What is Nano?
Nano (XNO) is an eco-friendly cryptocurrency designed for seamless peer-to-peer transactions without fees. It facilitates instantaneous transfers of value, making it suitable for various applications such as remittances, microtransactions, online and in-store payments, and Forex trading.
Technology Behind Nano
Nano is built on a unique Directed Acyclic Graph (DAG) network structure known as the Block Lattice. This innovative approach allows each account to maintain its own blockchain for tracking transactions. As a result, every individual blockchain on the Nano network can hold a copy of all other chains, enabling quicker transaction times and improving scalability.
Advantages of the Block Lattice Structure
- Instant Transactions: The design of the Block Lattice ensures that transactions are processed almost instantly, eliminating long wait times.
- High Scalability: The architecture can accommodate a growing number of transactions without compromising performance.
Consensus Mechanism
Unlike traditional cryptocurrencies that often rely on energy-intensive proof of work mechanisms, Nano employs a voting-based consensus algorithm. This means that the network’s validators reach consensus without significant energy consumption, making it an environmentally friendly option.
Transition to XNO
In a step towards global recognition, Nano rebranded its ticker symbol from NANO to XNO. This change aligns with the standards set by the International Organisation for Standardisation (ISO), positioning Nano as a ‘supranational’ currency free from any specific country code.
Core Objectives of Nano
The primary mission behind the creation of Nano is to provide fee-less, efficient payments. The team behind the project is committed to ensuring that 100% of the value reaches the recipient, regardless of their geographical location. This is particularly beneficial for users in regions with high remittance fees and limited financial access.
Use Cases for Nano
- Remittances: Ideal for transferring money across borders with no transaction fees.
- Microtransactions: Enables very small transactions that are often impractical in other payment systems.
- Online and In-store Payments: Provides a fast and cost-effective solution for everyday purchases.
- Forex Trading: Facilitates swift currency exchanges without additional costs.
Where to Find More Information
Comments are closed.