The price Nano today is 4.02 USD, and the trading volume in 24 hours - 31,472,436 USD. The crypto asset has grown by 4.95% over the day. Currently, the coin’s market capitalization is 535,184,589 USD, and has 133,248,297 coins in circulation with the max supply of 133,248,297 coins NANO.
What is Nano (NANO)?
Nano (formerly called RaiBlocks) is a decentralized digital currency focused on fast and commission - free transactions. Using an efficient and lightweight design combined with community wallets, Nano aims to give anyone access to cryptocurrencies.
NANO is used as its own currency in the Nano network. The asset can be used for peer-to-peer payments and storing values on the Nano network. The lack of transaction fees makes Nano particularly suitable for processing microtransactions. In addition, the fast transaction time increases its usefulness as a medium of exchange.
What makes Nano unique?
Nano uses a unique Block Lattice data structure, in which each account has its own block chain, rather than competing with others in a central chain. The goal of this design is to provide greater scalability, as well as to offer users the ability to send funds when the recipient is offline.
To achieve consensus, Nano uses an open vote of representatives. In this system, accounts are free to choose their representative at any time, updating their chain of accounts, giving users more control over who verifies transactions. In addition to protecting the network, this consensus mechanism consumes less power compared to other popular blockchains.
Each component of the protocol was created with the long-term goal of decentralization in mind. By creating a system in which representatives are not paid for their work, the incentive to participate in the network is shifted towards indirect savings in operating costs.
Nano's key innovation is a new data architecture that it calls Block Lattice.
According to this design, each account has its own block chain, which allows users to update their account immediately without waiting for the rest of the network. These individual blockchains are called "account chains".
Who created the Nano?
Nano was created and developed by Colin Lemahieu, software engineer, CEO and founder of the Nano Foundation, headquartered in the UK.
Launched in 2014 under the name RaiBlocks, the project was renamed Nano in January 2018.
How many NANO tokens are in circulation?
Like the vast majority of cryptocurrencies, Nano has a fixed maximum number of tokens that will ever exist, and this number is set at 133,248,290 NANO.
The initial maximum supply was set much higher, but any remaining NANO tokens exceeding the current limit of 133 million were permanently burned. In total, about 39% of the original Genesis stock was distributed.
The Nano is unusual in that its entire stock is already in circulation.
Nano is also highly decentralized and well distributed, with the vast majority of accounts having less than 100 nanos. As of February 2021, about 20% of all Nano in circulation (~ 26 million) is stored in one of the cold wallets associated with the Binance cryptocurrency exchange.
In total, 5% of the working capital was retained to continue the development of the project, and they were transferred to the so-called "development fund".
How is the Nano network protected?
Nano is provided by a network of representatives, each of whom is voted for by the token holders.
These representatives are responsible for voting when the network needs to reach consensus, and their voting rights are the sum of the vote weight delegated to them by the NANO holders. They vote for the validity of transactions on the Nano network, ensuring that only valid transactions are confirmed.
This process protects the network from a type of attack known as double spending, which occurs when an attacker can manipulate the network to effectively spend the same funds twice.
In addition, the Nano network offers a wide range of additional protection against various possible attack vectors.
- To own your crypto assets, you need to manage your own private keys.
- Ledger hardware wallets make private key management easy and secure.
- Each unique 24-word recovery phrase creates a new set of private keys.
- Make sure you secure your 24-word recovery phrase properly.