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Nano Coin Review: Worth It? Everything You NEED To Know

Nano Review Nano is probably one of the most bright “ requital ” cryptocurrencies in the altcoin outer space nowadays .
The coin makes use of some in truth advance technologies including doing away with the notion of a public blockchain. This means that they are able to overcome a issue of the scale concerns that are plaguing some of the more establish networks such as Bitcoin and Ethereum .
Despite these benefits, borrowing has been preferably slow and the monetary value of NANO has followed the rest of the cryptocurrency marketplace. Does this entail that Nano could be a good buy opportunity ?
In this Nano inspection, we will give you everything you need to know about the mint. I will besides take a expression at the retentive term adoption and price potential of Nano.

What is Nano ?

Nano is a raw name, but far from a new project. It was once known as Raiblocks, but was rebranded to make the identify less technical and more easily understood by the masses .
Benefits of Nano Coin
Benefits of Nano cryptocurrency Nano is a trustless cryptocurrency with depleted reaction time, and rather than being based on a blockchain it uses directed acyclic graph ( DAG ) engineering and block-lattice architecture. This besides allows each account to have its own blockchain, which is a very alone feature of Nano .
The consensus mechanism used by Nano is Delegated Proof-of-Stake ( DPoS ). One benefit to using DAG engineering is inexhaustible scalability along with instantaneous transactions and no fees. The miss of resource intensive mine to secure the blockchain is what enables Nano to operate without fees .
One fairly late development for Nano is its rebrand from RaiBlocks at the beginning of 2018. The rebrand was done because there was some confusion over how to pronounce the identify “ RaiBlocks ”, and to make the name less technical-sounding arsenic well to help foster increase borrowing .
much of the push for the rebrand came from the user community, and it ’ s quite encouraging to see the developers listening indeed close to their user community. With about two years as Nano, the rebrand can be said to be a achiever as the stick out has pushed forward, and adoption is increasing .

Nano ’ second technology

As mentioned above, Nano is built on Directed Acyclic Graph ( DAG ) technology and utilizes a block-lattice architecture that has each account or savoir-faire possessing its own blockchain. Unlike blockchain ’ s that track transaction amounts, Nano records account balances, and this allows for a far smaller memory prerequisite .
Each individual blockchain can entirely be updated by its owner, and it reflects that individuals balance history, sharing it with the network. One alone feature is that this architecture allows each blockchain to be updated asynchronously to the perch of the network. Each transaction is processed by the individuals blockchain and there ’ s no want for a consensus protocol for distribute agreement .
Nano Block Lattice and Account Blockchains
Nano account blockchains and block lattice architecture. Source: Nano whitepaper This network is wholly decentralized, and Nano is setup as the arrant means to transfer funds instantaneously and without any fees. It besides theoretically has infinite scalability, and if the developers make this aspect a reality Nano could change the entire cryptocurrency ecosystem for years, if not decades .
A transfer on Nano ’ sulfur network creates two separate transactions. One is a send transaction that deducts the sum from the sender ’ mho daybook, and the irregular is a receive transaction that adds the measure to the receiver ’ mho daybook. Each air undertake reference the previous jam on the sender ’ s blockchain .
A double spend would occur if the same former stop is being referenced by two different send transactions. If this occurs, the network nodes vote for which transaction to retain, and the other is discarded .

Nano Representative Nodes

Because there is no mining the network doesn ’ triiodothyronine require transaction fees. alternatively, the daybook is secured with a Delegated Proof-of-Stake ( dPoS ) protocol, where users can choose the node they wish to represent their votes .
Top 8 Nano Representative Nodes
List of top 10 representative Nano Nodes example nodes take on tasks such as verifying blockage signatures and voting for valid transactions in the consequence of a dispute. Voting is weight balanced, with each node having a vote weight equal to the measure of Nano linked to the node .
You can find a current list of representatives on the official Nano web site .

Nano Proof-of-Work

An matter to character of the computer architecture is the manipulation of Proof-of-Work, but not as an agreement protocol. rather it is used as an anti-spam measure to avoid attacks. The miss of fees means an attacker could spam the network indefinitely, but with the PoW implementation Nano has a little total of work associated with each block. This work takes 5 seconds to generate and 1 microsecond to validate .
Because of this an attacker would need to dedicate a significant amount of computing might to carry out an attack, while normal users need alone use a small sum of computing world power. The network evening has methods for pruning spam transactions, which limits the amount of memory that can be used by an attacker .
One criticism of this setup is that there is no bonus to run a Nano node. The developers have addressed this by stating the incentive for running a node is the custom of the coin. Running a node increases the security of the network, and it besides ensures instantaneous transactions and no fees .
Running one or respective nodes makes complete sense for a occupation or merchant using Nano, particularly since it ’ s estimated that setting up a node lone costs roughly $ 3 per month. The phone number of nodes is besides increased because each wallet acts as a node .
The Nano team is in the midst of creating a newly PoW algorithm, which they are calling “ Nano PoW ”. The Nano PoW algorithm is an authentication-free rate-limiting algorithm .
Nano PoW Algorithm
Announcement of New Nano PoW Algorithm in the first place scheduled for publish in v20 of the protocol, it has been put on keep temporarily as the team works on a new execution that addresses the problem of using no memory for the algorithm. The design features of Nano PoW are as follows :

  • Authentication-free: A proof must be able to be constructed in the absence of authentication.
  • Minimize proof size: Proof should be as small as possible: 8–16 bytes, in order to minimize space overhead when presenting the proof.
  • Minimize proof verification resources: Verification should take minimal computing time and resources.
  • Simple specification: Simpler solutions are easier to analyze and implement.
  • Maximize generation time-area-product: The algorithm should require a certain amount of time and hardware resources to be present in order to be efficiently solved.
  • Minimize power consumption: The method of proving should use as little power as possible.

How Nano Improves Crypto usage

Nano is a closely ideal cryptocurrency from a users perspective as it is detached of fees, transactions are instantaneous, and it can scale boundlessly .
The instantaneous transaction time is a dramatic improvement over the most democratic cryptocurrency, Bitcoin. With Bitcoin users experience a minimum of 10 minutes for a transaction to action, but that can increase to hours, and if network traffic is extreme there have been cases where a Bitcoin transaction took days to validate .
Personal Blockchains and Representative Nodes
Personal Blockchains and Representative Nodes This is because each blocking lone has room for sol many transactions, and it takes 10 minutes for each barricade to be mined. Nano gets around this by making every transaction its own pulley and by having blocks instantaneously processed .
Nano besides improves on security with the delegate Proof-of-Stake protocol. An attacker would need to control 50 % of the Nano tokens to make a successful net attack. That would require a huge fiscal investment that ’ s beyond closely everyone .
And of class the dPoS system avoids the huge energy consumption and expensive mine hardware required by Proof-of-Work cryptocurrencies .

Nano Consensus Method

The delegate Proof-of-Stake protocol allows for voting based on the report balance, with larger history balances having greater voting burden. The development team felt this made legitimate sense since those with more assets in the system have a greater bonus to keep the organization honest to protect their wealth .
This differs from how other cryptocurrencies handle consensus. For model, IOTA determines consensus by stacking transactions via Proof of Work. This calls for a maximal continuous hashish rate, which is paid for by miner ’ s electricity costs. Nano doesn ’ triiodothyronine ask PoW for consensus or security, lowering manoeuver costs importantly .

Nano Use-Cases

While Nano itself is ground-breaking that ’ s to its technology and features, it ’ mho use cases aren ’ thymine. The project is attempting to solve some of the basic problems that many cryptocurrencies are besides tackling. The advantage of Nano versus others is its space scalabilty, fee-less transactions, and its speed. here are the basic consumption cases that Nano addresses :
Micro Payments – Use Nano to pay small amounts for digital asset rights, contentedness subscriptions and more .
Cross Border Payments – Enabling friction-less cross-border payments, Nano empowers people across the earth through access to a fair, secure, and useable economy .
Business to Customer – Seamless checkouts are right around the corner with Nano, whether in storehouse or on-line .
Ideal Trading Pair – Nano ’ s ultrafast and fee-less transactions make it ideal for cryptocurrency traders .

The Nano team

The godhead of Nano is Colin LeMahieu and he ’ sulfur been working on the project since 2014, coding apparently endlessly for closely 5 years. Given the huge market cap of Nano, it is a small team working on the project, consisting of merely 9 individuals, including LeMahieu himself .
The founder and CEO of the project is Colin LeMahieu, who began Nano as a side-project before becoming increasingly passionate about blockchain and its promise for the future, and transitioned into a full-time project. Prior to creating Nano he obtained a academic degree in Computer Science, and worked as a software developer for firms such as Dell, AMD and Qualcomm .
Nano Team Members
Some Members of the Nano Core Team. Image via Nano The Chief Operating Officer at Nano is George Coxon, who has had a diverse setting in asset trade and finance, having interned at Saxo Bank while pursuing a degree in evolutionary anthropology at the University of Liverpool.

Nano Community

As mentioned above, the Nano project is highly communicative and active on social media. One of the primary methods of communicate is through the project ’ s Medium blog, where weekly updates are posted deoxyadenosine monophosphate well as thick dives into specific features and improvements in the protocol .
The stick out has an highly big and active following on Reddit, where the act of followers on the sub-Reddit for Nano is approaching 50,000. There are multiple posts per day and multiple comments on each post .
The project team besides extends their weekly updates by providing a daily General Discussions thread for those who might not be interest in using Discord .
Nano Discord
Numerous Threads and Convos Popping off in Discord Speaking of Discord, there are over 30,000 members of the Nano Discord waiter, and when I connected on a Sunday dawn there were about 1,500 active agent on-line users .
Twitter is another important release for the project, and it has about 100,000 followers. The account tweets at least once a day, and is active retweeting related capacity a well .
While the Nano fall through and developers used to be quite active on Twitter, they have stepped away from the platform, and much of what they tweet these days is similar to what you would find on the main Nano Twitter feed .

Nano Coins ( NANO )

When it was inaugural released as RaiBlocks the token symbol was XRB and some exchanges still use that symbol, but the real symbol for Nano tokens is NANO. It has a circulate and total issue of 133,248,297 NANO. This is the maximum supply and no extra NANO will be created .
Nano is presently ( as of October 13, 2019 ) the fiftieth largest cryptocurrency by market cap, with its market cap being just shy of $ 105 million. It has a long history, stretching back to March 2017, when it first gear transitioned from Raiblocks ( XRB ) to Nano ( NANO ) .
At that fourth dimension it was trading for less than $ 0.10, but as of this writing one NANO is deserving $ 0.785141 for a return of about 700 %. Over the 31 months in between the currency has seen its ups and downs .
NANO Price Performance
NANO Price Performance. Image via CMC The up include an all-time high of $ 37.62 reached on January 2, 2018, and the downs include an all-time low of $ 0.006658 on March 10, 2017, good after NANO was released .
initially, the supply of NANO was released via faucet, but that faucet ran dry back in November 2017. Hence, if you are looking to get your hands on some NANO you will have to head over to one of the exchanges that support the nominal .

Buying & Storing Nano

Nano is listed on a number of exchanges including Mercatox, Binance, CoinEx and Huobi amoung others. There are besides reasonably decent levels of volume across these exchanges and the distribution is well spread out .
Although Mercatox does the most volume, it is not our prefer change. Your best bet for Trading Nano is most probably Binance. On this exchange the order books are relatively liquid and dollar volume is solid. This means that it is relatively easy to execute big orders with little slippage .
Binance NANO
Register at Binance and Buy NANO Tokens once you have got your Nano you are going to want to take it off of the exchange and storehouse it in an offline wallet. This is particularly the case given the history of Raiblocks and an change hack ( covered below ) .
There are Nano wallets available for Windows, io, and Linux and for Desktop, fluid or on-line. All the wallets are available for download from the Nano web site. That includes both full lymph node wallets and light wallets that don ’ triiodothyronine ask you to download the entire ledger .
Choices include the Ledger hardware wallet,,, the Canoe wallet, the Natrium wallet, the Nano Wallet Company wallet, and the Nanollet wallet. We have actually taken an in-depth look at the best Nano wallets if you want more information .

Nano Development & Roadmap

One of the best ways to determine how much work is being done on an overt reservoir project is to look into their GitHub repository .
By observing the code commits and early bodily process, one is able to get a reasonably commodity estimate of what the developers are working on and how promptly they are doing it .
so, I decided to dive into the Nano GitHub and see what was going on. Below are the code commits to three of the most active repos over the past year .
Code Commits in Past 12 Months. Image via Nano GitHub As you can see, there have been pretty regular commits to these repos. There are a far 15 other repositories although these do not have that many commits .
This is about in line with the development activeness that we have seen on early projects. indeed, if you were to rank Nano according to its core protocol commits over the past year, it comes in at number 52 .
In order to put this development into context we have to look at their broader roadmap with both past milestones and approaching ones .


Nano has recently released an update roadmap outlining their goals and build up in the come year. The roadmap includes such things as integrating decree currency exchange, increase participation in ball-shaped markets, increased merchant borrowing and an alpha release of a degree of sale system .
The most significant approaching feature of speech in the eyes of the development team is the conversion to the Nano PoW infrastructure. Initially planned for the release of v20, it has been postponed while the team tests implementations that use no memory. The benefits of the Nano PoW infrastructure are increased security, faster PoW algorithm updates in future liberation and better resource management options .
NANO Roadmap
Some of the most important updates to Look Forward to Regarding the protocol itself, the team is looking to implement ledger pruning to reduce the size of the database. This was thought to be dependant on the implementation of universal joint blocks. Universal block subscribe was included with Nano v11 and the code review is ongoing since February 2018 .
universal blocks will incorporate the current four block types : send, welcome, deepen and overt, into one forget type. This will improve inner bookkeeping and will open the doorway to many new improvements. The current expectations are for ledger cut to be implemented with v23 of the protocol .
There are several other celebrated features being worked on by the development team, and they can be explored promote at the project ’ second Upcoming Features page .

Bitgrail Hack

In February 2018 a hacker or group of hackers stole approximately $ 150 million worth of XRB tokens from italian cryptocurrency rally Bitgrail. At the time it was the largest XRB change .
The consequence was particularly atrocious, with Bitgrail blaming the developers and code foundation of XRB, while the Nano/RaiBlocks developers blamed the miss of security at Bitgrail. There were even some accusations against the laminitis of Bitgrail as being involved in the hack and larceny .
There remains an outstanding lawsuit against Nano over funds lost during the hack. The lawsuit is being brought against Nano because investors say they knew Bitgrail had problems, yet failed to distance themselves from the exchange. Those who had funds stolen want Nano to hard fork, so they can recover their lost tokens .
It ’ mho decidedly a grey legal area, and the result of the lawsuit is likely to set respective precedents for future hack cases. In January 2019 the saga came to an goal when an italian court ordered the former CEO of Bitgrail to repay the funds reportedly stolen from BitGrail .


Nano has an interest history, and an even more matter to use case. There ’ second nothing complex about what they ’ re trying to do. It ’ s a dim-witted use case, which includes frictionless cross-border payments, micropayments, transactional consumer-to-business uses, and as an ideal trade asset. Considering that they ’ ve conquered the scalability and travel rapidly issues Nano could end up being the cryptocurrency that last gains mainstream borrowing .
At this degree, they need a better market plan and a way to spread their use far and wide. previously I thought the Smart cards being planned by Nano could be one depart of this puzzle, as it would allow users to spend and receive Nano without needing to understand anything about secret and public keys, wallets or cryptocurrency security .
however we haven ’ triiodothyronine learn anything about Smart Card development in a year-and-a-half, and it ’ s no longer a separate of the roadmap, so it appears this feature has been abandoned, or at least indefinitely postponed.

Read more: Bitcoin Mining

It will be concern to see how the project develops going forward. It ’ sulfur constantly been an active group of developers, so the technical side of the project development shouldn ’ t be an write out. If they can add a solid market plan that spreads custom to both merchants and end users it could be an excite future for Nano holders .
Featured Image via Fotolia and Nano
disavowal : These are the writer ’ s opinions and should not be considered investment advice. Readers should do their own inquiry .

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