Nano Coin Guide
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Note: RaiBlocks has recently rebranded to Nano so in this text, Nano refers to the cryptocurrency previously known as RaiBlocks.
After the release of the first cryptocurrency (Bitcoin) people saw a potential in the idea behind it, however, there were many problems with it, which are not solved even today. 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. Nano has a mission to become a globally accepted currency that will ensure instant transactions with zero fees, along with a very safe and completely decentralized network.
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.
Very recently the Nano Node has released a new 13.0 version. The new version has been primarily focusing on the bug that was in the wallet that failed to shut down clearly, which is now fixed. Another issue was that the connections were not closed well enough and as a result, the process did not end.
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.
- Before Nano used to have four different block types which were received, send, open, and change. These blocks used to be a bit different with their shapes, however, Nano has come up with the Universal Blocks, which consolidate the four types of blocks into one. This way Nano manages to improve the efficiency as well as the security of the network, with a simplified code.
- Nano also uses the Universal Blocks for knowing the balance by simply looking at a block. The process used to be time-consuming as before people had to search around the chain to see the last send block with the balance along with the receives.
- Every block is a complete representation that indicates the state of the account at the given point. This lets pruned ledgers remove old blocks more intensively.
- Nano has come up with a performance improvement in signature checking.
- Nano allows its users to pay small amounts for subscriptions, content, digital asset rights and so on.
- Nano offers peer to peer as well as business to customer services.
- Running a node costs nothing.
- One transaction fits within one UDP packet.
- 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
Nano (Nano), which rebranded from RaiBlocks (XRB) on 31st January 2018, is a next-generation cryptocurrency based on DAG (Directed Acyclic Graph) technology. The implementation of Nano (Nano) on the DAG technology relies on block lattice and has every Nano account/address maintaining a blockchain of its own transactions. Nano (Nano) boasts of the latest advancements than tradition cryptocurrencies such as Bitcoin and can process up to 7000 transactions per second on its current hardware.
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 transaction fees are for encouraging 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 could buy Nano at an astounding $19.91, more than 20% improvement. As of late May 2018, the price has dropped to $ 3.63.
Its total circulating supply is approximately 133,248,289 XRB.
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.
BREAKING NEWS: Twitter’s New Tip Bot with Nano Coin
April 10th, 2018: Nano has implemented a new tooltip bot. Tip bot is a common automated product for emails. It works as a system where bitcoins are transferred without any need for a cryptocurrency wallet software. However, in this case, Nano uses it not for emails but for the social network Twitter. As a result of this new implementation, from now on people can tip users of Twitter with Nano coin.
Nano tipping will help to create a new perspective not only for the crypto tipping but also for the cryptocurrencies. By reaching out to a world famous platform like Twitter, the relatively new cryptocurrency – Nano, will have a chance to show off its unique features. All we have to do now is wait and see how revolutionary can this step be.
BREAKING NEWS: Nano is Taking Care of the BitGrail Victims
April 14th, 2018: The BitGrail hack victims will be sponsored by the Nano Foundation in form of legal funds. The Nano Foundation made this decision in order to provide BitGrail victims with equal access to representation as well as to give a chance to state their legal interests against the BitGrail issues.
To give you a background information, in February 2018, BitGrail lost 17 million Nano coins (at the time worth around $ 187 million) and froze the trading right after the accident. Currently, Nano is collaborating with law firms to handle the situation in the best way possible.
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 RailBlocks.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 Binance, Mercatox, 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.
I bought NANOs at Binance for ETH and it took me less than 10 minutes including initial registration, verification, transferring ETH to Binance, giving the buy order and getting my first NANOs.
That’s very cool 🙂
This is how it looks like:
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.
It offers high liquidity for Nano with various virtual currencies traded on the platform, though it is usually advisable that you stick to the BTC/Nano, ETH/Nano, BNB/Nano, or USDT (Tether)/Nano pairs.
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 on Binance 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.
Nanex Exchange was initially known as Rai.Exchange. It rebranded to the former in January 2018, after its mother coin Raiblocks (XBR), equally changed name to Nano (nano), the same month. Unlike other exchanges which evenly spread their focus across different cryptocurrencies available on their platforms, Nanex is more of a nano-oriented exchange platform. For every set of trade, Nanex offers a Nano/’altcoin’ pair as well as conventional pairs of Bitcoin/’altcoin’ and Ethereum/’altcoin’.
Currently, not much information is available online about the universally accepted Nanex Exchange. The founders of the platform have not come public. Additionally, the physical offices of the company behind Nanex Exchange are currently unknown/unclear to the public.
Pros of Nanex
- Nanex offers competitive transactional fees to its users. 0% maker fees and 0.2% taker fees.
- The exchange platform provides high liquidity for Nano among numerous other cryptocurrencies.
Cons of Nanex
- Currently, not so much information about Nanex is open to the public domain.
Mercatox is a decentralized P2P cryptocurrency exchange that allows users to access cryptocurrency exchange markets. It is a convenient platform for the exchange and trade of cryptocurrencies that can be used by both novice and expert traders.
Mercatox began operating in 2016 and its service runs on blockchain technology. Its offices are located in London, UK, but it is not a licensed exchange. The company offers its services to US traders as well as other traders worldwide.
These services include peer-to-peer lending and funds raising for margin trading. There is also a payment service that accepts cryptocurrency payments.
Mercatox supports a wide range of cryptocurrencies including Nano, Bitcoin, Litecoin, DASH, Dogecoin, and Ethereum. The exchange supports a variety of cryptocurrency pairs including Nano pairs, which cannot be found in many exchanges.
However, Mercatox offers only one Nano pair (BTC/XRB) so you can buy or sell Nano using BTC on the exchange. Currently, the 24hr trade volume for the BTC/XRB pair on Mercatox is $851,969
- Supports a wide range of cryptocurrencies.
- Supports fiat currencies.
- Offers margin trading.
- E-wallet supported.
- Decentralized P2P network.
- A loyalty program with attractive rewards.
- Low trading volume.
- Low liquidity.
- Limits and fees on withdrawals apply
- Deposits via bank transfer or credit card not accepted
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. The platform offers liquidity for several cryptocurrencies, but in the case of Nano, it only allows for Bitcoin (BTC)/Nano (Nano) pairing. Bit-Z provides users with iOS and Android Mobile Applications making it even easier to trade Nano for other cryptocurrencies. The exchange site charges a 0.1% transactional fees for every successful trade and 0.5% fee for every withdrawal made.
Here are some features you may want to consider before using this platform.
- It is not regulated.
- 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.
CoinFlacon is a UK-based exchange platform that offers trading options for a good number of cryptocurrencies. The offer free deposits for several cryptocurrencies including Nano, Bitcoin, Ethereum, IOTA, Litecoin, among others. As for withdrawals, Nano enjoys zero network fees. The exchange offers pairs for Nano including BTC/Nano and ETH/Nano.
Pros of CoinFalcon
- The platform is available for use in a significant number of countries worldwide.
- It offers speedy transactions at clearly stipulated and relatively low transactional fees.
- The crypto-trading platform offers utmost safety to users digital assets with 98% of funds secured in cold storage.
- CoinFalcon offers high liquidity for various digital currencies including Nano.
Cons of CoinFalcon
- The platform doesn’t accept US clients.
- CoinFalcon doesn’t support fiat currencies.
- Like many other cryptocurrency exchange platforms, it doesn’t offer leverage trading.
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.