Nano (NANO) – A Beginner’s Guide, Review & More
What is Nano?
Nano is a digital currency with a two-level setup which is called “Block-Lattice.” Every account has its own blockchain (called “account-chain”), and because this alone is not complicated enough, these blockchains are a part of a larger Directed Acyclic Graph (DAG). Every transaction needs two actions to complete, one from the sender and one from the receiver.
The sender creates a block with his transaction in it, and the receiver must confirm that the transaction took place and then the block will be attached to the account-chain. Transactions are feeless, and any unsigned transaction is invalid.
Each account-chain uses Proof-of-Work to send their transactions, and for spam-protection and to reach consensus Nano uses delegated Proof-of-Stake (dPoS). Each Nano address can select a representative node; these nodes stake their NANO balance and vote which transaction is valid when transactions conflict. All valid transactions are sent through a Directed Acyclic Graph (DAG), this allows the network to be lightweight and eliminates issues with block size. The underlying asset is called NANO.
Targeted use-cases are P2P-transactions and micropayments.
How it solves the problem of double-spending and how to prevent individual blockchains from forking is unclear.
Launched in 2015 by Colin LeMahieu as RaiBlocks (XRB), then rebranded to Nano in early 2018. Developers were unknown in the blockchain space. The first and for some time only exchange that listed XRB was Bitgrail, which had a bad interface, incompetent staff and was as unreliable as it gets. Subsequently Bitgrail “lost” 17 Million NANO, which was worth 170 million USD. They claimed a hack caused it. The affected users don’t get their NANO back. Instead, they get compensated with so-called “Bitgrail-shares” now.
This whole situation was as unprofessional as it gets.
Can it be mined
No, but selected nodes can stake NANO to solve problems with conflicting transactions. The consensus mechanism is delegated Proof-of-Stake.
What differs Nano from other Cryptocurrencies?
The combination of Blockchain, DAG, PoS, and PoW is unique, and no other projects does that.
How much is it worth today?
What is the total and the circulating supply?
The maximum supply of NANO is 133,248,290 and the circulating supply at the time of writing is 133,248,289 NANO.
Where can you buy NANO?
You can buy it on several cryptocurrency exchanges, most notably Binance and Kucoin.
Can NANO be sold for cash?
You can sell it for cash on several cryptocurrency exchanges that have fiat-pairings, most notably Bitflip (not recommended).
Support for Hardware wallets, Security Audits, and increased adoption are on the roadmap. And the work on releasing a light wallet, add chain pruning to reduce chain size.
Verdict and Rating
How Nano prevents 51%-attacks and double-spending is unclear. In case of conflicting transactions, you depend on the goodwill of some unknown validator. It looks like someone mixed all the buzzwords of 2017 in a whitepaper, and the thing took of purely on hype in the aftermath of IOTAs meteoric rise, where every other DAG-based cryptocurrency rallied. I see this network as immature and not adequately tested. Also, DAGs are not fully proven to be working at this point. And this whole Bitgrail-situation is very obscure at best.
DisclaimerThe writer’s views are expressed as a personal opinion and are for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.
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