Altcoin

Nano Coin Introduction: Step by Step Guide for Beginners

Nano coin is probably one of the most promising “payment” crypto currencies in the altcoin space today.

The coin makes use of some really advanced technologies including doing away with the notion of a public block chain. This means that they are able to overcome a number of the scaling concerns that are plaguing some of the more established networks such as Bitcoin and Ethereum.

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Despite these benefits, adoption has been rather slow and the price of NANO has followed the rest of the crypto currency market. Does this mean that Nano coin could be a good buying opportunity?

In this comprehensive Nano coin review, we will give you everything you need to know about the coin. We will take a look at the team, the technology, adoption and token price potential.

What is Nano Coin?

The term “NANO” itself has been officially rebranded from what was known as “RaiBlocks”. At the beginning of 2018, the company officials decided to name their crypto currency project (and the currency itself) Nano coin – this marked a new beginning for the coin.

As a project and a crypto currency on its own, Nano coin is actually pretty self-explanatory – it is a coin that aims to replace fiat currencies and bring crypto into people’s daily lives. The coin’s goals and aims are almost identical to those of Bitcoin.

Unlike Bitcoin, however, Nano coin aims to perform the tasks (mainly transactions) of its block chain in a much faster and more flexible way.

Nano coin uses a combination of Proof-of-Stake and Proof-of-Work algorithms. The mixture is called a “delegated Proof-of-Stake”. The way that it works is that when there is a problem with a transaction in the Nano coin’s system (let’s say, two transactions collide – one of them is legit and the other one is a robbing or infiltration attempt), there are “delegates” that are there to vote for the legit transaction and dismiss the fraud one. To become a delegate, you must have some XRB in your wallet – this incentivizes people to participate in the growth and advancement of the Nano coin community.

Nano’s Technology

As mentioned above, Nano coin is built on Directed Acyclic Graph (DAG) technology and utilizes a block-lattice architecture that has each account or address possessing its own block chain. Unlike block chain’s that track transaction amounts, Nano coin records account balances, and this allows for a far smaller storage requirement.

Each individual block chain can only be updated by its owner, and it reflects that individuals balance history, sharing it with the network. One unique feature is that this architecture allows each block chain to be updated asynchronously to the rest of the network. Each transaction is processed by the individuals’ block chain and there’s no need for a consensus protocol for distributed agreement.

This network is completely decentralized, and Nano coin is setup as the perfect way to transfer funds instantaneously and without any fees. It also theoretically has infinite scalability, and if the developers make this aspect a reality Nano coin could change the entire crypto currency ecosystem for years, if not decades.

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A transfer on Nano’s network creates two separate transactions. One is a send transaction that deducts the amount from the sender’s ledger, and the second is a receive transaction that adds the amount to the receiver’s ledger. Each send attempt reference the previous block on the sender’s block chain.

A double spend would occur if the same previous block is being referenced by two different send transactions. If this occurs, the network nodes vote for which transaction to retain, and the other is discarded.

Nano Tokens (NANO)

When it was first released as RaiBlocks the token symbol was XRB and some exchanges still use that symbol, but the real symbol for Nano tokens is NANO. It has a circulating and total supply of 133,248,290 NANO. This is the maximum supply and no additional NANO will be created.

Initially the supply of NANO was released via faucet, but that faucet ran dry and there is now no way to get NANO other than buying it. The Binance exchange is the largest exchange for NANO, but it is also offered for sale at KuCoin, Mercatox and a few others. Nano coin cannot be purchased with fiat currency and the most common purchases are made with BTC, ETH or USDT.

NANO is currently (September 6, 2018) valued at $2.36 and had an all-time high of $34.43 on January 1, 2018. The value has dropped significantly throughout 2018 as the crypto currency markets have suffered a broad based bear market.

Once you have your Nano tokens, you need to be able to store them. There are Nano wallets available for Windows, iOS and Linux and for Desktop, mobile or online. All the wallets are available for download from the Nano website. That includes both full node wallets and light wallets that don’t require you to download the entire ledger.

Learn more: Best Bytecoin Wallet

Conclusion

Nano coin has an interesting history, and an even more interesting use case. There’s nothing complex about what they’re trying to do. It’s a simple use case, and considering that they’ve conquered the scalability and speed issues Nano coin could end up being the crypto currency that finally gains mainstream adoption.

At this point they need a better marketing plan and a way to spread their usage far and wide. Smart cards could be one part of this puzzle, as it would allow users to send and receive Nano coin without needing to understand anything about private and public keys, wallets or crypto currency security.

It will be interesting to see how the project develops going forward. It’s always been an active group of developers, so the technical side of the project development shouldn’t be an issue. If they can add a solid marketing plan that spreads usage to both merchants and end users it could be an exciting future for Nano coin holders.

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