NANO, once known as RaiBlocks, is a cryptocurrency that is known for being fast and feeless. It does not have smart contract capabilities at the moment, and it is aimed to do one thing and do it right, which is to become the best P2P currency. Just like all coins that were made before the rise of Ethereum in 2017, NANO (RaiBlocks) has been focused on doing cross-border transactions. Colin LeMahieu (Founder of NANO) even had a motto for the coin “do one thing and do it right.” Until today, many cryptocurrency enthusiasts admit that NANO is very fast and feeless when you transact from one wallet to another.
NANO Features And Technology
NANO is one of the cryptocurrencies that utilize DAG (Directed Acyclic Graph). Directed Acyclic Graph means a graph that goes in one way without the cycles connecting to the other edges. All the edges inside a DAG system go only a certain way. With DAG, a blockchain system is theoretically more scalable as different transactions can be verified continuously. NANO’s DAG system uses what they call as the Block Lattice. Block lattice means each entity which sends a transaction on the network controls its own blockchain and controlled by its own private keys.
With Block Lattice model, NANO team hope to solve scalability and speed issues that have been haunting various blockchain models since many years ago. Currently, NANO is considered one of the fastest cryptocurrencies on the planet. NANO transaction speed can be as fast as 1 second from one wallet to another. This is considered a remarkable achievement because most cryptocurrencies always take longer than 20-30 seconds for each transaction to be verified on the blockchain. Bitcoin blockchain, as a comparison, might need more than 30 minutes when the network has a lot of traffic.
NANO’s other big feature is the feeless factor. Many cryptocurrencies are considered not scalable because of the big transaction fees that add up once the network gets flooded with more transactions. With NANO, each transaction is feeless. The idea is that, it does not matter how popular NANO becomes, it will always be feeless. And thus, people will keep using NANO for its intended purpose, as a currency to ‘transport’ money.
NANO Cryptocurrency Wallets
If you are interested in NANO, of course, one of the things to learn is about the wallets. NANO cryptocurrency wallets have been developed mainly by NANO enthusiasts and community. One of the safest options is to use a hardware wallet. You can use NANO with a Ledger Nano S (don’t confuse the word Nano inside Ledger Nano S with NANO the cryptocurrency). Íf you have a Ledger Nano S, you can install NANO application inside your Ledger Live application. Then, you need to use Nanovault web application. Here’s the guide on how to do it.
Alternatively, you can also use Nanovault.io web application directly without a Ledger Nano device. However, you are slightly less secure, because with a hardware wallet, everything is stored inside the hardware device and you always need to push a hardware button to send transaction. With Nanovault.io own wallet, you are a bit more exposed, even though the wallet itself is still super good and functions perfectly to send and receive NANO transactions.
Another option is to use a Natrium mobile wallet. Available on both iOS and android, Natrium has a really sleek design and probably the best options to send and receive NANO cryptocurrency with your mobile device. It is very simple, and the UI does not look complicated.
NANO In The Crypto Market
Currently, at the time of this post writing, NANO is trading at ~$1.07. It is currently ranked at the 45th position of the crypto rankings on CoinMarketCap.com. Back during altseason peak in December 2017 to January 2018, NANO (Raiblocks) was one of the top 20, but now it is struggling to get past the top 40 rankings. Many people criticized NANO core team, and they believe the team do not do enough marketing. The core team were too dependent on the community efforts to promote the coin.
The problem is, many other top altcoins have far more marketing budget, and thus they can steal the crypto headlines much more often than NANO. NANO team themselves said they would start shifting the focus on marketing once they finish with v20 of the coin development.
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