a year underperformed in the 'Cryptocurrency' category which had 1674% growth over the past year. It`s underperformed in the crypto market which had 3880% growth over the past year. You can track Nano's Return On Investment (ROI) on our website for Free.
A capable marketing team and brand awareness have a direct impact on the success of any project. According to our data, the NANO's Twitter account saw an increase of 15% in the number of followers over the months from May 07 until October 03 of 2021. Moreover, its Reddit channel users went up by 26% over the same period. The Telegram growth rate is 28% and it seems that the NANO's Marketing group did a great job at all. You can follow NANO's popularity using our report, which is accessible in our website's popularity.
Our data indicate that NANO's ranking among the markets' cryptocurrencies in terms of market capitalization decreased significantly over the last months, from 93 to 132. Also, its price saw a similar trend, falling from $9.87 to $5.01 today at the time of writing. However, its liquidity score is 52% upper the market's average score, which means that it would be easier to sell the NANO if the market is falling. You can find our report about NANO's market capitalization, price, and liquidity score on our webpage.
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