$ 0.8508 right now
Trade name: NANO
Year of Foundation: 2014
What is Nano?
This is a brand new crypto on the market issued this year. RaiBlocks was the first title of a team creating Nano currency. It is a crypto delivering fast and charge-free transactions. This crypto utilizes a new technology called ‘block lattice’ architecture. You don’t need any advanced hardware to trade Nano and its system requirements are minimal.
How Does This Crypto Work?
NANO adheres to an original philosophy of Bitcoin pursuing replacement of the traditional currencies. Nano is expected to eliminate some issues of Bitcoin, particularly, unpracticalness. The following imperfections posed by Bitcoin were adjusted in the modern Nano technology:
- insufficient scalability causing a high fee is resolved more effectively by Nano crypto
- computational issues appearing when durability of transaction reached 163 or more minutes are resolved so that Nano doesn’t have any specific requirements
- a common problem of Bitcoin consists in high consumption of energy. It is observed in most crypto businesses in more than 160 countries.
The History of the Coin
Recently established, Nano was expected to resolve the imperfections Bitcoin was struggling with. Nano is a simple substitute for Bitcoin but its efficiency and stability resulted in a further gradual growth. It has gained popularity thanks to its top-notch technology.
The Use of NANO
As Nano is a new crypto on the market. Its novelty consists in using a modern technology mentioned above. It implies that every user has to create an account-blockchain. Unlike other similar technologies, this is recording balances which leads to cutting down data and operating speed. The use of Nano starts with opening a transaction that is, creating a block needed to send the funds. The thing is that sender cannot cancel any transaction after it is broadcasted. To receive money, the receiver has to create an account as well. The available amount is tracked by comparing balances.
Nano Price and Market Cap
As it was said before, Nano is considered Bitcoin’s replacement and their popularity and worth rise and fall was almost opposite. By the end of 2017, Bitcoin had reached its highest price and Nano cost only $2.5. While Bitcoin was bumping around near its lowest prices, Nano’s price raised up to $10. Today, investors can buy a coin for $13.27. Its highest cost was recorded at the level of $33.14. The latest recorded figure for Nano market cap is almost $5 billion.