[{"category":{"name":"BitScreener Exclusive","exported_url":"bitscreener-exclusive"},"id":"98624090-96ef-48c6-bd24-b2deb23f549e","updated_at":"2023-08-10T09:23:23.731813+00:00","account":{"firstName":"Mason","lastName":"Thompson"},"description":"The article explores Nano's unique block-lattice structure, its applications beyond transactions, and answers questions about decentralization, availability, and investment potential.","sapo":"Explore Nano: Environmentally conscious digital currency for the contemporary world. Nano streamlines money, making it user-friendly for payments, seamless to integrate, and accessible to everyone.","title":"The Complete Guide to Cryptocurrencies: Nano (XNO) ","content":"

Nano, previously Raiblocks, is vying to challenge Bitcoin's dominance with a faster, more efficient blockchain. Its potential 7,000+ transactions per second and innovative approach contrast Bitcoin's energy-intensive system. Yet, Nano's novelty and Bitcoin's established presence create uncertainty in the race for global cryptocurrency prominence.

What is Nano (XNO)?

Nano (XNO) emerges as a cryptocurrency striving for fast, fee-free, and energy-efficient transactions. Its foundation rests on a distinctive block-lattice architecture, granting every account an exclusive blockchain.

The visionary force behind Nano is software engineer Colin LeMahieu, who leads The Nano Foundation headquartered in the U.K. Originally introduced as RaiBlocks in 2014, the initiative adopted the name Nano in January 2018. In 2021, Nano's identity evolved with a ticker change to XNO and symbol transition to Ӿ.

Nano's impact stretches beyond basic transactions, leveraging its swift confirmations and absence of transaction fees to excel in various applications including:

Facilitating remittances
Powering microtransactions
Enabling foreign exchanges & trading
Fueling online & in-store payments
Elevating banking infrastructure

How does Nano cryptocurrency work?

Nano employs a consensus algorithm to maintain node harmony and uphold software rules. Its adaptation of delegated proof-of-stake (DPoS), called Open Representative Voting, operates by assigning nodes voting weight based on their account balances. Nodes can then allocate their votes to other network nodes.

Nodes achieving substantial voting weight become Principal Representatives, capable of voting on transactions in alignment with their account funds and allocated votes. Importantly, these representatives do not receive payment for their role in determining accepted transactions and blocks.

Nano uses a Directed Acyclic Graphs (DAG), not a traditional blockchain, with individual chains for users to hasten transactions.

Why is Nano so special?

Figure 01. Nano’s (XNO) distinguished features. Source: Nano.org

Nano operates as a fee-less cryptocurrency, utilizing individual blockchains for each account. Transactions involve ledger updates confirmed by nodes, ensuring irreversible validity. Unlike standard cryptocurrencies, Nano prioritizes account balances and transaction values. Node voting replaces fees, encouraging efficient block creation. This unique approach aims to boost transactions and NANO adoption, guided by the Nano Foundation's efforts.

Nano introduces a pioneering Block Lattice structure, granting accounts their own blockchains for instant updates. Transactions are reflected in balance changes between blocks, enabling user-independent sending and updating. Nano further incorporates a proof-of-work component in blocks to counter spam transactions.

Is Nano decentralized?

Yes. Nano stands as a decentralized digital currency, offering global send and receive capabilities akin to physical cash. Eliminating the need for intermediaries like banks, Nano facilitates direct person-to-person transactions. Notably, Nano distinguishes itself by boasting zero fees for account creation, sending, receiving, and storing transactions, setting it apart from other payment methods.

Where can I buy Nano?

Nano can be exchanged for a wide range of globally recognized fiat currencies and digital cryptocurrencies. Adding Nano to your wallet offers various methods. To explore exchange options and swap services in your region, visit the Nano Hub Trading page, which provides a comprehensive list.

What is the max supply of Nano?

The maximum supply of Nano is 133,248,297 XNO.

What is the prediction of Nano?

With a strong 38% year-to-date uptrend and a 16% weekly gain, XNO shows bullish momentum. Along with solid fundamentals, Nano price forecasts offer insight into its potential trajectory.

Nano price predictions

Figure 02. Nano price predictions

Is Nano a good investment?

The potential for Nano's value to increase remains, often driven by scarcity leading to future price growth. Nevertheless, cryptocurrencies are known for their substantial volatility. Therefore, it's essential to conduct thorough research before considering any investment.

Conclusion

Nano seeks to rival Bitcoin with a faster, efficient blockchain and high transactions per second. Its unique block-lattice structure prioritizes swift, fee-free transactions, using DPoS and a Lattice setup. However, Nano's volatility necessitates careful research before investment. Overall, Nano's innovation and commitment make it a notable player in the cryptocurrency field.

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The Complete Guide to Cryptocurrencies: Nano (XNO)

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