"From the CAPTCHA based faucet distribution to being an instant zero fees, scalable currency, NANO has upheld its vision to achieve decentralized and equitable access to financial services for everyone."
Huobi global has introduced a new cryptocurrency NANO to their exchanges. Huobi is characteristically identified as a leader in the Global Blockchain Asset Finance services and has overtime offered secure, professional, credible and quality services. With such standards, it is necessary for all projects trading on Huobi to meet set criteria and conditions that ensure the platform does not compromise on its reliability, security nor convenience. Some of the conditions set include;
- A score of more than 65 in potential ratings with a risk rating of less than 35
- The cryptocurrency has to be highly demanded and properly maintained by its team
- Has to be a practical technology in real application
- Attain all regulatory requirements and notwithstanding compliance risk
- Status report and whitepaper must be publicized as of the schedule given
Having satisfied all the conditions NANO is a genuinely competitive cryptocurrency, indeed one of the most potential-full cryptocurrencies in the altcoin world as of now. Nano is adding a new perspective to the blockchain technology by gagging the notion of public blockchain by working on unparalleled solutions to issues of poor scalability, high latency and power inefficiency that have affected several blockchain projects over the years. Driven by the need to effectively function, NANO is building on ambitious qualities such as easy transfer, reverse proof and no or minimal transfer fees.
Therefore, NANO is defined as a low-latency cryptocurrency built on an innovative block-lattice data structure that offers unlimited scalability and no transfer fees. NANO is built with the intention to make it a high-performance cryptocurrency. What makes NANO practical and a decentralized cryptocurrency for everyday use is its ability to run on low-power hardware. NANO is not yet popular despite its qualities and its adoption still lags behind other cryptocurrencies that it is competing against in the market. On the brighter side, this gives the best opportunity period for investing in NANO tokens.
TECH and USE CASE
Nano uses Directed Acyclic Graph (DAG) technology with block lattice architecture in which each address has its own blockchain.
NANO accounts and block lattice architecture source
Essentially, each account has its own blockchain that can only be updated by its owner, which then reflects the accounts balance history and broadcasts it to the network.
Nano tracks account balances and not the transaction amounts like a blockchain which significantly reduces data storage requirements
Since each transaction is processed independently on each individual blockchain, there is no need for a consensus protocol for distributed agreement. Each blockchain can, therefore, be updated asynchronously to the rest of the network.
If a previous block is referenced by two different send transactions, a double spend occurs. This is resolved by having the nodes in the network vote on which transaction is valid. The invalid transaction is then discarded.
Transferring fund on the NANO network creates two transactions. The first is a send transaction which deducts the funds from the sender's ledger. The second is a receive transaction which adds the funds to the receiver's ledger. Each sends attempt references the previous block on the sender's blockchain.
Nano uses Delegated Proof-of-Stake (DPoS) consensus mechanism which is highly scalable. Nano can operate without fees because resource the network doesn't require resource-intensive mining. Delegated nodes verify block signatures and vote for valid transactions when there is a conflict.
Because NANO's innovative block-lattice data structure offers unlimited scalability and no transfer fees its primary use case is mainly as a currency, which fits a number of scenarios illustrated in the images below.
NANO TOKEN SUPPLY AND MARKET CAP
- TICKER : NANO (initial ticker XRB from Raiblocks)
- TOTAL SUPPLY : 133,248,289 NANO
To achieve equitable distribution of its token, NANO used a captcha based faucet system in which users were awarded coins based on time and effort. The NANO team were of the opinion that the CAPTCHA faucet system eliminated the problems of issuing coins through ICO's which favors whales (high volume investors) and has problems with securities laws, or the proof of work minting process which requires substantial initial investment in mining gear.
The CAPTCHA faucet was closed on October 20, 2017, having distributed 126,248,289 NANO. Additionally, a development fund of 7,000,000 NANO was created, bringing the total market supply to fixed 133,248,289. All undistributed NANO coins were sent to a burn address.
According to data from coinmarket cap, Nano has had its share of price volatility typical of all cryptocurrencies owing to the end of year Bull run and the yearlong market correction in the bear market. From an average price of 0.009 USD in Early May 2017;
NANO rose in prices to an all-time high of approximately 34.43 USD on January 2nd, 2018 with a 24hr trading volume of 67,555,500 USD and a market cap of 4,587, 178, 955 USD.
As of writing this article it trades at an approximate price of 1.95 USD with a market cap of $260,381,210 USD and a 24-hour volume of $5,278,341 USD and is ranked number 33 by market cap.
Nano price charts; Source
HUOBI LISTING ANNOUNCEMENT:
"Nano (NANO) will be launched on Huobi Global on October 31, 2018 (GMT+8). Deposits will be available from 16:30, October 31, 2018 (GMT+8). NANO/BTC and NANO/ETH trading will be available from 17:00, November 01, 2018 (GMT+8). Withdrawals will be available from 16:30, November 04, 2018 (GMT+8)."
TAKE AWAY
From the CAPTCHA based faucet distribution to being an instant zero fees, scalable currency, I think NANO has upheld its vision to achieve decentralized and equitable access to financial services for everyone.
The biggest weakness of a fee-less transaction system is the risk of transaction spamming, and penny spend attacks which are accounted for by Nano as moderate risks.
As a point to note, a fixed supply may lead to NANO inherently becoming a store of value with increased adoption.
Also on matters adoption, NANO faces competition from other (new and existing) projects which adopt DAG and HASHNET consensus mechanisms to achieve scalability, and low or no fee transfers, with some projects like IOTA which focuses on IOT giving it functionality within its own blockchain beyond the currency use case gaining an edge on NANO.
Regarding market performance, from an ICO Price of 0.0381 USD, and currently trading at 1.95 USD, NANO has a return on investment of 51X in USD. NANO still has upside potential, with its instant feeless transaction which makes it practical for everyday payments for example; with increased adoption among SMEs, evidenced by a salon in Venlo, Netherlands accepting NANO payments.
Additionally, research from the Nano center has showcased a proof of concept of Nano's use case in IOT, which will allow NANO to tap into IOT markets (IOTA's turf) with its high scalability capabilities.
You can now trade NANO and a variety of digital assets on Huobi's exchanges. Register here
Disclaimer: This article is not intended as investment advice. It is for informational purposes. You should always do your own research.
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