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Choose your quick section of our Nano review below.
A Quick Overview of our Nano Review:
One of the main features of Nano is that it is not based on a blockchain but instead, it uses directed acyclic graph (DAG) technology as well as block-lattice architecture, allowing for every account to have its own blockchain.
Nano Live Price
What is Nano?
Nano is one of the most promising payment cryptocurrencies in the Altcoin space and it makes use of advanced technologies, including doing away with the notion of public blockchains. In doing this, Nano has overcome one of the largest issues faced by giants such as Bitcoin and Ethereum, the issue of scalability.
Key Features and Takeaways of Nano
Nano is a promising crypto project and altcoin that has the following key features and takeaways:
Nano may be an unfamiliar name to some, but it is not a new project. Nano was formerly known as RaiBlocks, rebranded to make the name less technical and easily understood by most.
Nano is a cryptocurrency that is trustless and has low latency.
One of the main features of Nano is that it is not based on a blockchain but instead, it uses directed acyclic graph (DAG) technology as well as block-lattice architecture, allowing for every account to have its own blockchain.
A benefit of using DAG is that it offers unlimited scalability and instant transactions with truly little, to no fees, enabled by the resource intensive mining that is used to secure the blockchain.
The rebranding from RaiBlocks to Nano came from the user community, which shows that developers behind the project regard the opinions and preferences of their users.
Unlike normal blockchains that track transaction numbers, the unique technology and architecture of Nano records account balances, allowing for smaller storage requirements.
Every owner, or user, can update their own blockchain and it also reflects the balance history of every individual which is shared with the network, ensuring transparency.
A unique feature of the architecture is that it allows for every blockchain to be updated asynchronously to the rest of the network, meaning that each transaction is processed by the user’s blockchain and there is no need for a consensus protocol or distributed agreement.
The network of Nano is fully decentralised and the setup that Nano has is ideal for instant fund transfers without the notion of fees.
In addition, the Nano network also has theoretical infinite scalability and if developers make this aspect a reality, Nano may change the entire cryptocurrency system for years, and even decades.
Initiating a transfer on Nano creates two separate transactions. One is a send transaction which will deduct an amount from the ledger of the sender while the other is a receive transaction. The receive transaction will add the amount to the ledger of the receiver. Every send attempt references the previous block on the blockchain of the sender.
If the same previous block is referenced by two different send transactions, a double-spend may occur. If this happens, network nodes will vote on the transaction to retain and the other will be discarded, solving the issue with double-spending.
Nano Mining
There is no mining involved in the Nano network, meaning that there are no transaction fees. Instead, the ledger is secured through a Delegated Proof of Stake (DPoS) consensus mechanism and protocol. This involves users choosing a node that they wish to represent their votes.
These delegated, or representative, nodes carry out tasks such as the verification of block signatures and the voting for valid transactions if there is a conflict. Voting is weight balanced and each node has a vote weight which is equal to the amount of Nano linked to the node.
The current and updated list of representatives can be viewed on the official Nano website.
Nano has the Proof of Work (PoW) consensus mechanism as part of its architecture, but this does not enable mining. Instead, the PoW is used as an anti-spam measure to deter and avoid cyber-attacks.
With the lack of fees, attackers could spam the network with false transactions, however, with PoW ensures that there is a small amount of work which is associated with each block. This work typically takes 5 seconds to generate and takes a microsecond to validate.
Because of this, attackers must dedicate a significant amount of computing power to carry out an attack while normal users only use a small amount of power during transactions. The network also has other methods for pruning spam transactions, limiting the amount of storage that attackers could access.
Pros and Cons
| ✔️Pros | ❌Cons |
|---|---|
| Nano allows instant transactions by using DAG technology and the DPoS protocol | Adoption of the Nano project and NANO coin is slow, and only a few exchanges have it listed |
| Nano has theoretical infinite scalability, putting it ahead of other projects | Nano does not support DApps or smart contracts |
| There are no fees involved | |
| Nano uses advanced features and ensures security of the network with a unique architecture |
Transaction Fees
| Type of Fee | Information |
|---|---|
| Trading Fees | There are no transaction fees involved |
| Withdrawal Fees | 20 NANO (Gate.io) |
Should you buy Nano?
A key feature that may solidify Nano’s position ahead of the competition, and which can change the entire cryptocurrency ecosystem in future is the theoretical infinite scalability that the network has. If developers make this a reality, Nano will be at the forefront and this will draw a lot of investors to the network.
How to buy Nano (NANO)
Step 1 – Register an account with Gate.io
Navigate to the official Gate.io website and select the option to “Sign Up” from the homepage.
Complete the online registration form by providing country/region, a selected username, email address, and user-selected password. Read and accept the User Agreement and Privacy and select “Next”.
Create a fund password and select “Create Account”. Complete the “I am not a robot” reCAPTCHA. Check your email inbox for the activation email and click on the link in the email. If the link does not work, you can copy and paste the URL into your browser.
Log into your account using your credentials and complete the reCAPTCHA.
Check your email again for the verification email that contains the 6-digit code and click on “Confirm”. Enter the code that you received into the blocks provided and select “Log In” to proceed.
Before you can use the platform to purchase Nano/NANO and other cryptocurrencies on Gate.io, you must complete the “Know Your Client” or KYC procedure to verify your identity and your proof of residence.
Click on “KYC Now” at the bottom of the webpage to start the process.
Select whether you are an individual or an organisation by selecting “Verify Now” under the relevant option.
Select your country from the dropdown list, enter your full name followed by confirmation thereof. Select your ID document type and provide your ID Number as shown on your official ID Document.
Click on the first image to upload a clear photo of the front of your ID document followed by a clear photo of the back of the document.
Next, write your Gate.io unique ID on a piece of paper and take a photo of yourself holding up your identity document (front) and the paper containing your unique ID.
Once you have done this, click on “Confirm and Submit”.
Next, you must enable the Timed One-Time Password (TOTP) to be able to log into your account. This can be done by clicking on “Set Now” at the bottom of the page.
On the new page that loads, select “Click here” to set up Two-factor Authentication.
Download Google Authenticator onto your mobile device by making use of any of the abovementioned methods.
Follow the steps indicated to add your Gate.io account by scanning the QR code or entering your unique key.
Enter the TOTP, your fund password, and the code sent to your email address and select “Enable Two-factor Authentication”. With this setup, you must use the Google Authenticator app to sign into your account every time.
Step 2 – Deposit funds
You must note that Gate.io is only a crypto-to-crypto exchange which means there is no fiat gateway. The only way through which funds can be added, is to transfer an existing crypto into your Gate.io wallet.
NANO can only be bought through Tether/USDT or Bitcoin/BTC while it can be traded with USD as a futures contract.
Navigate to the deposit/withdrawal section by hovering over your account and selecting the relevant option. Choose from the list of coins in which you can make a deposit and select “deposit” next to the appropriate coin.
You will be redirected to a page which generates a deposit address for the coin that you wish to deposit.
Copy this address, or scan the QR code, into the wallet where you are making a withdrawal from and depositing to Gate.io and wait for the relevant blockchain to confirm your transaction. Once the transaction has been completed and verified by the nodes on the chain, the coins will be sent to the Gate.io wallet and you can start trading NANO.
Step 3 – Explore your trading options
Gate.io offers a variety of ways through which cryptocurrencies can be obtained. Each of these can be explored individually depending on your trading needs and objectives.
To start trading NANO, select the option from the “Trade” Menu. Enter “NANO” into the search bar to see which trading options are available.
For spot trading, for instance and as an example, select NANO_USDT. Once you have selected, you will be directed to the exchange page which corresponds to the cryptocurrency pair NANO/USDT.
Here, you will see that you have the option to buy or sell NANO either as a limit order, grid trading, or as a time condition. The most common trading method is that of limit trading and thus it will be used for this guide.
Step 3 – Buy NANO through via Limit Order
To buy NANO and create a limit order for it, you can enter the amount of NANO you want to purchase, and the price you want to buy it at in USDT. This tool will tell you what the overall cost is in USDT, or any other chosen counter-currency, which will be deducted from your wallet once the order has been executed.
Step 4 – Sell NANO through via Limit Order
To sell NANO, find the panel under the chart and create a limit order for USDT according to your own preferences. Note that with a peg to USD, NANO that you exchange for USDT will hold the flat value that it has despite market conditions in the cryptocurrency market.
Step 5 – Withdraw funds
To withdraw funds, you will use the same page in Gate.io which was used to make a deposit.
Click on the deposit/withdrawal option on your Account dropdown and find the wallet of the currency that you wish to withdraw. You can do this easily by using the search bar provided.
Instead of a deposit address being generated, you will do this on the exchange, or the wallet being used as the destination for withdrawal of funds from Gate.io. Paste the address of the receiving wallet in the field provided and provide your Gate.io fund password, email code, and TOTP before selecting “Submit Request”.
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FAQ
When was Nano first launched?
Nano was launched in 2015.
Who founded Nano?
Colin LeMahieu founded Nano.
What is “ICO”?
It is Initial Coin Offering that, unlike an IPO, does not mean that those who invest in the cryptocurrency will have an ownership stake of the company that they provide funds to.
When was Nano’s ICO and how much did it raise?
Nano did not have an ICO. Nano used a CAPTCHA faucet system to distribute NANO coins.
Is Nano legit?
Yes, Nano is legit.
What is Nano’s total supply?
The total supply of NANO is 133 248 297.
What is the purpose of Nano?
Nano aims to become an alternative to fiat currencies as well as other dominant cryptocurrency, offering users with a fast, reliable way to make instant payments without having to worry about fees.
On which blockchain is Nano based?
Nano is based on its own blockchain, also known as an account-chain which uses Directed Acyclic Graph (DAG) technology.
Does Nano work with smart contracts?
No, Nano does not support the use of smart contracts.
Does Nano have potential to become more valuable?
Yes, Nano has the potential to become more valuable with adoption becoming more widespread.
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