Nano (XNO) is designed around true decentralization, sustainability and efficiency philosophies. It is a digital currency that aims to succeed where Bitcoin failed. In this article, as Kriptokoin.com, “What is NANO?” We will answer the question. In addition, we will touch on other questions about the project.
What is Nano? What Does It Do?
Nano aims to eliminate the old inefficiencies of other cryptocurrencies. It is a cryptocurrency that seeks to provide free, secure, instant payments.
It differs from other platforms that use unified proof-of-work of mining networks to achieve consensus. Because it uses Open Representative Voting (ORV) to securely approve blocks of transactions. This ORV system is energy efficient compared to PoW used by other cryptocurrencies.
Nano has undergone many changes since its launch. Raiblocks (XRB) was a cryptocurrency project that started in 2014 and later changed its name to Nano in January 2018. Other than the name that the company founders felt was more appropriate to represent their vision, there were no technical changes.
In 2021, the company changed its ticker to XNO and the sign Ӿ. The sole purpose of creating this cryptocurrency was to serve as a means of payment.
The nanonet does not provide support for other functions such as smart contracts and decentralized applications. In particular, Bitcoin does not support any other function other than as a means of payment as an alternative to fiat money. Most Nano transactions are finalized in less than a second, confirming the claim to provide fast transactions. This can be seen from the average confirmation time of around 10 minutes for a BTC payment. But transaction times depend on hash rate, total network activity, etc. varies depending. In addition, Nano; It is built around Nano, due to better speed, ledger technology, directed acyclic graph (DAG).
What is XNO Coin?
XNO coin is the native token of NANO. There are currently a total of 133,248,290 XNOs in circulation. XNO already has a fully diluted limited supply, meaning no new coins will be minted. Finite supply works to protect the value of NANO from inflation as the supply will remain constant forever.
The number of XNO coins in circulation multiplied by the current XNO price equals the total market capitalization. Total market capitalization determines the Nano’s rating and also defines its market share and dominance.
How Does Nano Work?
Unlike platforms with more traditional and more energy-intensive protocols such as Nano, Proof of Work; It is based on Open Representative Voting system and block lattice data structure.
The block lattice data structure is key to Nano’s innovative technology as it allows the network to split the ledger into smaller chains. Each user’s account has its own blockchain, which is updated instantly with every transaction. Therefore, the user does not have to wait for the entire network to synchronize. This technology is what makes transactions instantly.
What is Nano? How to Get XNO Coins?
Nano is currently traded on numerous cryptocurrency exchanges. People who want to invest in the project should open an account in one of the exchanges where the project is traded. The exchanges where NANO is traded are listed as follows: Binance, OKEx and Huobi Global. Users who want to invest in the project should open an account on one of these exchanges.
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