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June Katz 22 Sep 2023 ◦ 5 min read

What Is Nano and How to Buy it?

What Is Nano and How to Buy it?

What is Nano crypto?

There is one issue that practically no cryptocurrency has taken into account when starting operations, the pollution generated by the crypto world day by day. Mining of Bitcoin consumes an enormous amount of electrical energy, accounting for about 0.2% of global electricity consumption. For a fee-based protocol with limited throughput, many feel that this is unsustainable and can be significantly improved in both efficiency and utility. Colin LeMahieu began developing Nano in 2014 in response to these perceived inefficiencies and created a protocol with unlimited scalability, instant and feeless transactions, which consumes an absurdly small amount of energy in comparison to Bitcoin. At the time of writing, the entire 50 million blocks on the Nano network have collectively used less energy than bitcoin does in 1 second. Nano was distributed between 2015 and 2017 for free, via a simple CAPTCHA faucet. The faucet allowed users all around the world to earn the digital currency through the completion of complex CAPTCHA’s, providing a popular and viable method of widely distributing the currency to those that are more likely to benefit from the early adoption of a decentralized global currency. When distribution was closed in October 2017, the foundations for the global communities around Nano were created, and have continued to grow over the years.


How Nano (XNO) crypto works

Nano’s fundamental goal, like that of most cryptocurrencies, is to be a viable alternative to fiat money. It empowers people around the world with the ability to transfer funds anywhere in the world, without fees or delay, on a decentralized network.In the interest of efficiency, Nano uses a combination of the novel Block Lattice data structure and Open Representative Voting security algorithm.

 


The Block Lattice is asynchronous, meaning each account has its own blockchain, and rather than having to compete to get transactions into a single block, as with Bitcoin, accounts can freely transact and without competition or delay. And these transactions are confirmed very quickly on the network by the tallying votes of Principal Representatives.

Advantages and disadvantages of using Nano crypto

+ Nano is one of the few cryptocurrencies in the world that care for the ecological well-being of our planet. And from this point of view, it is an undoubtedly unique case among virtual currencies, allowing Nano to differentiate itself in such a crowded market. It has a noble goal and can attract the media’s attention since ecological initiatives are on the rise.

+ Send 1 Nano, receive 1 Nano. No fees on the network make it simple and intuitive to send and removes the fee barrier for those in the lower income brackets.

+ Instant Transactions. There is no waiting around for a Nano transaction to be received. Average confirmation times over the last 12 months have been less than half a second. Blink and you will miss it.

– Nano is undoubtedly well-positioned as a payment coin, but its utility relies heavily on increased adoption. Despite having an impressive list of merchants already accepting Nano, a significant increase in the number of businesses accepting Nano is important functionality of the coin. Factors such government regulation and guidance on taxation, user demand, and general awareness are the well-known blockers, however gradual and steady progress is being observed.

Where to buy Nano coin 

Nano coin is available on a large number of exchanges, namely Binance, Kraken, KuCoin, and ProBit Exchange. The trading happens in pairs of Nano to USD, BTC, USDT, ETH, EUR, BCH, BNB, BUSD, DOGE, XRB, and KRW. You can also get Nano on the SwapSpace cryptocurrency exchange aggregator, which is a quick and easy way to obtain the required amount of Nano.

How to exchange Nano on SwapSpace?

  1. On SwapSpace homepage, select Nano in “You send” section and the cryptocurrency you would like to receive in “You get” section. Enter the amount of Nano you want to exchange.
  2. Choose the instant exchange service that suits you most.
  3. Specify the recipient address and check if all the data is correct.
  4. Send your Nano coins to the address you will see on the screen.
  5. Wait until the exchange is complete.

Nano coin wallets

Nano has a wide selection of high-quality wallets available to users. Most popular is the Natrium mobile wallet, followed by a range of world-renowned wallets, such as Exodus or Trust Wallet. Nano Ledger wallet may be called one of the best hardware wallets for Nano coin. Other options listed on the official website include Magnum Wallet, BrainBlocks, NanoVault, Atomic Wallet, Canoe, Nanollet, Nanowallet.io, Ninjavault, Pippin.

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