Nano (NANO) Price

How Does Nano Work?

Nano utilizes the Block Lattice, a unique data structure where individual accounts have control over their own blockchain. This allows for quick addition of blocks without the risk of conflicts, making the transaction process smooth and efficient. The transactions in Nano involve two separate actions:

Sender's Block. The sender publishes a block that debits their own account for the amount to be sent to the receiver's account.

Receiver's Block. The receiver publishes a matching block that credits their own account for the amount received.

Once a block sending funds is confirmed by the network, the transaction becomes irreversible. This means that even if the receiver is offline, they can safely leave the funds in a receivable state until they are ready to publish a matching block and receive the funds into their account.

Lightweight and Stateful Blocks

The Nano platform employs a lightweight block structure that contains all the essential information about an account at a given point in time. This includes the account number, balance, and representative.

Additionally, each block must also contain a small, user-generated Proof-of-Work (PoW) value, which serves as a Quality-of-Service prioritization mechanism. The PoW computation generally takes just a few seconds on a modern desktop CPU, ensuring quick and consistent processing of average user transactions.

Representatives and Voting

The Nano blockchain adopts a unique consensus mechanism known as Open Representative Voting (ORV). In this system, every account has the freedom to choose a Representative to vote on their behalf, even when the delegating account is offline. These Representatives are configured on nodes that remain online and actively vote on the validity of Nano transactions they encounter on the network.

The voting weight of a Representative is determined by the sum of balances for accounts delegating to them. If a Representative possesses enough voting weight, they become a Principal Representative. The votes cast by Principal Representatives are then shared and rebroadcasted by other nodes. The accumulation of votes and comparison against available online voting weight result in the confirmation of a block.

Thanks to the lightweight nature of Nano's blocks and votes, the network achieves ultrafast transaction confirmations, often within a couple of seconds. Notably, the delegation of voting weight does not equate to the staking of funds. Account holders can freely spend their available funds without any restrictions. The flexibility in delegating voting weight empowers users by giving them control over the consensus process and contributing to the decentralization of the network.

What Makes Nano Unique?

Nano (XNO) is a cryptocurrency that offers low-latency, feeless, and scalable peer-to-peer transactions, while promoting environmental sustainability. It enhances Bitcoin's core features through unique design choices. Each Nano user possesses their own blockchain, allowing for fast transactions with minimal overhead.

Nano Transactions

Transaction records maintain account balances rather than specific amounts, enabling efficient database pruning without compromising security. The consensus mechanism, Open Representative Voting (ORV), ensures irreversible finality by allowing user-selected representative nodes to vote on transactions. The network has processed over 118 million transactions with a ledger size of only 68GB.

On average, transaction confirmation time is 0.2 seconds under typical network conditions. Nano's feeless and rapid transactions make it suitable for consumer use while upholding decentralization, censorship-resistance, and self-sovereignty.

What Problems Does Nano Solve?

In 2008, Satoshi Nakamoto introduced Bitcoin, the first decentralized cryptocurrency, along with the revolutionary blockchain technology. However, as Bitcoin evolved, it faced several challenges that hindered its widespread use.

Bad Scalability

One major hiccup was poor scalability. The limited data storage capacity of each block in the blockchain meant that the system could only process a limited number of transactions per second. This scarcity of block space drove up transaction fees, making Bitcoin less feasible for many applications.

High Latency

Another problem was high latency. Confirmation times for Bitcoin transactions ranged from 10 to 300 minutes on average, and multiple confirmations were often required for a transaction to be considered settled. This added significant delays for users.

Greedy Energy Consumption

Additionally, the Bitcoin network's power consumption was highly inefficient. It consumed a massive amount of energy, equivalent to the annual power consumption of a country like the Czech Republic. On top of that, each transaction required a substantial amount of energy, contributing to the network's environmental impact.

Bitcoin relied on the Proof of Work (PoW) consensus mechanism, where participants compete to solve complex mathematical puzzles to validate transactions and secure the blockchain. While PoW provided security, it was computationally demanding and led to a significant waste of resources.

An alternative, more energy-efficient consensus protocol called Proof of Stake (PoS) was introduced to address these issues. In a PoS system, participants vote based on the wealth they hold in the cryptocurrency, eliminating the need for intensive computations. This reduces energy consumption and increases transaction efficiency.

Different Consensus

Nano (XNO) utilizes a weighted-voting system similar to PoS, but with distinct differences. It employs Directed Acyclic Graph (DAG) technology, making it one of the pioneering cryptocurrencies in this field. DAG-based cryptocurrencies like Nano have overcome the limitations of traditional blockchain systems, offering improved performance and security.

Nano (XNO) achieves consensus through a balance-weighted vote on conflicting transactions. This consensus mechanism allows for faster and more deterministic transactions, while maintaining the decentralization and security of the network. As a result, Nano has positioned itself as one of the highest performing cryptocurrencies, providing a solution to the issues faced by Bitcoin and other cryptocurrencies.

Nano Today

Today, Nano (XNO) is a decentralized, sustainable, and secure form of digital money that aims to tackle the inefficiencies found in many cryptocurrencies. It offers a simple peer-to-peer value transfer, enabling individuals to connect to the global economy effortlessly.

With Nano, users experience intuitive and feeless transactions without delays. It embodies the essence of accessible and user-friendly digital money for the modern world.

The max supply of Nano is 133.25M XNO tokens, and the current circulating supply is 133.25M of Nano coins.

If you wonder what the Nano price today is, the interactive chart above can provide you with exhaustive information regarding the coin’s performance at the crypto market. Buy Nano easily, using your card or bank account.

What is the History of Nano (XNO)?

Nano XNO, formerly known as RaiBlocks, is a digital currency that has made significant strides in the cryptocurrency space. The project was rebranded to Nano and is now known simply as Nano. This rebranding aimed to better represent its vision and identity.

Nano was officially launched in 2015 and gained attention for its unique approach to distributed ledger technology. It introduced a novel concept called the "block lattice," which allows for faster transaction processing and scalability compared to traditional blockchain systems.

One notable aspect of Nano's early days was its innovative distribution method. Instead of conducting an initial coin offering (ICO), Nano coins were distributed through a captcha faucet. This meant users were able to earn Nano coins by solving captcha puzzles, ensuring a fair and widespread distribution of the digital asset.

To reflect its rebranded identity, Nano adopted a new ticker symbol, changing from XRB to the XNO token. This new ticker aligns with the currency's goal of offering a fast, feeless, and scalable digital payment solution.

Nano Foundation

The Nano Foundation is a not-for-profit organization dedicated to promoting the growth and usability of the Nano network, a secure and decentralized peer-to-peer platform that provides open access to instant and feeless value transfer.

The foundation focuses on various core goals, including protocol development to ensure the network's ultra-efficient block-lattice design provides the fastest transaction speeds. They also actively support the creation and integration of services within the Nano ecosystem, foster adoption, and provide education and resources to raise awareness about Nano (XNO) as a global digital currency.

The Nano Foundation is comprised of a highly motivated and talented team of individuals from different disciplines, working towards achieving these goals. They also benefit from the valuable guidance and expertise of experienced advisors.

Live Nano Price Today

Changelly offers an interactive Nano price chart that shows the latest-data market statistics of the XNO cryptocurrency. Our Nano’s price chart allows users to track and analyze the historical and current market trends of the Nano coin.

As you access the historical price of Nano, including the all-time high and all-time low average price ever recorded, you can analyze the price fluctuations over time and gain insights into the potential value of Nano as an investment. Understanding the historical price patterns can help assess the volatility and growth potential of the cryptocurrency, allowing for informed decision-making when considering Nano as part of your investment strategy.

By displaying real-time XNO USD price data, 24-hour trading volume, live market cap (market capitalization), recent price change, current circulating supply, and other vital figures, users can make well-informed decisions regarding their Nano crypto investments.

Apart from viewing the comprehensive statistics of the Nano current price, you can also read our Nano XNO price prediction. The XNO price prediction is based on fundamental and technical analysis and suggests a potential growth of the crypto asset in the future years.

However, our prediction of the Nano price is not guaranteed because the cryptocurrency market is known for its radical volatility, and the live XNO price may fluctuate drastically. Be cautious every time you engage in trading, selling, or buying Nano tokens or other crypto assets. Follow Nano (XNO) news and do your own research to decide if the Nano cryptocurrency is a good investment for you.