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What is Nano coin ? Nano Coin Explained 2022 .


Hello, this is "Mr.Crypt" and in this blog post I'm going to give you everything that you need to know about NANO  .  I need to give you a disclaimer before I talk about NANO. I am not a financial advisor , I'm just an educator and this blog post is written with the sole purpose of providing you factual information. Please contact a financial advisor if your portfolio has been killed. If you're new here, you might be feeling a little bit lost right  My name is "MrCrypt "and I am your crypto geek here at the cryptolibrarynow . I pass on the knowledge of cryptocurrencies, exchanges, DeFi, protocols, NFT'S and market analysis are just a few of the topics I tackle on the daily basis. Now enough with the intro. Let's get it on , Let's unpack "What Is" NANO... 

What is Nano -:

If you been around the Crypto world or any length of time, then you're probably already familiar with the Nano project. Officially rebranded in 2018 , the project started off being called Rai Blocks. The change marked a , fresh start for the coin as its own cryptocurrency and project. Nano  Has a simple mission in its own words, the project aims to revolutionize the world economy through an ultrafast, feeless and decentralized network that is open and accessible to everyone. Basically this means they want to make nano a cryptocurrency people use as supposed to fiat currency , instead of Looking out a handful of cash to pay for that cup of coffee you'll just use nano. Sounds familiar ? Well, it should, as the project has almost the exact same goals as Bitcoin. The goal of nano is to perform transactions in a more flexible and much faster manner. Don't just take my word for it, though. Let's dig a little deeper in the nano project and the technology that drives it. Nano is built on what's called Directed-Acyclic-Graph also referred to as DAG. This technology makes use of block classes architecture which has every address or account owning it's own blockchain . Many blockchains keep track of the amount of these transactions. However Nano only recalls balances which means much less storage is needed on the network. Every blockchain is managed and updated by the owner, which indicates their balance  information and share it with the network interestingly every blockchain to update with the network whenever it needs to. There's no need for it to be concurrent. All transactions are performed by the users of blockchain . Nano's network is entirely centralized, which makes the point that great way to move funds quickly and without incurring additional fees or charges. One of the key benefits of the Nano project is the potential for Infinite scalability, which is a massive change challenge for any blockchain. If this turns into reality Nano would impact the cryptocurrency industry for years to come.

Nano Consensus Mechanism -:

Now let's talk a little about nano consensus mechanism. Since you can't mine the coin, the blockchain doesn't transactions fees . As a result, Nano uses delegated proof of stake, that allows users to select which node they want . The selected node then represents their votes .  These represented nodes then account for tasks like voting for valid transactions and verifying signatures. Voting on Nano Blockchain  is weight balance so every node has a vote weight based on the volume of nano connected to it . Interestingly though nano also have a proof of work component. However, this is not used in the consensus mechanism at all. A small proof of work is used in every transaction in order to fight spam attacks. Why is this? Well, a lack of fees means anyone who attacks the network could do so indefinitely. However, with proof of work, nano needs a small amount of work in order to process each block. It takes about 5 seconds to generate a block and only a microsecond to validate it this difference in the work requirement means that an attacker will have to dedicate a large amount of resources to run unattacked, whereas it will only use a small amount of resources from everyone else on the network. So essentially nano has developed an incentive mechanism whereby those from the network economically punished more than those who use it. This is a significant advantage over Bitcoin It's possible that Nano is the ideal digital coin for users. It offers scalability , has no fees, and transactions occur almost immediately the quick transaction time is a significant improvement over Bitcoin, which can take at least 10 minutes to process a transaction. Plus bitcoin is at the mercy of it's  network. If traffic is heavier then you can look at hours for transition to validate? This is due to the fact that every block can handle only certain number of transactions. The result is the minimum threshold of 10 minutes for every block to get mined . Anyone anything to attack and take over the network would require a significant amount of computing power and financial banking .

Nano Coin -:

Let's take a look at Nanos native coin. Since Nano was initially released as Rai Blocks , it had a different symbol, which at the time was XRB. There are some exchanges which still listed as such. However the current symbol for nano is it's name which shows up as NANO. Nano has a maximum coin supply  over 130 billion coins so you will never have more than this in circulation. There was never an ICO for NANO the team chose to give away the coins by rewarding users for solving a captcha as a result. Those who were early to the XRB game earned their coins for free. What was the purpose of doing this, you might ask? Well, the thinking was that since Nano is decentralised coin should be available and accessible to as many people as possible, this was the main driver behind the decision not to have an ICO. Why does that matter? It shows as a team, it's serious about the project and wasn't just trying to get the money together nano is playing the long game by choosing the strategy that they believe will lead to success throughout the course of the project. Who is the team behind this type of decision? Let's take a closer look at who nano actually is. Founder and CEO Colin Mayhew has a background in software engineering, his innovation and passion for invention that led to the Nano project. CEO George Coxon has experience in managing client relationships and business operations. They lead a team of eight individuals who bring technology and strategy expertise to the enterprise. In terms of developement output things are still going strong, you can head over to their GitHub where there has been a steady stream of commits to their core repo. There's not a lot information out there on the Nano roadmap . From what we can tell, they spent most of 2018 building communities and information hubs in Asia and South America. Their goal was to recruit community managers for these hubs to use social media platforms for the distribution of nano information. It seems to have work. Nano this is available on several popular markets including binance , coinEx and KuCoin. It does more than half, $1,000,000 in daily activity on both binance and coinEx. So, you know, there's plenty of volume. There is also pretty strong liquidity on each of these exchanges, which you can confirm by taking a look at their individual order books. You can exchange your nano with Bitcoin Bitcoin-cash ethereum and many other cryptocurrencies on most of these exchanges.  Like a lot of other cryptocurrencies, Nano has its own wallet. Now they're recommending using Natrium, canoe and Nano-blocks wallet. You can download these for Windows, Mac OS. Android, iOS or Linux?

Final Thoughts -:

So then, what do I think of the Nano project? Well, I think it has a lot of potential because it's simple. Not only from the users stand point. This dedicated team has done a great job in making sound product and it works great. It's green coin. With simple usecases and dedicated community of advocates. The team was able to raise the community from the ground up by building excitement for the project However there are some challenges Nano is still relatively unknown amongst the general population.  The possibilities are there now is more widespread adoption, which they seem to be working or not. So All in all, definitely a project to keep an eye on. 

That is all for today's blog-post . If you plan on sticking around for more interesting blogpost like this please pay a visit to cryptolibrarynow by clicking on the link below -: 

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My last Blogpost was on -: IOTA Crypto Explained .


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