Nano Coin Guide
Note: RaiBlocks has recently rebranded to Nano so in this text, Nano refers to the cryptocurrency previously known as RaiBlocks.
Many cryptocurrency platforms have been unable to provide a viable solution to the scalability problem. Nano promises a solution to this issue, claiming that it will enable instant transactions and zero fees on the transactions. Nano is based on a completely new platform with its own unique code called block-lattice.
What is Nano?
Nano is using the DAG algorithm while still using their private code called the Block lattice. If you want a Nano account, you have to go through their special procedure called an account-chain. You can change the chains on your personal account without any assistance from the network. Carrying out a transaction on this network requires you to complete two transactions; a sender and receiver transactions. The receiver must sign a block to confirm the transactions. Any unsigned transaction is incomplete. Every transaction goes through the User Datagram Protocol or the UDP that allows offline transfers and an increased Speed on transactions. Since transactions are managed separately from the chain, it eliminates the block size problems. Only personal account balances are stored instead of the entire ledger. This makes transactions run faster.
Who developed it and when it was developed?
Nano was developed originally as Raiblocks by Colin LeMahieu in 2017. It is operated and managed by Webcoin solutions.
What is unique about Nano (what it offers and what it aims to solve)?
- Eliminates the block size issue.
- The protocol is lightweight.
- Running a node costs nothing.
- One transaction fits within one UDP packet.
- Transactions are handled independently.
- Instant transaction since proof of work is present on both sides.
- There is improved latency. This means that account chains can be uploaded at any time.
Nano and Block Lattice
The block-lattice infrastructure allows faster transactions as compared to the Bitcoin blockchain. There is improved latency since the accounts and the account chains can be uploaded at any time.
This technology is solving scalability issues. Transactions are managed on a different network away from the main chain. Having transactions on separate blocks reduces the blocksize problems present on the blockchain technology. In bitcoin’s distributed ledger, a transaction will only clear once a full block has been created onto the blockchain.
It is energy efficient. The block lattice works on a Delegated Proof of Stake (DPoS) model. In this model, the Nano coin delegates keep their currency stakes. It prevents them from misusing their influence. This ensures that the system is not exposed to mining and its threats. Since there is no mining, there is no energy consumption and minimal fees of about $10.38. The speed of confirming transactions is way better.
Differences between Nano XRB and Bitcoin
There are significant differences between bitcoin and Nano. Let’s look at some of these differences.
- Unlike with bitcoins where you have to reference the previous transaction to validate the next, in Nano, sending transactions has to reference owner’s previous blocks. If someone attempts to reference a previous transaction twice, the Nano nodes vote on which one is correct.
- Unlike with bitcoins where a 51% control would jeopardize the system, in Nano, a 51% control can only disrupt but one cannot create or steal any coins.
- Bitcoin have transaction fees to encourage miners to keep the network secure. There is no mining of Nano coins hence no transaction fees.
- Nano’s transactions are much faster than Nano’s since they do not require miners to create the blocks.
- Bitcoin transactions have to be recorded in the distributed ledger. Nano does not require any record since every account contains its account balance.
- Nano is not fully decentralized as with bitcoin blockchain because it is premined.
Nano (XRB) Growth
Nano is not just a token or digital coin, it is a fee-less exchange network.
Like all digital tokens, its price is extremely volatile. In mid-2017, the price oscillated between $0.07 and $0.1. Come December 2017, it shot up to about $4. With the just concluded rebranding, you can now buy Nano at an astounding $19.91, more than 20% improvement.
Its total circulating supply is approximately 133, 248, 289 XRB with a market capitalization of $ 2, 653, 186, 636. If you had bought Nano crypto in December at $4 and spent $1000, you would have secured yourself about 250 coins. A month later, you’d now have $4977.
Buying Nano would be a worthwhile investment considering the positive reviews it is getting from the pundits. Most people in this space are describing it as what bitcoin should have been. It is set to solve a lot of problems associated with bitcoins. It has a promising future if no flaws are found going forward. Big companies are already considering testing this technology to see its functionalities.
When you buy Nano coins, you will need a place to keep it safe. If you want to keep your coins safe, it is important that you keep them in an offline hardware wallet. A hardware wallet enables you to have your coins free from hackers. Your private key will be offline and never exposed to your computer. There are various hardware wallets you can buy.
However, you can only store XRB coins in a special RaiBlocks.com wallet. This wallet is now called NanoWallet after Raiblocks rebranded to Nano currency. This light wallet allows you to control your private keys. You don’t have to download the ledger to control your money making it very safe.
Here is how to set up your NanoWallet:
- Go to the Nano website at raiblocks.net and download the wallet for your specific OS. You can opt to use the online wallet or have it run on your computer.
- Install the wallet on your PC.
- Synchronize your wallet. Once you open the wallet, you’ll see an empty wallet status to create your password. Block-lattice will automatically be downloaded.
- Once the password is set, save the wallet seed. This is vital as it will assist you to recover your wallet when you need to. You will go to accounts and backup the wallet seed where you can copy and paste it into the notepad or word processor. You can opt to copy it elsewhere and keep it safe. If another person were to get it, they would manipulate your wallet.
- Ensure that you sync your wallet since you cannot use it if you do not. Use your XRB address that starts with XRB to receive tokens.
- If you want to send, you simply click on send, enter the address of the receiving party and then click send. You will always unlock your wallet anytime you want to send or receive a transaction.
How to buy Nano?
Nano buying requires using other cryptocurrencies like Ethereum to exchange them for Nano coins. There are only a few exchanges that have listed XRB. These include Bitflip, Mercatox, BitGrail, KuCoin, and Bit-Z:
- You will first need to set up your Nano wallet as described above. You can either use a desktop wallet or an online wallet.
- With your wallet in place, go to your wallet and note your address. You will use this address to receive Nano currency.
- Now, identify a reputable exchange to buy Ethereum or buy Bitcoin. These are the most popular coins you can use to buy Nano. Use our guides.
Binance is a cryptocurrency exchange that was launched in 2017 and it’s headquartered in Shibuya-ku, Tokyo. Although it is regarded as a Chinese cryptocurrency exchange, it does support an array of languages including English, Japanese and Korean.
Even though it is quite popular with Chinese users, a large part of its client base is made up of overseas investors. It’s one of the few new crypto exchanges that have grown tremendously is short span of time considering it only supports crypto-to-crypto trading.
The most recently listed cryptocurrency is Nano. Binance officially added the Nano coin to its listing on the 2nd of February, 2018. The exchange intends to list more coins in future as well as add more services to improve its user experience.
- Supports a myriad of cryptocurrencies.
- It has an intuitive and user-friendly interface.
- Trading fees are low.
- Supports an array of languages.
- Coins are added based on Binance’s community votes.
- Stable mobile applications.
- Fast transaction processing.
- You can use its native token BNB to pay any fees incurred on the platform and you will get a discount on the trading fee.
- It does not accept bank transfers.
- Poor customer support.
- Website not beginner friendly.
- It does not support fiat currency.
BitGrail is an exchange from Italy that enables coin-to-coin trading. It focusses mainly on Nano cryptocurrencies. It does not support fiat currencies such as dollars or euros. It has the two-factor verification (2FA) and KYC (Know Your Customer) security features. As a new account holder, you can only transact up to 0.5 BTC.
BitGrail fees are very low. It charges a flat fee of 0.2% for all transactions. There are no deposit fees and withdrawals fees are very low. The platform supports multiple coins including BTC, XRB, BTG, LTC, DOGE, CREA, CFT and LSK among others. It also features an attractive and user-friendly platform that has basic charts, latest trade windows, neat order book and a live chat.
Trading instruments are classified into two. Those coins traded against Nano (XRB) and those against Bitcoin (BTC Market). You can trade anonymously, but up to 0.5 BTC per day
There are some downsides though. The exchange seems to be having issues at the moment.
- The developers of this exchange are delaying withdrawals, verifications, and account cancellations are increasing.
- Clients are also complaining that the desktop wallet is ineffective and it keeps crashing.
- It is also taking a very long time to sync and the check for verification may take more than 24 hours. Fiat currency is not accepted, so you cannot cash your coins using a bank wire or credit cards.
- You have to use other coins to buy XRB or any other coin and vice versa to cash out.
- It also does not support leveraged trading.
Here is how to buy XRB Coins from BitGrail:
- Create an account and set up the two-factor verification.
- Deposit funds using bitcoin or Ethereum. You can buy these from other exchanges like Cex.io.
- Get your address by clicking “Get wallet address” to generate your account’s address.
- Pick the currency you want to trade for XRB and set the price you want to buy it for based on the market.
- Now you can transfer your XRB tokens to your Nano wallet instead of leaving them in the exchanges.
- Since you’d already created the Nano wallet, log in and click “Receive” then enter the amount you wish to get from BitGrail. You should copy your receiving address from your wallet, then head back to the BitGrail account and paste it after clicking on withdraw.
- Finally, click send. The XRB will go to your wallet.
Kucoin is an online cryptocurrency exchange based in Hong-Kong. Investors know it for its shares (KCS) rewards and other attractive features. Here are some of them:
- It is an early adopter so investors wishing to cash in when coins are still cheap.
- Features a charting package for seasoned investors.
- Powered by third-party trading view system.
- Has low fees than most exchanges. There no deposit fees. Trading fees are set at 0.1%
- Great discounts for using KSC coin.
- Supports a wide range of coins including KCS, NEO, BTC, and ETH.
- Does not support fiat currencies.
- Experiences difficulties in high traffic.
Bit-Z is an online digital tokens exchange platform based in Hong Kong. The platform was developed in 2016. Here are some features you may want to consider before using this platform.
- It is not regulated.
- Charges 0.3% fee for transactions.
- Offers a single trading account.
- Has a two-factor authentication security feature.
- You may be required to send your identity card for further verification.
- You can trade in a number of different virtual currencies.
- You have to deposit bitcoins from other platforms to trade.
- Supports about 20 different virtual currencies.
- Offers “OTC Trade”.
- This exchange is not available in Germany, New York.
Generally, most cryptocurrencies are mined using special mining hardware. Mining involves solving complex mathematical problems, which are then verified by peers in a given network then added to the public ledger. The miners whose block has been added to the blockchain get a reward in terms of tokens or coins. Different cryptos have different algorithms and cryptography. Most work on the Proof of Work system in which other peers have to check and verify transactions.
Nano coins are premined. The system uses the block lattice technology.
Pros of Nano
- In this system, you confirm transactions by checking on the sending blocks and your balance on the previous block.
- Account chains and accounts can be uploaded at any time.
- Transactions of XRB are also confirmed by delegates with nodes who vote on which transaction to confirm.
- Transactions doesn’t need to be added to any ledger since there are no miners to reward making them faster and easier.
- The system has eliminated blocksize problems.
- Does not require specialized hardware thus no any huge electricity bills.
Cons of Nano
- You can only store the coins in Raiwallet which has some flaws.
- It is not fully decentralized.
- Limited exchanges are supporting the tokens.
- You can only buy it using other coins which can be costly.
To Sum it Up
Nano coin system is seeking to solve the problems presented by Bitcoin blockchain technology. It seeks to eliminate scalability and latency problems by enabling instant transactions to take place. It also eliminates the issue of high fees that was plaguing bitcoin. As it stands, people seem to have a certain degree of trust in the system that has seen the tokens rise more than 5000% in about 2 months’ time. With the problems it seeks to solve couple with its low transaction fees, this coin has a lot of potentials, but you should still approach it with caution. There could be flaws that have not yet been identified.
Thank you for reading this review and make sure you carry out due diligence before investing. We’ll always be here to give you more information in the most simplified manner. We want you to make the best investment decisions. Continue checking our website for more informative content.