Max Korpusov

Nano (XNO) Review: Assessing Feeless Digital Asset

What is NANO cryptocurrency?

Nano (XNO) is a cryptocurrency called RaiBlocks in its days. Its purpose was to address the limitations of systems and other digital currencies. It was created by Colin LeMahieu, a software developer and engineer back, in 2014. Nano emerged publicly in 2015 through its faucet launch. One of its standout features is its data structure, which enables value transfers without the need for centralized intermediaries. The verification process for transactions on Nano is known as Open Representative Voting (ORV) designed to be efficient and user friendly. Account holders actively participate in voting for representatives who confirm transactions. In 2018 Nano underwent a rebranding phase to emphasize its emphasis on speed and simplicity. Moreover in November 2021 it introduced the ticker symbol XNO along, with the symbol Ӿ.

The Block-Lattice Structure: NANO's Backbone

Nano block-lattice system image
The block-lattice consists of chains known as accounts with each account representing a user's wallet. Unlike blockchains every account has its ledger of transactions. This allows users to process transactions simultaneously without relying on a server. Additionally the block lattice design eliminates the need for miners to validate transactions resulting in an energy ecosystem. Unlike cryptocurrencies based on technology that often encounter scalability issues, NANO's block lattice structure enables a high transaction capacity of up to 1,000 transactions per second. Consequently this makes it well suited for commercial transactions.

Scalability and Reliability: NANO's Directed Acyclic Graph (DAG)

NANO employs a consensus mechanism called a directed graph (DAG) to replace the traditional blockchain approach. Unlike an organization a DAG is a data structure that stores transactions in interconnected blocks enabling swift and efficient transaction processing. Every new transaction seamlessly integrates into the DAG graph through the users account chain allowing NANOs DAG to handle volumes of transactions and achieve consensus within seconds. This makes it particularly well suited for both scale and large scale transactions. In contrast Bitcoin often takes around 10 minutes or longer to confirm a transaction resulting in delays and associated costs.

Open Representative Voting (ORV): NANO's Consensus Mechanism

Unlike other cryptocurrencies that rely on Proof-of-Work or Proof-of-Stake mechanisms NANO utilizes an Open Representative Voting (ORV). ORV account holders in the network have voting power. Each account is delegated to a representative. These representatives can be users themselves. Run on delegated servers creating a decentralized control system. This approach ensures energy efficiency, definitive transaction confirmations in less than a second, and enhanced security by preventing any single entity from having excessive power. Moreover, ORV guarantees fairness as voting rights are proportional to the account balance preventing centralization.

Energy Efficiency: NANO's Green Approach

Unlike Bitcoin and other cryptocurrencies that consume amounts of energy through mining processes based on proof of work systems, NANO operates on a block-lattice structure. This structure allows individual users to have control over their accounts resulting in transactions that require less energy consumption. Additionally NANO employs a fee transaction system that eliminates unnecessary energy waste and contributes to its reputation as an environmentally sustainable cryptocurrency.

Speed and Efficiency: NANO's Transaction Finality

Once a user initiates a transaction it undergoes validation and confirmation reaching its state in less than a second. In contrast Bitcoin transactions require six confirmations for completion, which can take up to 60 minutes. NANO's fast transaction finality is the key behind its scalability and competitiveness with credit card processors making it an appealing choice for businesses.

Fee-less Transactions: Empowering Micro-Transactions

One of the advantages of NANO's fee-less transaction system is its suitability for micro payments. Traditional cryptocurrencies come with transaction fees that make processing small transactions nearly impossible. However NANO fees are extended to micro transactions making it perfect for online shopping, gaming and consuming digital content. This feature empowers users to effortlessly carry out transactions without any burdensome fees. Moreover, less fee transactions make NANO more appealing to merchants resulting in adoption.

How to Buy NANO?

If you are new to the cryptocurrency world use the simplest way to buy your first digital assets - platforms like FinchPay. It provides high transaction speed, full confidentiality, an ever-growing list of the most popular cryptocurrencies and 24/7 support.
FinchPay Widget Image
Source: FinchPay Website
Buy NANO easily in 6 steps:
  • Select the currency you want to exchange
  • Enter your wallet address and select the payment method
  • Verify your identity
  • Enter your bank card details or make a SEPA bank transfer
  • Wait for your transaction to complete

Closing Thoughts

NANO is a currency that aims to revolutionize the way we handle transactions. With its block lattice structure and DAG consensus mechanism (ORV) it brings speed and efficiency making it an ideal cryptocurrency, for commercial transactions. Unlike energy mining based cryptocurrencies NANO takes a more sustainable approach empowering users with fee transactions for seamless micro transactions. This makes NANO an attractive option for both merchants and content creators. The innovative design and practical features of NANO hold potential. Could have significant implications for the future of financial transactions and decentralization.

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