Even though Bitcoin has become extremely popular and well-reputed in the crypto realm, it still has some minor issues and complications. But as every problem has a solution to it, these complications also have a rebuttal to them. There is an altcoin for every issue that Bitcoin suffices. This article will particularly be discussing the NANO coin.
Initially named Raiblocks, NANO Coins changed into its current name soon after its invention. In 2018, it had been decided to name the currency and the entire project as nano. This was the starting point of its journey. This altcoin does not need that much explanation since it is pretty much self-explanatory. The main objective of this altcoin is to take a fiat currency position and carve a way for people to use crypto in their day-to-day lives. Its morals and objectives are very similar to that of Bitcoin. However, what sets NANO apart from Bitcoin is the fact that it is much faster and provides a more flexible method to process transactions.
This coin makes use of both ‘proof of stake’ and ‘proof of work’ mechanisms. This is typically referred to as "delegated proof of stake". How this goes about a problem is that once it detects an issue in terms of the transaction in its system. For instance, let us assume that two coins hinder each other, one is an authentic coin but the other is fraudulent, with the help of delegates it will be voted upon which one is the legitimate one and which one is not. All that it takes to become a delegate is to own some XRB, this gives the people an incentive to take part in the development of this side of the crypto world.
Collin LaMahieu, an experienced software engineer in the field of computer sciences, decided to put out Nano in 2015. The reason for its changing of the name from Raiblocks was that the previous name was failing to attract the audience that the owners wanted to, but changing their name proved to be a very fruitful decision since it got them way more customers and had a rapid increase. Hence, this is why people refer to the Nano coin as an XRB coin as well. It has been a mark from the day the name RaiBlocks was changed. So, Nano and XRB can both be used for the same coin.
Nano coins have a very simple and easy working mechanism. To explain it in even simpler words, all the information that is received or is being sent to is kept in separate and dedicated blocks designated for the individual. What this will do is provide security and safety to one's wallet balance along with making sure that the blockchain works perfectly as well. The main ideology that runs this altcoin is what makes it work so smoothly and helps it act as a driving goal. This cryptocurrency has one single goal which is to achieve scalability. However, the security does not concern this form of digital currency, as blockchain technology has pretty much covered it. Nano sets to work on giving the people the fastest processing of transactions that is present in the crypto market. In the modern world, it provides an exceptionally convenient platform to conduct transactions and offers immense ease of use to the business and investing community. As far as the fees go, it charges its users no fees while making a transaction. This is a major plus point of Nano, as many other platforms charge high fees over transactions, which eats up a major chunk of funds of the users. This also increases the reliability of Nano and builds a relation of trust with the users.
Few places where one will be able to get Nano is through Deimos, Saturn, Neptune, and Eris Survivals and Defense missions. It is typical for people to get 3,000 in 5 minutes, however, this can be doubled with the help of Nekros.
This is a very good altcoin option to acquire because it has particularly a sole goal which is to provide its users with a very scalable platform and give them the option of peer-to-peer transactions. It would not come off as a surprise that many cryptocurrencies, even the bigger and popular ones find it difficult to inculcate their platforms with scalability. Lack of scalability will lead to a higher transaction fee, slow-paced trading speeds, etc.
There are a lot of different altcoins that have tried to make their types of blockchain and many of them have succeeded in this as well, Nano happens to be one of them. Even though this has become very common among all the altcoin, one would ask why should they opt for nano? A very simple answer for this would be, block-lattice.
Traders can get their hands on Nano through exchanges like Binance and Simplex. Users face one inconvenience while buying Nano, which is that they cannot buy altcoin with fiat currencies. The system is simply not supportive of such exchange. So, the buyers have to buy a renowned cryptocurrency, preferably Ethereum or Bitcoin with fiat currencies, and they can then use that to buy Nano coins. This feature is often criticized by the users, as it is time-consuming and difficult. This is also one reason that is holding Nano back from the recognition and popularity it deserves in the market.
Judging as a cryptocurrency platform, there is no doubt that Nano has very set rules and direct goals. It is constantly trying to up the levels and make the trading process faster and better for its users. This fast-paced processing of transactions was not achievable through the previous version of blockchain however, nano has a solution for it all. Nano is proving to be highly profitable for people, however, they are expected to conduct thorough research on the topic by listening to the advice of crypto experts to have a better go on their investment.