What is Nano cryptocurrency?

What is Nano cryptocurrency?

What is Nano cryptocurrency?

When it comes to selecting a coin, the decision becomes extremely difficult as there are just so many options out there.

Each coin is supposed to solve an issue making it better than its predecessor. Other coins may not be as fast or operate in a system that is not updated but is in the market for a while and has been adopted by its community members. So it may have a higher price.

What is Cryptocurrency
What is Cryptocurrency

Thus, there is no doubt that there are many options worth mentioning out there. Nano is amongst those.

What is Nano?

Originally named RaiBlocks, Colin Le Mahieu (the founder of Nano) began to develop a coin that will help to address the scalability limitations which exist on the blockchain network. Nano is a P2P (or peer to peer) digital currency. This means that it is a decentralized cryptocurrency along with open-sourced that is based on DAG (Directed Acrylic Graph) connected by an architecture that is an ORV (Open Representative Voting) mechanism.

If cryptocurrencies are to be adopted for the greater good by communities all around the world, scalability is an issue that needs to be addressed. Otherwise, there will be passive restrictive fees along with increased transaction times when the system is under load. Therefore, the main idea by the founder of Nano was to address the scalability issue. So far, Nano has been able to achieve it fully.   

How was Nano adopted on a wide scale?

Till 2017, Nano was distributed along with a free captcha-based faucet system that started in the year 2015 right when it was launched. However, the faucet came to an end when 126,248,289 Nano were distributed among different users all around the world.

To add to this, 7,000,000 Nano were circulated as a form of development fund thus the fixed total supply of Nano was at 133,248,297 Nano.

What are the main features of Nano?

There is plenty more to what Nano is and this includes the main features of the coin that makes it an interesting option for different investors all around the world. There are three main features which include the following:

No fees

There are no transaction fees for Nano. This was the goal of its founder to produce a cryptocurrency that includes no fees. It’s also because the founder wanted cryptocurrencies to provide incentives to the users to adopt digital currencies for their day-to-day spending. It also allows for Nano to be more inclusive to everyone including those with lower incomes.

Eco friendly

The developer of Nano understood the need for a digital currency to be eco-friendly. Therefore, it was decided Nano must not require further minting, printing, or mining of new tokens. Also, the founder understood the impact of electricity by digital currencies so ensured it should be minimized.

Instant transfer

The last main feature of Nano is its instant transfer. It was also the vision of its creator to have digital money that should be extremely quick and easy to use for the users. So Nano offers instant transfers to its users and is available at almost every main cryptocurrency wallet.

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