What is Nano?

What is Nano? 

Nano is designed as a digital cryptocurrency that is for use in the real world. Nano’s main aims are to address the fees and slow transaction times that the traditional banking industry impose on their customers. Nano also allows buyers and sellers to interact with each other directly without the need for any middleman –unlike a traditional bank or finance company. 

The company was originally launched on the 4th October 2015 by Colin Le Mahieu, it was called RaiBlocks (XRB), before being renamed to Nano in January 2018. The term Nano was used in reference to the speed and simplicity of the cryptocurrency. 

 

The Block Lattice 

Unlike the original cryptocurrencies such as Bitcoin, Litecoin or Ethereum that rely on cryptocurrency miners to facilitate transactions, Nano uses a new technology known as the block lattice.  

The Block lattice does not rely on miners and each Nano account holds its own blockchain with each transaction being validated by computers, rather than miners. Because of this, all transactions of any size can be sent instantly with zero fees. 

The fact that an unlimited number of transactions can be sent instantly, with zero fees makes Nano one of the front runners to be one of the main digital currencies in the future. On top of this, Nano’s infrastructure is incredibly reliable and can process 1,000 transactions per second (tps)!

Environmentally Friendly 

Nano also stands out due to its environmentally friendly focus, unlike Bitcoin that currently uses the same amount of energy as Argentina. Currently Bitcoin requires 950 kWh per transaction, Nano only uses 0.000112kwh per transaction.  This means that Bitcoin uses over 8 million times more electricity than Nano! 

Market Capitalisation & Circulating Supply 

Nano has a relatively low circulating supply with only 130 million tokens, the entire supply was released at Nano’s launch. 

As of April 3rd 2021, each Nano costs $5.30 and its total market cap is $704,692,716.56. 

Where can I use Nano? 

  • Some popular games like Counter Strike & Just Cause are compatible with Nano, additionally the game building software – Unreal Engine 4 has a plugin that allows gamers to pay in Nano. 
  • For other uses have a look at usenano.org 

If you are interested in earning Nano, visit earn-nano.com .

If you would like to buy Nano, it’s available on a large number of the major exchanges. Click here to find out which of these we recommend.