The crypto industry is better today than it’s ever been.
Back in 2022, we admit that the industry had a few challenges.
Facing scandals, failures and outright disappearances were the norm for the so-called biggest players in cryptos. Though no one can prove that the bear market is behind us, the new year shows crypto improving so far. This review will see if Nano is a good investment.
The aim is to buy crypto now while prices are low, holding the hope of selling when they’re high.
As the market recovers, prices will increase, and you could get a great deal. But which crypto is the best to buy? You might be thinking of Bitcoin. Although its value can’t be refuted, its price is already fairly high. For some, it’s best to consider investing into an asset with a lower-price tag.
For many, this is the case of the Nano crypto—(XNO).
What Is Nano?
The Nano project dates back to 2014. For a long time, its cryptocurrency was called RaiBlocks with its symbol as XRB. After being released, this crypto took a more “all-purpose” name by adopting “Nano” with the symbol XNO. The token aims to take advantage of crypto’s simplicity.
You see, the crypto market has many projects and coins. Some implement complex ecosystems, which can be difficult for beginners to understand regarding blockchain. This isn’t the case with Nano. The project achieves simplicity without sacrificing public utility.
What About the Nano Cryptocurrency?
According to its website, XNO defines itself as the “digital currency of the modern world.” Nano operates in the payments sector. This native token is in the same category as bitcoin.
At the time of writing this, the price of the Nano cryptocurrency sat at $4.75. The market capitalization of Nano’s price in USD is $148.3 million, which makes it 261st in the world of crypto. The Nano crypto has the advantage of not having exploded yet. The total number of XNO coins is capped with a limit of 133,248,297 for public distribution.
The Story of Nano
The Nano project dates back to 2014 though it was called RaiBlocks.
At first, XRB coin was distinguished from its origin by the way in which it was distributed to the public. Like others, it entered its industry through an ICO—an initial coin offering. During ICOs, crypto tokens are sold at reduced prices to attract investors.
In XRB’s case, it was distributed to users after they took a captcha test.
Captcha tests are becoming more and more common on the internet.
They consist of a game where the user must check certain images. The objective of a captcha test is to verify that a human is behind the computer and not a robot. The number of XRB coins distributed depended on the number of captcha tests successfully completed.
The year 2018 is what marked a turning point.
In January 2018, the blockchain rebranded its name to “Nano.” As is often the case, the name change is not trivial. Nano became easier to remember than “RaiBlocks.” Above all, the name carries the idea of speed and simplicity, which are the goals of the Nano project.
The mind behind Nano is Colin Le Mahieu—the software developer and engineer. Before his crypto venture, he worked for large companies like AMD, Dell and Qualcomm.
Why Was Nano Created?
Nano’s philosophy is simple. There are no dApps, staking, layer 2, sidechains or smart contracts involved. Instead, the goal of Nano’s value is to provide an architecture capable of handling a very large number of transactions without fees and with complete autonomy.
In this manner, we can compare Nano to Bitcoin, but the two do not share the exact same technology. Their philosophies are also different. Bitcoin acts as a store of value and exists as a mode for payments to transact. It is currently used to carry out everyday transactions.
As its name suggests, this native token is ideal for micropayments, which are “Nano to USD payments.” If you follow economic news, you’ll know that micropayments are being used in developing countries. Regarding micropayments, Nano handles a large number of transactions.
To put icing on the cake, the token operates without transaction fees! Nano is also environmentally friendly. The network operates with some of the lowest greenhouse emissions.
The energy cost of a single transaction on Nano is 0.111 kWh.
This cost is 4-million times less than that of Bitcoin …
How Does Nano Work?
Nano to USD has two technical characteristics. The first to know is the DAG, which is a “directed acyclic graph system.” What’s so unique about this is that Nano has no blockchain.
Instead, its DAG is a set of nodes linked without a loop.
Unlike a blockchain, DAG transactions aren’t blocked. Your transactions get processed more quickly because there’s no need to form blocks. The other key characteristic of a DAG network is its absent loops.
With DAGs, there are no miners. They also exclude staking and transaction fees from taking place. The network operates on an open representatives voting (ORV) system. This allows users to choose their own representatives and participate in governance via the Nano token.
Where to Buy Nano?
Buying Nano is best done through a crypto exchange, which is to say an online platform that executes the purchase, sale and exchange of crypto.
Among the largest centralized exchanges in the world are Binance, Coinbase and Kraken. With these platforms, you can buy, sell and exchange crypto. Another exchange type to consider is decentralized, which includes Uniswap and Pancakeswap, being peer-to-peer exchanges.
Now let’s now move onto the practical side—how to buy Nano on a crypto exchange.
First, you must create a personal account on your platform. This step is more or less extensive depending on the obligations to which the platform is subject. At a minimum, you will need to provide personal information such as your name and email address.
The exchange may ask you to provide additional data such as proof of address or a copy of an identity document. Finally, if the exchange is subject to Know Your Customer (KYC) requirements, you’ll be required to complete a questionnaire to create your investor profile.
In general, centralized crypto exchanges use integrated wallets. You can make do with a hot wallet, but you can also connect an external wallet to the platform. Doing so gives you the option of choosing a cold wallet with a better level of security for long-term crypto storage.
After these steps, you’re almost ready to buy Nano (XNO). Leading platforms offer several payment methods to buy crypto through. If payment by credit card is available, you can make purchases immediately. Be careful though, for this method generally generates higher fees.
You can also choose a longer and often cheaper payment method like a bank transfer. In this case, you need to first fund your account on the platform. Once the money is deposited into your account, you can proceed to buy Nano.
The Nano crypto is not yet well known. You won’t, therefore, find it on all crypto exchanges. Coinbase does not offer Nano. However, you can buy it on Binance, Kraken or Crypto.com.
We recommend these three platforms. They are recognized and trustworthy.
However, other options are available to you, but first consider the level of the overall service you need. We expect Nano to be available on more exchanges as it gains popularity.
Nano Crypto Fear and Greed Index
Updated:: 22 February 2024
Now: 74 Greed
Now: 74 Greed
Yesterday: 69 Greed
Last Week: 79 Extreme Greed
Is Nano a Good Investment?
Nano has incredible room for growth, for the project hasn’t exploded yet. For many investors, now is an ideal time to get onboard. Nano’s leading attribute is its simplicity.
It’s a crypto asset that’s easy to understand for those new to crypto.
For this, the Nano crypto has several cards such as speed of transaction and the absence of fees. In addition, the project continues to roll out its roadmap with the release of Nanobyte, for example, being a tool for making payments similar to PayPal.
To reach its potential, Nano still has to overcome some challenges. The competition is fierce, and Nano remains in the shadow of Bitcoin. Though its philosophy is easy to grasp, its DAG technology is not. As blockchain becomes more popular, the DAG system still lags behind.
Since staking does not exist on the Nano network, users have less incentive to use their coins.
The Nano project has its own drawbacks. In the absence of transaction fees, there is a higher risk around the network’s security strength.
The Pros and Cons of Investing In Nano
Simple to understand
No transaction fees
Strong competition in the shadow of bitcoin
Network security not guaranteed given the absence of fees
DAG technology is difficult to understand
Our Final Opinion of Nano
Nano is a crypto you should get to know.
To stand out somewhat from the ogre Bitcoin, Nano positions itself in the micropayments niche. It works on a DAG architecture and not a blockchain, allowing the network to process a large number of transactions in less time.
Nano’s top strengths are its lack of fees and its low-carbon footprint. While the public market moves into web3.0, Nano has nothing to be ashamed of and does better than Bitcoin. Speed of payments, absence of fees and being a green crypto make Nano a winner for many investors.
Your FAQ for Nano
What is Nano crypto?
Nano crypto is a means of payment that aims to replace cash.
Does Crypto Nano use a blockchain?
The Nano network does not use blockchain but, instead, a technology called DAG.
Where to buy Nano cryptocurrency?
Nano is available on major exchanges like Binance, Crypto.com and Kraken.
Is Nano similar to Ethereum?
No, Nano crypto is very different from Ethereum. In terms of its philosophy, it’s closer to Bitcoin.
In seeing a digital world explode, Joseph invested his writing in the field of technology over 8 years ago. As a leading-content creator, he believes in clarity, credibility and writing topics people want to read. From blockchain to Web3.0, Joseph sees no shortage of developments as crypto pushes forward. He’s become a voice in technology that people can trust and look forward to hearing more from.