Cryptocurrency Nano – the payment system of the future

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Nano cryptocurrency, formerly known as RaiBlocks, is based on a redesigned blockchain platform and is designed solely for fast settlement transactions. The developers tried to create a highly focused project that allows transactions to be carried out with maximum speed and security. The main feature of the project was the use of a lattice block chain network, where each user has his own block system, which allows updating data and performing operations independently of the actions of other participants.

Project creation and development

The creator and project manager Colin Le Maillet was faced with the difficult task of refining the existing system of decentralized operations and bringing it to a form that would interest the end user. To create a universal payment system, several main problems had to be solved:

  • Existing technologies could not provide instant execution of transactions, because it took time to generate each block in the network. This feature significantly limits the use of decentralized projects in settlement systems.
  • When any blockchain project is running, a commission is charged from the end user for the execution of each transaction. As a result, the final cost of performing the operation increases by a base value. Due to this feature, it becomes impossible to attract investors and new clients, most of them will give preference to the already existing fiat transfers.

The first test version of the project was launched in 2014. The beta version, first of all, tested the possibility of using the DAC algorithm, the principle of acyclic constructions, which significantly changed the principle of operation of existing block chain systems and solved the problems indicated above.

The working version of the cryptocurrency was launched in 2015, it fully met the expectations of both developers and users with investors. The execution time decreased, and the percentage for completed transactions was no longer charged.

Along with the development of the platform, the developers decided that the old name RaiBlocks was no longer suitable and renamed their brainchild to Nano . In addition, the N logo resembled the block-grid format of the network, which is used in the work of the platform itself.

Apart from changes in the name and logo in the very structure of the project, there have been no cardinal changes. The team has completed all the points of the roadmap presented in 2015, which were finalized in 2018. At this point, small improvements are being made to the system in terms of safety, and the development team is looking for opportunities to further optimize the process.

Features and uniqueness of the Nano cryptocurrency

The virtual currency Nano is seriously different from other cryptocurrency systems, due to the use of a lattice block chain. In simple terms, when an operation is performed between active users, its own block chain scheme is built, which makes it possible not to involve other parts of the network to perform the required action, and the main system only checks the availability and correctness of the execution. The DAC algorithm is responsible for connecting all individual operations into a single network. It allows you to instantly perform transactions on the network, only if all the necessary conditions are met, which ensures the reliability and confidentiality of a decentralized system.

Let’s highlight the main advantages:

  • Speed. It is achieved by executing the transaction exclusively between the sender and the receiver, which minimizes the execution time. And performing the operation separately from the whole network leads to the minimum size of the received block. For example, let’s take the Visa payment system , the maximum transaction speed is about 1700 per second, and the Nano indicator is about 7000.
  • No commission. Unlike Bitcoin, where a commission is charged from each miner and when performing any transaction, the Nano platform does not charge itself a percentage. In addition, in case of heavy load, scalability is available to increase bandwidth.
  • The operating conditions of the platform are minimal and do not require serious power.

As a result, it can be noted that Nano is an excellent option for implementation in payment systems, which, if properly developed, can replace existing payment options.

Where to store and how to get Nano tokens?

It should be noted right away that coins cannot be mined by mining. The only way is to buy or exchange currencies on exchanges or exchangers.

The coin is available for purchase on the largest crypto-exchanges of the network, trading is carried out mainly in pairs with Bitcoin and Ethereum. 

 

In addition to the famous Binance , other resources are available for trading, including:

  • Kucoin
  • Nanex

Mercatox

    •  and other exchanges and exchangers.

You can store the received tokens both on third-party resources where they were purchased, and on the official wallet. You can get it on the project website. The wallet is available in several variants:

  • Online version
  • Version for phones / tablets under OS Android or iOS control
  • Version for P.K. running OS Windows, MacOs, Linux

 

Course and project capitalization

During the existence of the platform, the token rate jumped from the $ 0.07 mark to $ 34 in January 2018, when prices for almost all cryptocurrencies soared. After a strong decline and correction, the unit price consolidated at $ 0.9-0.8.

Capitalization is about $ 120 million, and daily trading exceeds $ 2.5 million.

Expert opinion and development forecasts

Modern trends and the possibility of introducing cryptocurrency systems as a payment instrument make it possible to assume about the formation of the growth of currencies, rather than about a further fall. After sharp ups and downs, the virtual funds market has become more predictable and stable. Now it’s up to investors and users who will choose the projects they really need, one of them may just be the Nano project, which will allow instant money transfer operations.

Virtual currency market analyst Dmitry Mints shared his opinion that any cryptocurrency is tied to the Bitcoin price today. However, he did not rule out the possibility that some company or even a country could try to introduce a modern decentralized payment system as an experiment, and the Nano project is one of the leaders of such technologies. Then Nano tokens will take a special place on crypto exchanges, and the rate will skyrocket.

In general, despite the behaviour of the cryptocurrency market and the problems with their implementation in the legal code of states, Nano is of interest as a payment system of the future and in cases of its introduction into large business it will show significant growth.

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