Nano is the rebranded version of Railblocks emerging to create investment opportunities for you. Railblocks faced a lot of ups and downs soon after its launch and thus, the team behind this cryptocurrency developed nano in order to improve security and scalability within transactions. The aim behind rebranding this cryptocurrency was to facilitate free and quick transactions. The digital currency was previously named as a trustless and inefficient altcoin and thus, the team decided to improve its functionality and features.
What is Nano?
Nano is a cryptocurrency which facilitates the users with unlimited scalability along with immediate transactions without charging any fees. The network of nano uses minimal resources over the network due to which, it is able to allow free transactions. It has now crossed around 4 million transactions after rebranding. This cryptocurrency was rebranded and announced in 2018 and we need to say that it has evolved significantly while offering quick and instant transactions since then.
How it works?
Nano was launched to improve the speed of transactions and offer free transactions. It uses a different blockchain technology than the other cryptocurrencies. In Nano, each account has its specialized blockchain. Individual users provide the computational power used for verification of their transactions. Also the protocol used by Nano is lightweight and thus, running a node will cost nothing and this is why, these transactions are free.
All the transactions are handled individually and are tracked in the account blockchain eliminating all the block size issues and promoting scalable transactions. Along with the name, this cryptocurrency has changed a lot of its features and thus, gained a lot of popularity.
Nano Special features:
Free and quick transactions
One of the best advantages of nano is its high speed and free transactions. When the developers and team of raiblocks gathered for making improvements in the cryptocurrency, they came up with a new name, an account blockchain and modified features to make it a powerful cryptocurrency. This planning led to scalable and free transactions. Each user performing any transaction using Nano contributes to the computing power which makes the blockchain lightweight and thus, the transactions become quick and instant. Thus, one of the outstanding features of this crypto currency is its free and instant transactions.
Previously, raiblocks was accused of offering low latency but now after the rebranding, Nano has come up with improved latency and other features. The improved account chain of the cryptocurrency has made it possible to update the entire network altogether. Also, the algorithm implements dual transaction through which, the transactions are verified. Due to this, free transactions are provided.
Energy efficient and decentralized platform
Nano uses the delegated proof of stake algorithm due to which, in case of issues or conflicting transactions, it delegated validate transactions through voting. DPoS algorithm provides ample benefits and advanced features when compared to the proof of work algorithm. Also, this cryptocurrency does not have miners which prevents mining attacks and allows decentralized platform. Also, the transactions need verification only if problems or conflicts arise.
Other significant points about Nano:
- The value was facing downfall but since the end of 2017, but price increased to $4.02, then came down to $1.60 and again it witnessed a huge growth and did climb up to $14 at the time of writing.
- Nano’s account-chain makes it possible to offer free transactions and multiple transactions instantly.
- The infrastructure is lightweight and thus, provides scalability.
- The DPoS algorithm which is used by Nano is highly beneficial than the proof of work algorithms.
- The customer and community support has also improved along with its rebranding.
Why should you choose Nano?
Nano has come up with multiple features and benefits. This cryptocurrency provides instant transactions, no fees, infinite scalability and secure transactions. The users even can access Nano cryptocurrency with the Nano wallet. If you are a trader, the instant transactions will help you make transactions in a quicker and simpler way. If you are looking forward to split bills with your family or friends, nano offers peer-to-peer platform for splitting bills easily. The Nano transactions are free and thus, it can be used for making micro and major payments. Also if you are a business person or a retailer, you can use Nano for making quick transactions and payments.
Nano has shown immense progress by launching some new features and while exploring the use and effectiveness algorithm to make the cryptocurrency more beneficial and cost effective. For traders, business people, retailers and people wanting to use budget friendly cryptocurrency for regular payments, Nano is a perfect option. Nano also competes with bitcoin and provides better features compared to bitcoin in various cases. It has witnessed a lot of downfalls and improvements, but has still emerged as one of the promising cryptocurrencies.