Nano Cryptocurrency Review
What is Nano?
Nano is a payment platform for peer to peer transaction. Like IOTA, it uses acyclic graph model, where every account has its own blockchain. Every user contributes to the computational power for the verification of their own transaction.
When the year 2017 ended, the whole cryptocurrency world experienced a huge shock and downfall both in case of the prices of individual coins and in market capitalization. More or less every coin that includes bitcoin, Litecoin, Monero, Ethereum, had to face consequences when there are some exceptions as well.
At present, there are more than 1800 cryptos in existence among which 1500+ coins are Coinmarketcap enlisted. As the growth of the number of cryptos is irresistible, volatility is surely invited in the market with the possibility of sudden reduction of the price of the individuals.
Therefore the fittest ones with prospective and suitable features will survive the surge. Fast recovery from loss is one of those features. Speaking of recovery, the name of Nano, a wide spreading cryptocurrency, must be uttered. Within the last few days of February 2018, it has pushed its price from 7 USD to 15 USD. It has proved its worth being ranked as the 19th coin on Coinmarketcap with the arrow constantly pointing upward.
Features of Nano
Nano, previously familiar as RailBlocks, is a cryptocurrency that implies Proof-of-Stake consensus algorithm and is based on a unique structure called block-lattice architecture which has made it different from other cryptocurrencies. Each account possesses an account-chain blockchain with transaction details and balance record in it. This feature allows faster transaction as the account holder can update the account asynchronously and immediately. Exchange of value via transaction is validated by two records, one is by the sender’s chain and another is by the receiver’s.
Other than the speed of transaction other lucrative features of Nano are the low rate of cost, scalability etc. low cost to conduct a transaction has been possible due to the requirement of minimal resources with average-power mining hardware by the protocol.
Why Choose Nano?
The question rather should be why not to choose Nano. As every transaction is considered as a separate block and every account has its own blockchain, a transaction is way faster than other cryptocurrencies where a block contains several transactions and each transaction is confirmed after the addition of several blocks.
PoS consensus algorithm provides an extra edge to the security system. It is required to possess 50% of the voting power for a malicious attack to be executed which is only possible if the attacker possesses 50% of the XRB tokens. Obviously, it is not a piece of cake for an attacker or a group of attackers and therefore the network of Nano is comparatively secure than other cryptocurrencies.
Little about Nano Token & Nano Wallets
For the first time, Nano tokens were generated in October 2017. Nano tokens are not possible to be mined as the total amount is completely supplied in the market and the amount is 133,248,290 XRB. A few websites mine other currencies and award the miners with XRB which does not mean that XRB tokens are mined. BitFlip, bit-Z, Mercatox, Kucoin etc allow XRB tokens for trading.
Nano wallets can be downloaded from the official site. Nano provides wallet facility to all kind of users. They have Android and iOS applications, a desktop client an online web-based wallet. Therefore users of any kind can feel free to use the suitable ones among available wallet services.