What is Nano (NANO) in simple words: history, course and how to buy
Nano is a type of electronic money ( cryptocurrency ) that has no tangible expression, but is successfully used to make payments for real goods and services, and to keep records. Otherwise, it is a simple means of payment that does not have a simple security system that should prevent information leakage, its change, integrity, and ownership. Like all electronic money of this kind, it does not have one definite point of placement, but is dispersed among users.
This e-coin used to be called RaiBlocks. In the course of the transferred transformations, the blockchain program is primarily focused on completing high-speed actions in currency settlements. It was important for the creators to design a project in the course of which all operations were carried out at the highest speed and had the highest degree of safety. The construction of the operating program is based on the blockchain lattice. Here, each holder of a nano-wallet becomes the owner of a block system, the update of which occurs in the process of performing transactions independently, which in no way depends on other users, and also cannot influence them.
History of Nano (NANO)
Like all cryptocurrencies, it was created in order to make payments, regardless of the currency exchange rates of the states. Thus, politics cannot influence the rise or fall of a given currency.
Colin Le Majier, as head of the creative team, had to re-engineer the project already in operation for the decentralized functioning of operations so that it could meet the requirements of the maximum number of users. This required the solution of the following main tasks:
* Those systems that were in operation at the moment were not capable of performing high-speed actions when carrying out operations with cryptocurrencies. Their software was built in such a way that information had to flow through virtually every network block. And this increased the processing time. Hence the opinion was formed that decentralized projects are becoming ineffective in making settlements.
* A fee is charged for each operation in traditional projects (the so-called commission). Thus, after completing a series of operations, the final amount of costs increases by an order of magnitude. As a rule, a stable minimum fee is set, so it becomes very unprofitable to carry out transactions in small amounts in the electronic money network.
The first mentions and a test mode of operation appeared in 2014. This beta version allowed us to study the probability of using the "DAC" algorithm, which is based on an acyclic device, and radically changes the blockchain construction discussed above.
Since 2015, the Nano cryptocurrency has been called RaiBlocks. At this time, she already fully satisfied all the requirements presented to her earlier. Namely: a record was set for the fastest transaction in cryptocurrency systems. In addition, the special construction made it possible to reduce energy consumption and get rid of unnecessary equipment, which made it possible to avoid additional payments (commissions).
Exchange trading begins in 2017. After 6 months in the same year, the issue of monetary units is completed. In early 2018, a mobile version of the XRB storage wallet appears.
The name used at that moment no longer reflected the essence, or rather, it went against the wording of the emerging speed unit. A different logo and short name was required. Then it was decided to rebrand this "money" in order to improve its status. (Indeed, the first name was not readable and did not evoke any associations among users.) It was decided to name the electronic currency NANO. And it was successful. The new name turned out to be capacious, sonorous, memorable.
In addition, the renamed Nanushka received a new logo. It also turned out to be very expressive and fully reflects the essence of building the very structure of data transmission. It visualizes the connection of several nodes, uniting in the Latin letter "N".
In principle, the changes that have taken place recently have affected only the logo and the name change. The tasks that the team faced at the beginning of the creative path were practically completed at this stage. It remained only to polish the security system a little and you can safely continue to work on finding improvements in the software.
Initially, the Nano price was rather low, but after the renaming, its indicators began to grow. Today it is a fairly stable currency in demand. The site was launched, the address was displayed, wallets were formed.
The specialists, whose fruitful work was the result of the emergence of Nano, carefully analyzed all currently available cryptocurrency options, and implemented the optimal conditions for dealing with electronic coins.
A little about the developers of this currency:
* K. Mahier - the author of the idea, the main developer of the project. Prior to the start of development, nano devoted 10 years to programming. Since 2017, he has devoted his work only to the "nano" project.
* D. Coxon - systems engineer-developer of the program for functioning on the Internet. Joined the project in 2016. He has extensive experience in the field of software development, is a highly qualified specialist in prototyping, blockchain, and remote sensing. Carries out the role of integrating Nano into trading platforms and web services.
* R. Waters - ensures the creation of a security system. A developer with experience in cryptocurrency coding since 2013.
* M. Bush is responsible for the successful functioning of the currency in the market. Previously, he was a developer of programs in the field of management systems in real estate markets. Reached a high level in his own education in the field of programming. In 2011, he became interested in the cryptocurrency market. Created a block of projects in web build. He also developed the Android Lite wallet to support nano.
* T. Retzer - marketing specialist.
* Z. Shapiro - engaged in the development of adaptation of programs for mobile devices. The iSO developer in the project, the creator of mobile wallets, has 10 years of experience in the field of computer technology based on such companies as Square, Prodact Hunt, Splush.
* T. Vecchione - graphic designer.
* Devin Alexander Torres - for over 10 years has been a software developer in the creation of highly reliable software projects for insurance companies, publishing houses, tourism, as well as companies practicing e-commerce.
* Brian Pugh is a hardware design, rapid prototyping and cryptography developer and engineer with a Masters degree in off-protocol programming.
As a result of the joint work of this team, the first cryptocurrency appeared in which the Directed Acyclic Graph (DAG) was applied. This means that the information was transmitted in a vector, and did not require a postback. She could start from one point and reach another point in different ways. Moreover, the directions could be parallel.
Distinctive features of Nano (NANO)
The main goal is to ensure a quick transfer of funds using your unit of account. The system supports 7000 transactions per second. Moreover, it does not show the amount of the transfer of funds, but only the balance after the operation. There are no fees within the network, ease of use, scalability. The network has an impressive scale, however, it does not need to bring information to every account. It is enough that the exchange of data occurs at the level of 2 users, between which transactions are carried out: sending nano and receiving it. The account owner, performing actions, automatically starts updating the data in the block system. Therefore, the energy consumption is minimal and the speed of data movement is increased.
It has a lattice structure. After the release of Nano, other cryptocurrencies with a similar structure began to appear. Now it occupies a leading position on a par with currencies such as Ripple , Iota, Baytball, Nem . However, there are still differences. Ripples speed is faster, but it has a centralized structure. And IOTA lags behind nano in speed, due to the larger volume of data transfer, and is inferior in reliability. In addition, for Iota, it is more important to transfer data between devices for trading and storing information. For nano, making payments remains the top priority.
NEM is capable of 4000 operations per second, but there are a number of technical flaws.
What are the advantages of Nano over Bitcoin?
- The bitcoin program in order to check the next operation must refer to the previous transaction (we talked about transactions in the Bitcoin system on this page ). Nano has a transaction link to the previous blocks of the account. If there is a double reference to the previous transaction, then the program for itself determines the really correct one.
- The Nano software control has excellent protection against hacker attacks. If bitcoin has the opportunity to acquire more than 50%, then it is not possible to make this with the Nano system. All attempts of this kind can only lead to failure. Theft of currency or its additional issue is excluded.
- The Bitcoin system operates with a mandatory commission fee, which is deducted by the miner for supporting the functioning and protecting the network. The Nano doesnt have this need.
- Nano has a high data transfer rate.
- Bitcoin has a distributed ledger where all transactions on its network are entered. The nano in each account immediately reflects the balance.
- As it turned out, Nano is not completely decentralized, like the Bitcoin system, since at the time of the start of the project, preliminary mining was carried out, that is, a certain number of coins (final) were put into circulation.
As for Ethereum. then it is subject to devaluation, since it depends on the miners, and also provides for a fee for performing operations, this cryptocurrency is described in detail here .
How Nano Works (NANO)
Nano uses a blog grid structure. All individual accounts have their own account chain. And only the owner of the computer name has the right to make any changes. This approach allows you to be independent of other users and of the entire structure as a whole. It makes it possible to transfer data directly to the recipient at maximum speed.
The protocol is very simple and easy. Each of the operations takes a minimum of time and the packet size is only 64 bytes so that it was possible to send. No complicated equipment required. Even an ordinary smartphone can be used as a node. The main thing is that he can record information and carry out its relaying for transactions.
Since the protocol is lightweight and the broadcast does not take up a large amount of data transfer, the cost of performing operations is minimal, and within the network it is generally free.
1 transaction = 1 UDP packet. The processing of one transaction does not depend on the operations performed with others; there are absolutely no problems with blocks.
The data transfer rate is instant. I load all wallets into the Proof of work anti-spam cache for its subsequent transfer immediately after the operation. The operation itself takes place instantly, because both parties immediately declare their readiness to carry out the transaction.
Current operations may have some slowdowns, but this is done in order to suppress spam.
Scalability is achieved through a branching structure similar to a tree.
There is one common public blockchain (a chain of blocks with information) and separate ones - for each account - on the users own computer. Moreover, in order to transfer the Nano to another user, you need to make a mark about sending it, and another user must make a mark about receiving it.
The Nano network operates on the principle of delegated proof of ownership, which means minimal power consumption, full node support, and the Nano does not require expensive hardware.
Advantages and Disadvantages of Nano (NANO)
This cryptocurrency does not need to constantly prove its performance. The efficiency of Nano (NANO) against the background of bitcoin is obvious. The improvement of cryptocurrency also implies an increase in computing power. While she is invulnerable to hackers.
The point is that its construction is decentralized peer-to-peer. All global decisions in systems of this kind must be made by a majority vote, that is, an attacker must have more than 50%, which is impossible in principle. To date, the Nano build is the most robust against hacker attacks.
Data update is performed only on computers of users performing operations with this currency, they are not synchronized in the general system. Thus, a minimum of energy is used (since it does not require high powers) and less time is spent on holding information.
The reliability of Nano is due to the reduction in real time when conducting transactions with it. The speed of movement to complete a transaction has already been announced earlier, but for comparison I would like to add speed indicators of other well-known electronic currencies. According to the last calculations, the bitcoin speed is only 7 operations per second, and Ethereum - 20. And if we compare with banking operations, then payments in the well-known Visa system are made at a speed of 24 thousand operations per second.
It should be noted that since the nano itself is high-speed, it is capable of operating on the weakest devices.
The lightweight protocol avoids commission fees. Thus, it can be used to make minimal and frequent payments, which makes it the most popular. This altcoin is inflation protected.
As for the negative attitude to the currency, firstly, the majority of users do not trust the sudden free appearance of this coin on the network, as well as the low popularity of its creators. Earlier, there were already known cases of fraudulent issuance of electronic money, which led to the bankruptcy of their owners.
The case with the Italian exchanger BitGrail added fuel to the fire, where the management announced that it had hacked and stolen nano in the amount of 170 million dollars. They put all the blame for what happened on the developers of the currency, since they did not want to make changes to the design of the wallet, which, in their opinion, is accessible to hackers. But the authors of nano themselves stressed that these amendments, on the contrary, would subject the wallet to inevitable hacking.
Such information led to a drop in the exchange rate, but the subsequent development of events returned it to its previous positions. The fact is that, according to numerous reviews of users of the exchanger sounded above, things in this organization have long been going badly. This was confirmed by the inability of users to withdraw their funds from circulation.
Secondly, Bitcoin does not stand still, continuing its improvement. If its capabilities regarding the speed of transaction processing exceed nano, then its unique capabilities, which are in demand today, will no longer be in demand in the future. However, no one claims that the nano itself will not improve.
Another disadvantage is:
- The list of nodes is different (Nano node, XRB Network, Nano Network). Here everything will rest on the fact that such a source is selected.
- A forked blockchain (DAG) is not able to provide persistence in data (their immutability) during transmission, therefore it requires the installation of a certain number of nodes.
- Some dubious periods in the process of a coin entering the market, which forced a sharp change in its price, suggest that the price of a given currency can be manipulated.
Consent in the network is done using the dpos algorithm, which practically does not consume the amount of energy that cryptocurrencies such as Bitcoin use. The speed of operations also depends on this.
Control in the network is carried out by combining the amounts of all accounts and comparing them with the total volume of electronic money sold in the past. Since the number of coins issued is finite, it is also unchanged.
If the transaction performed to transfer funds violates the rules described above, then the computer program rejects it.
If a branch from the chain is suddenly detected (which, in principle, cannot be), then the program again performs an algorithmic check, as a result of which a dPoS consensus is reached. Inappropriate branches are removed, completely restoring the correct operation of the system.
The team of authors of the rules for improving the program, we aim to protect against 12 varieties of currently existing hacker network attacks.
As mentioned earlier, instant transactions are accompanied by anti-spam, reflected in the Proof Of Work algorithm.
The official website of the Nano cryptocurrency is nano.org. As noted by most users, the site is in excellent working shape. As for the negative aspects, the customer support service is at a low level, for those who have just decided to register, the interface is not user-friendly, does not work with bank transfers and fiat currencies.
Does Nano mining (NANO) exist?
All coins have already been mined; they were simply handed out for free by introducing captcha (or registration). With the help of, in fact, mining, it is impossible to get these coins. Even if information appears on the official website regarding the mining of Nano, this means that another currency is being mined, which can subsequently be converted and rewards paid in electronic nano money.
Each coin can be divided into 1000 parts, but it turns out that you can go beyond this and increase the breakdown by another 1000 times.
How to buy or sell Nano (NANO)?
Almost all trading with altcoin nano takes place on the Binance platform. Here the interface is displayed in different languages, including Russian. Also, some small exchangers have this currency in their lists. These are OKEx, KuCoin, BitFlip, Bit-Z, CoinFalcon, RightBTC, Mercatox.
But they cannot be bought on the major exchanges Bittrex, BitFinex, Poloniex.
Today, this electronic money can be purchased for the same digital or for the real currency of states.
The Nano price mainly depends on the market, but is characterized by enviable stability.
To purchase this currency, you first have to register on a cryptocurrency exchange that operates with such money. After completing the registration process, you need to replenish the balance.
Unfortunately, not all exchanges settle in rubles. Therefore, sometimes you have to use the exchanger. For example, you can use the BestChange system to choose the most attractive one for the course.
Then, on the exchange itself, the required cryptocurrency (in this case, Nano) is selected and a transition is made to replenish it. An exchange is made at the displayed account address.
All currencies that are received on the exchange are used to conduct exchange transactions. To do this, go to the "Trades" (trade) section and select the required currency pair.
Further, the headings open, where orders for buying or selling are made. The applicant indicates the quantity required for sale or purchase, as well as the price that the applicant plans to receive or give.
Nobody promises that completed applications will be beneficial to other parties. Therefore, the search for a buyer or seller can be delayed.
There is another option, when a buyer or a seller is selected from an existing list, where the most advantageous offers are in the first positions.
- Exchange rate Nano (NANO) to the ruble
On 29.07. 2019 for one unit of nano is offered 87.36 rubles.
The highest purchase price was recorded in May 2018 and amounted to 423.26 rubles. Then the rate fell sharply. Now the dynamics of a gradual increase in prices is observed.
- Nano (NANO) rate to dollar
As for the nano / dollar exchange rate, over the entire period of the currencys existence, the graph has sharper touches, but, in general, it is identical to the charts with the euro and the ruble.
On 29.07. 2019 nano costs $ 1.35. The nano peaked at $ 6.96 in May 2018 and slipped to $ 0.8 in December 2018.
- Exchange rate Nano (NANO) to Euro
On 29.07. 2019 for 1 nano they give 1.22 €. The lowest rate was in December 2018 - 0.70 €, and the highest in May 2018 - 5.83 €.
Since all monetary units have already been issued and are involved in circulation, it is simply impossible to trim it anymore, the system allows them to be split. Thus, one coin can be divided into 1030 pieces.
The most interesting thing is that 1NANO is not equal to 1 nano, since NANO is just a short name for a currency on the exchange. Today 1NANO is equal to 1Mnano (1 million nano).
The largest unit is 1Gnano, and the smallest is -1 raw. And 1 nano is equal to 10 ^ 24 raw.
Where to store Nano (NANO)?
Due to the fact that online platforms are not always reliable, experts recommend storing electronic money in light wallets such as RaiWalletBot, RaiWallet, or an online exchange .
Basically, Nano has its own wallet, the NanoWallet. It is not necessary for him to complete a full load of the distributed book into the operating system of the computer, although he keeps control over the private keys. However, any existing Internet connection between the network and the wallet can become a pass for a hacker break.
The developers have compiled wallet programs for such operating systems as Windows, Mac and Linux.
The best storage method is considered to be the ability to put information in a so-called cold wallet, when the carrier completely excludes communication with the Internet.
However, it is not very convenient, and it is not necessary to use it in order to hide a small amount.
An electronic wallet is created on the blockchain, then, an address and a secret key are generated offline. The key code can be written down even on plain paper.
Now the money will independently enter the wallet, and when it is required to withdraw it, it will be necessary to enter the secret key into the Internet wallet program. Whenever you enter the wallet, it automatically stops being cold, turning into a hot state, that is, now it is more exposed to the risk of being hacked, since the key was lit up on the network.
To avoid the banal theft of the secret key, it can be encrypted in an elementary way.
Cold storage can also be called offline transaction signing. This method requires you to have two personal computers. A hot wallet is formed on one, and the second will store the keys. To enter the wallet, you only need to temporarily connect a second computer, which in no case should have a connection to the Internet.
Recent developments also offer hardware wallets. Such a gadget can have a secure connection to the computer.
Reliable wallets can be downloaded from the projects official website. The developers have tried to have versions for all devices, from desktop personal computers to mobile gadgets. First of all, these are Android and iOS.
How much is Nano (NANO) in total?
After the opening of the wallet, in November 2014, there were several attempts to introduce this currency on the official RaiBlocks website. In November 2015, a small material was published, where it was briefly, in an introductory form, described information about this coin.
The second publication was presented on 5 pages and already at that time was able to arouse some interest.
And finally, exit 3 turned out to be the most promising. 500 pages of text and comments were able to attract attention, but, unfortunately, he did not show stability, and therefore again was left unattended for a long time.
At that time, trading on the exchange could not take place, and therefore the distribution of the coin and the expansion of the user community took place using the site on Bitcointalk.
It was planned to sell 340,282,266 coins, but since a large number of applicants formed sharply, it was decided to urgently curtail the implementation. To make it impossible to get a coin, software tricks were introduced that made the process more difficult.
At one time, information was available that the closure of the coin issue was associated with the departure of one of the developers. However, later such information disappeared, as well as information about the remaining coins.
This currency has been traded for 2 years. In the fall of 2017, this process was completed. By that time, the total number of coins issued was 133,248,290 .
Rumor has it that the remaining coins were transferred to a server, access to which was blocked without any opportunity to use this money.
Emission Nano (NANO)
Thus, the issue of money was made only once for a long time. To date, the resumption of production and distribution is not possible. So the maximum emission has already been reached.
How is Nano (NANO) provided?
Nano is digital money, which is in constant demand. If you plunge into the history of the existence of money in general, then you can recall that financial relations have always been supported by the presence of goods, precious metals, stones and other valuable things. In the story with Nano, everything is completely different. The value here already represents itself, namely, its capabilities.
Recall that this virtual money, during special program conditions, is able to instantly move from one wallet to another with minimal energy consumption, constantly expand the horizons of the virtual space, be profitable from the point of view of the absence of additional commissions, and provides high information protection regarding the possibility of hacking.
The system does not have its own smart cards (plastic card with a microcircuit) and at first did not even have its own platform (Internet programs).
Until now, it remains a mystery who is really behind the project and provides it with support.
The future of Nano (NANO)
After the release of cryptocurrencies with a similar structure and functions, the cost of Nano has fallen significantly, but it still remains in demand when making transactions with minimal payment amounts. The advantages of Nano (NANO) over Bitcoin and Ethereum are obvious, and according to all forecasts, they have a lot of chances to stay on the currency market and become massive in the future.
According to the information reflected in Coinmarketcup, this currency is currently ranked 21st in the cryptocurrency market and its capitalization is $ 1,682,659,396
If we talk about earnings on the Nano rate, then three points create a favorable environment for actions with this currency:
- avoidance of commission payments;
-final number of coins issued;
-use of innovative technologies in the development of cryptocurrency.
Looking at the graph of the nano rate in relation to bitcoin, it becomes obvious that the fall for June stopped in July, and the forecast for August shows the movement of this electronic currency up.
Of course, the popularity of bitcoin is high, but this also affects the data transfer speed. While the situation on the e-currencies market is changing very quickly, the speed of decision-making should not be completely canceled out by the slow operation of bitcoin. Therefore, experts recommend having in your wallet at least 3 high-speed currencies for making quick transactions, one of which is Nano.
In addition, modern business has recently been increasingly betting on electronic currencies. The status of virtual money is increasingly finding support from economically developed countries. Sharp fluctuations in rates have long faded into the background, and users and investors have begun to pay more attention to the opportunities that are opening up before them. Here, nano once again proves its uniqueness both as an object for profitable investments and for using it as a business tool for making transactions that require quick decisions.
According to analysts, among all the lucrative offers on the market in the field of investment and cooperation, the greatest interest is attracted by the unique from a technological point of view, payments transfers.
Almost all of the existing cryptocurrencies have a close connection with the MTC course, but banks and other companies are already considering the possibilities, even if it is part of some experiment, to connect the already known decentralized payment structure to modern payment systems. The main contender for the role of such a performer is primarily nano. If this happens, then this currency will break all records.
Even now, if you connect this electronic money to any large functioning business, then there will be a clear growth in both the currency itself and that business.
To date, the nano blockchain has over 4 million transactions, its volume is 1.7 GB.
Although now the nano program has no partnerships, but its entry into the twenty most popular cryptocurrencies suggests that this coin will be in demand.
The currency, of course, is very young, but it has already “walked” quite nicely on cryptocurrency exchanges. However, no one knows what other pitfalls may appear in her program.