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Nano - the history of one cryptocurrency

2019-12-26

At the beginning of winter 2018, the Nano cryptocurrency caused an unprecedented stir. Within a few days, the coin has risen in price tenfold, reaching its historical maximum. Growth has noticeably deteriorated today, but is this reason enough to discount one of the most viable crypto coins in the history of the digital market? What is Nano, is it worth the attention of investors - in our detailed review.

About the Nano project

The history of the project dates back to 2014, when a team of experienced developers went on the warpath with Bitcoin due to fundamental problems: a decrease in network bandwidth under the condition of increasing loads and a continuous increase in transaction fees. Then the project was named RaiBlocks, the on-net token was called XRB.

The RaiBlocks cryptocurrency differed from similar altcoins in an improved blockchain architecture, in which each participant had his own registered account tied to his own block structure. This technology allowed to increase the speed of transactions up to 7000 per second and provide unlimited scalability. RaiBlocks was able to reach consensus through weighted voting on conflicting transactions. Such a consensus system was able to provide faster and more reliable monetary transactions without departing from the principle of decentralized network.

Despite a number of revolutionary solutions implemented within the framework of the project, at that time the startup did not find its user and did not arouse much interest in the crypto community.

In February 2018, the development team rebranded their brainchild and changed the name to Nano. By changing the brand name, the developers tried to attract the attention of users, since, in their opinion, the new name, which reflects the speed of the project, will give a powerful message to understanding its goals. The logo was supposed to be associated with simplicity, speed and high performance.

In this, however, all the differences between the initial project and its analogue, because the technical component of the platform and the model of its development remained unchanged.

According to the developers of Nano, their cryptocurrency was the first to use the aforementioned technology, dubbed DAG (directed acyclic graph).

The project team included leading programmers, coders and engineers, including well-known personalities in the crypto community: Colin Le Majier (creator and lead developer of Nano, who led the development of the main protocol), Mika Bush (software developer of popular web projects and digital wallets), James Coxon (blockchain specialist, integrated Nano into web services and marketplaces), Zach Shapiro (iOS developer, designer of mobile wallets for Nano), Brian Pugh (hardware design engineer, cryptographer, protocol programmer), as well as Devin Torres and Russell Waters.

The Nano cryptocurrency entered the market without a preliminary sale on the ICO. According to experts, the lack of a PR campaign led to the fact that users did not show much interest in the project, and the coin did not appear in the listings of large exchange platforms for a long time. And it is quite obvious that the price of the Nano barely reached $ 0.009 then. Today, the dynamics of the exchange rate looks a little better, but it is still impossible to buy Nano on such well-known platforms as Bittrex, BitFinex, Poloniex.

Nano features

The Nano project and the platform developed on its basis provide users with a lot of opportunities when working with digital assets:

User wallets cache the Proof-of-Work antispam, which is used in the processing of each subsequent operation; other than that, Nano wallets are very simple and easy to use.
Due to its lightness and speed, the Nano blockchain does not require payment for the consumption of network resources, so transactions in the system are absolutely free.
For network participants, it is possible to register in a specialized wallet NanoWebWallet, which has wide functionality for working with digital assets. Users have access to the mobile version of the wallet.
The Nano network token is focused exclusively on the role of a convenient means of payment, with which you can pay for goods or services, make micropayments and make money transfers. This is the only cryptocurrency function provided by the developers, and no additional options such as creating a decentralized application or a list of smart contracts are provided in it. Developers have focused on improving network bandwidth, processing speed and making transactions.

The Nano cryptocurrency is not only an excellent alternative to the Bitcoin system, which has poor scalability and expensive transactions, but it can well be considered its worthy follower. Thanks to its excellent throughput and unlimited block sizes, the platform can help reduce transaction costs.

The new cryptocurrency plays an important role in the field of exchange trading. Altcoin with zero transaction fees can become a universal tool for conducting traders operations. Although, given the current negative dynamics of the exchange rate, this is not particularly relevant.

How is Nano created?

To understand the whole process of creating Nano, it is worth identifying the main components of the cryptocurrency:

Account. The user account is the main element of the public key (address) of the digital signature code pair. This address is available to all network participants, while the private key is not made public. A digitally signed data packet ensures that the owner is familiar with its content. One user can manage several accounts, but each of them is registered to one public address.
Block. The block contains the digital code of the transaction. Each transaction is signed with a private key belonging to the account under which the transaction takes place.
It is a global set of accounts, where each account has its own blockchain of transactions. Only the account owner can make changes to it.
But yes. It is a piece of computer software that controls the ledger and any account.
Simply put, all personal network accounts are provided with an individual account chain. Only the owner of the computer name can make any changes to it. In this way, the problem of confidentiality and independence of all network participants is solved. Data transfer takes place without intermediation, at the highest possible speed.

Each operation requires a minimum investment of time, while sending is possible with a packet size of only 64 bits. One transaction equals one UDP packet. In this case, there are no problems with the blocks. Any mobile device can be used as a node to record transactions. For this reason, on-net transactions are not charged.

Is Nano endless?

Nano has no mining. Initially, the issue of Nano was over 340 million coins. But in 2017, the developers mined over 133 million coins and distributed them through taps. Users could receive tokens by filling in captchas. This move was aimed at attracting new users to the network. This idea had to be abandoned due to speculation in tokens and the attraction of bots to receive coins, which hammered in text captchas.

Since then, the only way to get Nano is to buy or exchange it on marketplaces. Today, it is traded on over 20 trading platforms in a currency pair with popular coins.

To date, there is no reason to believe that Nano emissions will increase. This is also one of the reasons why the system has a zero commission - the network member does not need to pay interest to miners.

And since there is no way to get a coin, the developers pledged to support the network on their own with the assistance of crypto exchanges. Time will tell whether this will help avoid inflation.

Nano strengths

The main distinguishing feature of Nano is the absence of the need to use smart contracts and other decentralized programs. The basic concept of cryptocurrency is contained in three points:

instant transactions;
unlimited scalability;
zero commission.
The strengths of the cryptocurrency include improved security, high energy efficiency and compliance with the decentralization protocol.

Intranet data integrity is ensured by integrating the Delegated Proof-of-Stake (DPoS) model. If there are any problems in the process of confirming transactions, network participants vote to determine the canceled transaction. At the same time, they cannot make any changes to the course of the operation.

The delegated proof-of-stake model minimizes energy costs, provides full support to the core site, and eliminates the need to purchase expensive equipment. In addition, the network is protected from large mining pools and communities.

Summarizing the above, we can highlight the main advantages of Nano over alternative cryptocurrencies:

there are no problems with the block size;
work is built on a lightweight, accessible protocol;
the launch of a node in the network is free;
processing of transaction data does not require the involvement of third parties;
implementation of instant operations;
the network of accounts is optimized, which can be downloaded at any time;
high-speed transactions are accompanied by an anti-spam program;
the presence of improved codes to protect data from more than 10 existing types of network hacks;
an automated process for detecting branches in the blockchain.


Nano in TOP currencies

A year and a half ago, Nano rounded out the top 20 cryptocurrencies in terms of capitalization. The capitalization of Nano, according to the latest information, is 94,530,622 USD, and the coin is in 51st position.

The prospects for NANO, like other cryptocurrencies, are determined by the general state of the market and largely depend on the activity of the project developers. Due to the fact that the cryptocurrency has a narrow focus (it plays the role of exclusively a means of payment), attracting large businesses to the platform is not yet relevant.

However, the success of the platform and the popularity of the crypt itself can also be ensured by ordinary users, who will find the possibility of fast transactions with zero commission attractive.

According to experts, in 2020-2021, the crypto market is waiting for the success of the beginning of 2018, when Bitcoin was worth more than $ 10,000, and Nano could be bought for 30 USD.

To be objective, judging by the trading volumes of the cryptocurrency, it is suitable only for long-term investments, provided that the developers continue to expand the platforms functionality. And even under the most fortunate circumstances, the cost of the Nano is unlikely to reach 10 USD.

The paradox is that analysts call Nano one of the most high-tech and most promising cryptocurrencies, and investors fill their portfolios with other altcoins. Apparently, Nanos only chance is the ability to actively integrate cryptocurrency into the real economy. So, it is better for the holders of Nano crypto coins to take a wait and see attitude and hold on to the accumulated assets.