In this episode, We will discuss in detail Is Nano Coin the next Bitcoin?.
Bitcoin’s market value has been appreciating consistently, and its continuous growth looks eternal to many Bitcoin fans. However, many cryptocurrency enthusiasts are starting to find some limitations of Bitcoin. Flaws in Bitcoin technology and various other reasons have caused the innovation of altcoins, and one of these innovations is the Nano coin.
What is Nano Coin?
Nano coin was first introduced in 2018 by the name RaiBlocks, but then it was renamed to Nano coin so that the name becomes uncomplicated and could attract more public attention. The Nano coin, which is also referred to as the XRB coin, also increased in value when it was renamed. When Colin LeMahieu announced RaiBlocks in 2015, he made it clear that this cryptocurrency was set to break the stereotypes.
Nano coin started differently from other digital currencies; the distribution method for the Nano coin was the CAPTCHA faucet system, whereas other cryptocurrencies use methods like airdrops Proof-Of-Work mining, and Initial Coin Offerings.
How does Nano Coin work?
As we discussed earlier the purpose behind this innovation was to make improvements in transactions and overcome the shortcomings of other digital currencies such as bitcoin. Nano coin makes peer-to-peer transactions much more scalable, eliminating the issues of massive transaction fees and slow trading speeds.
The Nano coin is based on delegated Proof-Of-Stake, which is a mixture of Proof-Of-Work and Proof-Of-Stake. This system helps the system eliminate fraud; the system has delegates who vote for legit transactions whenever a legit and a fraud transaction collide.
What is Nano Block Lattice?
The Nano coin consists of the Block Lattice technology, which is very different from the normal blockchain. The Block lattice is a combination of the standard BlockChain and the “direct acyclic graph” or the DAG. The network does not consist of nodes that are used to store a BlockChain; instead, it lets each individual store their own BlockChain. The individual Blockchains, which are also called account chains, can only be updated by the owner, and all this work is done asynchronously, making the network extremely fast.
The Block lattice architecture is fully decentralized; the transfers on this network initiate two different transactions. The send transaction takes the amount from the sender’s ledger and adds it to the receiver’s ledger. The last block on the sender’s blockchain is then referred to by the recent send attempt.
Can Nano Coin be mined?
The Nano coin cannot be mined like other digital currencies, and it can’t be earned through faucets anymore; it was all created at once and was distributed through the initial Nano coin faucet.
Nano Coin price and where to buy?
The current price of the coin is $7.59. However, the current bull market caused the coin to reach $10.9 in April. The coin is said to break its all-time high of $35.12 in 2018. It can be bought on famous crypto exchanges such as Coinbase, Binance, and Bitstamp. These coins can be stored in ordinary crypto wallets and wallets that are specially made of Nano coins such as Natrium and NanoVault.
This digital currency has very straightforward objectives, which are to make crypto transactions less painful. Nano coin stood strong in 2018, even when the crypto market was crashing. Looking at the current market and the coin’s history, some might say that the coin has a bright future and should be invested. However, everyone must conduct their own research before jumping into the market.
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