2021 has been a wild ride for most cryptocurrencies. From Bitcoin hitting an all-time-high price of $64,863 to lesser-known altcoins recording an astronomical rise in value. Recently, Tesla’s CEO, Elon Musk, tweeted about his reversal of accepting Bitcoin as payment for purchasing Tesla. His take was that Tesla was concerned about Bitcoin’s environmental footprint. This tweet caused quite the commotion as prices of both Bitcoin and other altcoins crashed hard.
However, as the prices of major cryptocurrencies crashed, a little known altcoin seemed to swim against the current. During this time, XNO boosted the biggest gains, approximately a 98% increase in value. Compared to a year before, XNO is up by an impressive 1,314%. Turns out, Nano is eco-friendly crypto that many traders see immense potential or pumping opportunity in. Thanks to Elon Musk’s tweet, Nano’s price spiked from $8 to around $17. If you want to learn more about Nano coin, stick around for more information.
Nano is taunted as the “digital money for the modern world” as it’s secure, instant, and without fees. Additionally, it tends to address some of the major limitations of modern cryptocurrencies such as lack of adoption due to high transaction fees. The project initially began in 2014 under the name Raiblocks with a native coin XRB. However, it was rebranded to nano in January 2018 to represent the speed it provided to its users.
Nano was designed with new consensus mechanisms, data structures, and features that are set to give it a competitive edge over other cryptocurrencies. Some of these major features of nano coin include:
Enables lightweight communication which results in superfast transaction confirmation times.
Nodes on the nano network use considerably less energy on every transaction compared to other currencies on other networks.
This feature ensures that nano users can freely assign their voting rights to representatives on the nano network. Therefore, they have explicit control over which representative has the power of consensus along with how decentralized they want the network to be.
A bit confusing at the beginning, right? Well, we will now explain what the difference is between these three and what is happening. First of all, no panic: we still have our fast, feeless and eco-conscious nano crypto right where it has always been. Yes, it’s okay to see it written without the capital letter because now it is just like fiat currencies – dollar or pound – doesn’t have its own branding but has its own symbol!
Secondly, the XNO ticker starts with X on purpose: it’s an ISO requirement. As a “supranational” currency not backed by any country code, nano’s symbol has to begin with “X”.
What about Nano Foundation? Nano Foundation continues its tremendous and extremely devoted activity. The logo we all adore and are so used to will remain, only that now it will only belong to Nano Foundation. The partnerships, collabs and whatsoever done by Nano Foundation will appear with the neat logo we’ve been using the whole time that you can see below. Of course, if you want an in-depth debranding follow-up, we suggest you take a look at an official XNO welcoming Medium article!
Nano utilizes a very simple and easy consensus algorithm. It uses a variation of the delegated proof-of-stake consensus algorithm known as Open Representative Voting. Under this system, each account with Nano in it gets a certain ‘voting weight’ based on their account balances. This voting weight can be assigned to any node in the network. The user can choose which one at any time and can switch between nodes instantly, without any cost. When a node has enough voting weight delegated to it, it is assigned the role of Principal Representative. This means the node can now use the delegated voting weight to vote on which transactions the network should accept.
Some of the benefits of the nano coin crypto include:
Nano relies on an energy-efficient consensus mechanism known as Open Representative Voting that utilizes minimal energy. Therefore, it’s on the front line in helping reduce pollution and energy consumption.
If you’ve transacted cryptos such as Bitcoin or Ethereum then you know just how high transaction fees can get. However, when it comes to nano, transactions are feeless which makes nano crypto effective as a currency that can allow for tipping and micro-transactions.
Transactions on the nano blockchain happen way faster than you can send a text message from your phone to another. Thanks to the block-lattice system utilized by nano, users can pay for goods online or at the store without waiting for banking or credit card network approval.
There is no incentive whatsoever for centralization. The platform doesn’t rely on mining or staking nano coin crypto for rewards. Therefore, the platform remains truly decentralized and even tends to decentralize more over time.
A lot of philanthropic organizations have seen the benefits accrued from accepting and using cryptocurrency donations from donors globally. This has opened the door for nano cryptocurrency to become the go-to crypto for charitable donations. For instance, Nano community members Alisha and NanoByTheBay successfully led a COVID-19 relief Twitter campaign. It helped them deliver about 5,000 masks and essential needs like food to over 1,300 people in India.
Additionally, there is a Nano Tip Bot that allows just about anyone to donate via social media such as Twitter or Telegram. The Nano Tip Bot is on-chain, feeless, non-custodial, and offers support for micro-transactions. Therefore, making it the perfect way to endorse active community members and XNO-supportive charitable causes. As the two community members pointed out, they utilized nano because it worked well as a medium of exchange and anyone could do any amount, whenever, without any fees, and instantly.
Charities, for instance, can accept crypto donations in XNO at ease. As an example, XNO collaborates with NOWPayments – a crypto payment gateway that allows anyone to instantly accept crypto donations all while being non-custodial and absolutely user-friendly.
From a user’s POV (point-of-view), nano is an ideal digital currency as it is feeless, instant when transacting, and has a great potential for scalability. Most popular cryptocurrencies are not capable of instant transaction times. Therefore, this is a major change over the common. Not to mention the fact that nano is energy-efficient and doesn’t require expensive mining hardware. There’s also news that nano might lead Mastercard cryptocurrency developments. If any of this is true, then there is a great future for nano.
There are a lot of XNO crypto exchanges to choose from. Finding the right XNO cryptocurrency exchange might be a little more difficult than you’d like to think. However, at Swapzone, we understand how difficult it can be to make up your mind on which XNO exchange is the right one. Therefore, we have made it easy for you to purchase different kinds of cryptocurrency, including nano.
If you want to help charities or use crypto in an eco-friendly way, you should definitely consider exchanging crypto for some nano coins. Below is a step-by-step procedure on how to exchange XNO on Swapzone:
An exchange rate is the rate at which one cryptocurrency can be exchanged for another through a certain crypto exchange provider. Cryptocurrency exchange rates on Swapzone reflect current prices of crypto assets and are updated every 30 seconds for you to keep track of any market changes and fluctuations to profit when buying the dip or going with the best exchange rate and the lowest exchange fees. All cryptocurrency exchange providers have their own rates, which depends on supply and demand, mining rewards, costs and so on. See what else might affect the rate in our article on prices.
There are two types of exchange rates aggregated by Swapzone – fixed rates and floating rates. To receive the exact amount of crypto that is displayed at the beginning of the exchange and shield yourself against the market's volatility, opt for fixed-rate offers. If you're ready to take a risk and receive less or more than the sum displayed, go with floating-rate offers but bear in mind that floating rates may drastically change any second. You can refresh your memory on how to get the best exchange rate here.
Crypto transaction fees may vary depending on the network (Ethereum transaction fees tend to spike during the congestion on the network), your chosen cryptocurrency, an instant exchange provider as well as its transaction processing speed and internal policy. These fees may be relatively low but it’s crucial to know they may be imposed in the first place.
If you want to exchange cryptocurrency with the lowest fees, beware of the offers with a grey-colored “Transaction fees are not included” label displayed under the exchange rate. To avoid having to pay an unexpected amount of fees during the exchange, opt for those that do not have that label. Read our articles to learn more about how to exchange cryptocurrency with the lowest fees and find out which assets have the lowest transaction fees.
Transactions usually take from 5 to 30 minutes to be processed, especially if you choose currencies with speedy networks. However, there are several factors that may affect and slow down the exchange process, i.e. transaction volume, blockchain capacity, network updates, cryptocurrency itself and the capacity or chosen exchange platforms.
The processing may take longer due to the large transaction volume, congestion of the network, blockchain overload and market overload, technical issues or system failures, lack of liquidity or network maintenance.
The transaction may be also stuck if you forget to add a required Extra ID, mistake networks or use the wrong wallet for a chosen crypto asset. If you worry that the exchange processing is taking too long, please, contact us at [email protected] or via our live chat on the landing page.
To exchange, buy, sell or trade cryptocurrency and store your crypto keys safely and securely, you need a crypto wallet. Choosing the best cryptocurrency wallet is a question of preference and need. To learn more, read our guide on how to choose the best cryptocurrency wallet for your needs.
There are several types of wallets for different crypto assets and tasks. Software wallets, or hot storage wallets, are connected to the Internet and come in many forms: Web, Desktop, Mobile or Browser Extensions. If you want to build a large crypto portfolio, you might want to look at multi currency wallets like Exodus, MetaMask, TrustWallet, Atomic or Guarda. If a coin or a token of your choice isn’t available there, you can always opt for a single-currency wallet that is usually designed by the project that launched the asset.
If you take safety and security matters seriously, go for hardware wallets, or cold storage wallets, like Ledger or Trezor, or even paper wallets. We strongly recommend you to do your research before creating a wallet: read the reviews to see what the community thinks, learn about the fees a particular wallet imposes for performing transactions, check out supported currencies and networks and see its security policy.
There are loads of different crypto exchange services, with new platforms emerging every month. Exchange providers differ by supported currencies, liquidity providers, fees, customer support, user interface, level of privacy and anonymity and customer support, which makes it hard for beginners to understand which one to choose. To learn more about what these exchanges offer and how you can assess them, read our guide on how to choose the best exchange platform.
To navigate them through the field full of services, we conduct research and thorough analysis of the market & list both prominent and promising exchange providers, keeping in touch with their teams 24/7. We give you all the necessary data on the offers they provide as well as their brief history, KYC/AML policies, reliability and advantages, while also indicating their downsides so that you don’t have to do that yourself.
Swapzone is an instant non-custodial cryptocurrency exchange aggregator that helps users make an informed choice when exchanging crypto assets. To make this possible, we gather the information on the exchange providers, select the parameters for comparison, aggregate and sort available deals & give an option to make a swap through providers' APIs in the same interface with a common user flow for every exchange. Still have doubts? Here's 9 reasons why you should use Swapzone to exchange crypto.
Learn how to exchange cryptocurrency with the lowest fees or zero fees as well as how to find the best crypto exchange rates and choose the safest cryptocurrency exchange provider.