BLOCKONOMIST
Read News

Read News For Me

Know what problems of cryptocurrencies are solved by Nano coin from users’ perspective

Created by Colin LeMahieu, Nano is a software that is designed to facilitate cryptocurrency transactions without fees. Unlike other cryptocurrencies, Nano’s blockchain doesn't keep a complete record for transactions, but it tracks the account balances and the associated transaction amounts. The current market price of NANO is $8.99 after a decrease of 0.28% over 24-hours.

Nano is a cryptocurrency designed for facilitating secure, without fees and practically instant payments, which addresses the significant drawbacks of the financial infrastructure and many cryptocurrencies. Nano is a peer-to-peer platform using a block-lattice data structure that allows its users to transfer value quickly without depending upon the centralized intermediates. It uses an Open representative Voting system where account holders can vote for their chosen representative, unlike other cryptos.

With its goals almost similar to that of Bitcoin, nano coin aims to replace the fiat currencies to bring cryptos into people's daily lives. Unlike other popular cryptos, it performs the tasks in a more flexible and faster way.

The Nano cryptocurrency uses advanced technologies to overcome many scaling concerns, which are even troubling established networks, including Ethereum and Bitcoin. It is trustless crypto which is having low latency and uses directed acyclic graph technology & block-lattice architecture. The use of directed Acyclic graph technology provides unlimited scalability and instant transactions. Nano uses Delegated Proof-of-Stake consensus mechanism.

Nano's architecture uses a Proof-of-work mechanism as an anti-spam measure for avoiding the attacks and not an agreement protocol. From the users' perspective, Nano seems to be an ideal currency because its transactions are instant, are free of fee, and can scale infinitely. When compared with other popular cryptocurrencies, the transaction time is indeed an improvement. Also, its security is improved by Delegated proof-of-work protocol where an attacker will need to control half of the nano tokens for a successful attack and which is practically impossible because it will require a substantial financial investment.

The crypto is listed on many exchanges such as Binance, Huobi, Coinex, and Mercatox.