Nano (XNO) is a cryptocurrency project that offers unlimited scalability and free transactions for users, setting it apart from other coins such as Bitcoin and Ethereum.
In this guide we’ll cover how to buy XNO, along with important considerations to keep in mind before parting with your money. Read on to find out all there is to know.
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What is Nano?
Nano is a peer-to-peer electronic cash system. The decentralized, open-source cryptocurrency project employsan Open Representative Voting (ORV) consensus method and a directed acyclic graph (DAG) design. It uses a distributed ledger with a block-lattice data structure to operate with no need forintermediaries.
Colin LeMahieu, a software engineer developed RaiBlocks (Nano) in 2014. As its white paper states, the coin aims to solve Bitcoin’s problems of high transaction fees, poor scalability, high latency, and power inefficiency. RaiBlocks was renamed to Nano on January 31, 2018.
At the time of writing, Nano has a market capitalization of around $704 million and there are 133,248,298 coins in circulation. It is currently ranked 160th in the world in terms of market cap.
An Italian cryptocurrency exchange named BitGrail announced its closure on February 9, 2018, after being hacked. Unaccounted losses of over17 million Nano were discovered in the platform’s wallets, stopping users from accessing their money. The victims took the matter to court with the help of the Nano Foundation and filed a class-action lawsuit against BitGrail owner Francesco Firano. Firano was declared accountable for the losses in January 2019 by the Court of Florence for failing to establish any significant protocol to ensure the safety of customer assets.
Pros & Cons
Nano Coin has several use cases:
Peer-to-peer Transactions – Nano makes it simple to pay friends, relatives, and other people.
Crypto Trading – can be used as a trading instrument
Micropayments – great for micropayments as it offers quick and cheap transactions
How does Nano Work?
Nano makes use of a hybrid of Proof-of-Work and Proof-of-Stake algorithm. This combination is known as a “delegated Proof-of-Stake.” Thus, the way it works is that if there are transaction problems or contradictions, “delegates” take a vote to determine the legitimate one and separate it from the fraudulent transaction.
You need to own some Nano or XRB coins in order to become a delegate. This serves as an incentive for further growth of the Nano community. Here’s some technical information about Nano:
General Overview: Nano is a decentralized and sustainabledigital currency that aims to address the problems of the traditional financial systems and even Bitcoin. Thepeer-to-peer digital currency was built tofacilitate simple peer-to-peer value transfer and itprovides individuals withaccessible digital money for easy connection with theglobal economy at minimal costs.
Purpose: Nano was created with the aim to replace fiat currencies in institutions and become a scalable solution. It addresses the primary problems of Bitcoin and offers fast, easy, and cheap transactions on a daily basis.
Use: Nano is used for Peer-to-peer transactions, cryptocurrency trading, micropayments, and in-person transactions. You can buy and sell crypto coins using Nano as a medium. You can also carry out business-to-customer transactions with ease.
Mining: Nano protocol is unique and does not require mining. Its eco-friendly build eliminates the energy wastage and centralization forces caused by mining activities.
Additional Forums: Nano has forums on Reddit and Twitter, which have played a huge role in its publicity.
Ways to buy Nano?
There are a number of options available if you want to buy Nano. They include:
Cryptocurrency Exchanges: Here you can buy Nano coins using credit/debit card or bank transfer as a payment method.
P2P Marketplaces: On peer-to-peer marketplaces, you can buy XNO directly from another seller using a number of different payment methods.
How to invest in Nano?
You can invest in Nano in the same way you buy the tokens. The available options are outlined below:
Nano Crypto Exchanges: You can invest in Nano by signing up to a major crypto exchange such as Binance or Kraken
P2P Marketplaces: Aside from an exchange, you can use P2P marketplaces to invest in the XNO project. Just find a seller and make a payment. The coins should appear in your private wallet shortly after.
Nano Coin Apps: Some crypto wallets on your phone now allow you to buy cryptos as well. Just look for an exchange/swap/buy function within the app.
Is it safe to invest in Nano right now?
Cryptocurrency investments carry huge risks but also huge rewards. The future of Nano is mostly uncertain. Despite showing some signs of progress, Nano has not quite yet recovered from the big 2017-2018 market crash. Indeed, its chequered past from the BitGrail hack has not been entirely forgotten by many people.
Nano’s potential for being able to address high transaction fees and demands makes it still relevant in the industry. Nano transactions require no fees, no mining is involved, and transactions are instant, which are all in line with the revolution of digital money. If its team can leverage this potential successfully, the coin would be finely poised for gains in the near future.
However, it’s important to remember that gains are not guaranteed and so you should only invest with money you can afford to lose.