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Nano

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Description

What does Nano do?

RaiBlocks re-branded to Nano in January 2018. Its main propositions are fast and cheap (almost free) transactions; the project is designed for micropayments. Nano aims to solve the scaling problem Bitcoin experiences by replacing blocks on its blockchain with a variation called "block lattices.”

Block lattices improve scalability by providing every account on Nano with its own separate account chain. While other cryptocurrencies suffer from reduced speed due to huge amounts of transaction data being stored on their main blockchain, block lattices allow Nano to store transaction data on separate blockchains.

What are NANO coins used for?

The native currency of Nano is NANO. NANO are used for payments in everyday life. With their speed and lack of fees, NANO transactions aspire to be ideal for small transactions between individuals.

NANO are also used in the Delegated Proof of Stake mechanism Nano uses to secure its ledger. Users can vote for nodes, with their votes representing their choice in the project’s decision making process. The more NANO held by an account, the more weight its owner’s vote will have.

How can NANO coin value appreciate?

There is a limited number of NANO and all of them are already in circulation. This means that no inflation can occur. If NANO becomes a mainstream digital payment method, this will increase the value of NANO.

NANO’s chances of gaining widespread adoption may improve as larger cryptocurrencies face scaling issues. If other cryptocurrencies become slow and costly to use, NANO’s usage will rise, making NANO appreciate.

What is the difference between Nano and its competitors?

As a cryptocurrency project intended for payments, NANO competes directly with Bitcoin and Litecoin. NANO’s awareness is much lower than either Bitcoin and Litecoin, but its scaling solution may make it faster and cheaper.

The project’s use of DAG, or directed acyclic graph algorithm, (for block lattices) means that it may also compete with IOTA and Byteball, both of which use DAG. The main difference between NANO and IOTA is that NANO is intended for payments of all types rather than specifically for the Internet of Things, like IOTA. And while Byteball offers smart contracts, smart contracts are not offered by NANO.

  • Mainnet Launch: -
  • Open Source: Yes
  • Consensus Type: DPOS
  • Technology: Blockchain
  • Total Coin Supply: 133,248,289
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Description

What does Nano do?

RaiBlocks re-branded to Nano in January 2018. Its main propositions are fast and cheap (almost free) transactions; the project is designed for micropayments. Nano aims to solve the scaling problem Bitcoin experiences by replacing blocks on its blockchain with a variation called "block lattices.”

Block lattices improve scalability by providing every account on Nano with its own separate account chain. While other cryptocurrencies suffer from reduced speed due to huge amounts of transaction data being stored on their main blockchain, block lattices allow Nano to store transaction data on separate blockchains.

What are NANO coins used for?

The native currency of Nano is NANO. NANO are used for payments in everyday life. With their speed and lack of fees, NANO transactions aspire to be ideal for small transactions between individuals.

NANO are also used in the Delegated Proof of Stake mechanism Nano uses to secure its ledger. Users can vote for nodes, with their votes representing their choice in the project’s decision making process. The more NANO held by an account, the more weight its owner’s vote will have.

How can NANO coin value appreciate?

There is a limited number of NANO and all of them are already in circulation. This means that no inflation can occur. If NANO becomes a mainstream digital payment method, this will increase the value of NANO.

NANO’s chances of gaining widespread adoption may improve as larger cryptocurrencies face scaling issues. If other cryptocurrencies become slow and costly to use, NANO’s usage will rise, making NANO appreciate.

What is the difference between Nano and its competitors?

As a cryptocurrency project intended for payments, NANO competes directly with Bitcoin and Litecoin. NANO’s awareness is much lower than either Bitcoin and Litecoin, but its scaling solution may make it faster and cheaper.

The project’s use of DAG, or directed acyclic graph algorithm, (for block lattices) means that it may also compete with IOTA and Byteball, both of which use DAG. The main difference between NANO and IOTA is that NANO is intended for payments of all types rather than specifically for the Internet of Things, like IOTA. And while Byteball offers smart contracts, smart contracts are not offered by NANO.

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